Two-Bedroom Residential Income
For Sale
$294,000
Pending
6706 W WAKEFIELD DRIVE Unit A2, Alexandria, VA 22307
Two-bedroom, one-bath unit with hardwood floors, in-building laundry and storage, and access to a quiet courtyard.
Property Size793 SF
Days on Market13
Property Features for 6706 W WAKEFIELD DRIVE Unit A2
General Information
Standard status
Pending
Size
793 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,651
Amenities
hardwood floors
built-in bookcase
laundry
storage
courtyard
on-street parking
Building Details
Building Size
793 SF
Year Built
1950
Listing Agency:
Pearson Smith Realty, LLC
Listed By:
Adrianna Emily Freeman
(703) 850-5750
Source:
Dcmetrorealtyteam
Added: Aug 28
Changed: Sep 8
Last Checked: Sep 8 at 11:50AM
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 Pearson Smith Realty, LLC
Investment Insights
Based on property information with market context.
Unit A2 is a two-bedroom, one-bath residential income property built in 1950. The interior includes hardwood flooring, a built-in bookcase, and connected living and dining areas. The kitchen has received select updates, while laundry and storage are located within the building. Recent replacements include the HVAC in 2022, oven and bathroom heater in 2023, bathroom floor tile in 2024, and microwave in 2025.
The property includes access to a courtyard and on-street parking. Belle View Shopping Center is within walking distance, and the George Washington Parkway is nearby. Old Town, DC, Fort Belvoir, and National Harbor are also identified in the surrounding area.
The property includes access to a courtyard and on-street parking. Belle View Shopping Center is within walking distance, and the George Washington Parkway is nearby. Old Town, DC, Fort Belvoir, and National Harbor are also identified in the surrounding area.
Key Highlights
- Two‑bedroom, one‑bath unit identified as Unit A2
- Hardwood floors and built‑in bookcase
- In‑building laundry and storage
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
$12,156
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
4.13%
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%
$243,120
$243.1K
Cap Rate 7%
$173,657
$173.7K
Cap Rate 9%
$135,067
$135.1K
Market Conditions
NOI Build-Up for 793 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
$23.3K $29.40/SF
− Vacancy
−$1.2K −$1.53/SF
EGI
$22.1K $27.87/SF
− OpEx
−$9.9K −$12.54/SF
NOI
$12.2K $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%
$243,120
Cap Rate 7%
$173,657
Cap Rate 9%
$135,067
Alternative Uses
Best Use
Apartment 5plus
$173.7K
$152.0K – $202.6K
NOI $12,156 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$440.5K
$385.4K – $513.9K
NOI $30,832 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
454
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 - Two-bedroom, one-bath unit with hardwood floors, in-building laundry and storage, and access to a quiet courtyard.
Where is this residential income property located?
The property is located at 6706 W WAKEFIELD DRIVE Unit A2 Alexandria, VA.
What is the asking price?
The asking price for this property is $294,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath unit identified as Unit A2; Hardwood floors and built‑in bookcase; In‑building laundry and storage
