Residential Income Property with Marsh
For Sale
$210,000
6641 WAKEFIELD DRIVE Unit 615, Alexandria, VA 22307
Updated one-bedroom condominium in a Potomac waterfront community with extensive resident amenities and utilities included in the condo fee.
Property Size714 SF
Days on Market38
Property Features for 6641 WAKEFIELD DRIVE Unit 615
General Information
Standard status
Active
Size
714 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,175
Amenities
outdoor pool
tennis courts
fitness center
picnic areas
scenic walking paths
Building Details
Building Size
714 SF
Year Built
1963
Listing Agency:
Jeffrey Charles and Associates INC
Listed By:
Romel Voellm · License #0225223351
(571) 236-2666
Source:
Dcmetrorealtyteam
Added: Aug 3
Changed: Sep 8
Last Checked: Sep 7 at 7:25PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jeffrey Charles and Associates INC
Investment Insights
Based on property information with market context.
Unit 212 is a one-bedroom residential income property in River Towers, a 24-acre waterfront community in Alexandria, Virginia. Improvements include a remodeled kitchen, new LTV flooring throughout, and fresh paint. The residence faces Dyke Marsh and is situated along the Potomac River.
Community amenities include an outdoor pool, tennis courts, fitness center, picnic areas, and walking paths along the river. The condo fee covers water, heat, air conditioning, electric, gas, sewer, trash, common-area maintenance, pool access, and exterior building maintenance. The property is near Old Town Alexandria, the GW Parkway, shopping, dining, and public transit. The building was constructed in 1963.
Community amenities include an outdoor pool, tennis courts, fitness center, picnic areas, and walking paths along the river. The condo fee covers water, heat, air conditioning, electric, gas, sewer, trash, common-area maintenance, pool access, and exterior building maintenance. The property is near Old Town Alexandria, the GW Parkway, shopping, dining, and public transit. The building was constructed in 1963.
Key Highlights
- One‑bedroom Unit 212 facing Dyke Marsh
- Remodeled kitchen with new LTV flooring throughout
- Freshly painted interior
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,945
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$218,900
$218.9K
Cap Rate 7%
$156,357
$156.4K
Cap Rate 9%
$121,611
$121.6K
Market Conditions
NOI Build-Up for 714 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.0K $29.40/SF
− Vacancy
−$1.1K −$1.53/SF
EGI
$19.9K $27.87/SF
− OpEx
−$9.0K −$12.54/SF
NOI
$10.9K $15.33/SF
Area
Alexandria, VA
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$218,900
Cap Rate 7%
$156,357
Cap Rate 9%
$121,611
Alternative Uses
Best Use
Apartment 5plus
$156.4K
$136.8K – $182.4K
NOI $10,945 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$396.6K
$347.0K – $462.7K
NOI $27,760 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 22307, VA
10,271
Population
4,742
Households
2.2
Avg Household Size
45
Median Age
70%
College-Educated
96%
High-School Grad
3.1 sq mi
ZIP Area
3,313
Density / Sq Mi
$140,559
Median Household Income
$86,082
Median Earnings
$1,906
Median Rent
$752,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated one-bedroom condominium in a Potomac waterfront community with extensive resident amenities and utilities included in the condo fee.
Where is this residential income property located?
The property is located at 6641 WAKEFIELD DRIVE Unit 615 Alexandria, VA.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: One‑bedroom Unit 212 facing Dyke Marsh; Remodeled kitchen with new LTV flooring throughout; Freshly painted interior
