Renovated Residential Income
For Sale
$389,000
6911 MARY CAROLINE CIRCLE Unit A, Alexandria, VA 22310
Main-level condominium with upgraded systems, appliances, flooring, bathrooms, and access to community amenities.
Property Size951 SF
Days on Market34
Property Features for 6911 MARY CAROLINE CIRCLE Unit A
General Information
Standard status
Active
Size
951 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,805
Amenities
community center
fitness center
pool
Building Details
Building Size
951 SF
Year Built
1988
Listing Agency:
CENTURY 21 New Millennium
(202) 339-2511
Listed By:
Jennifer Hernandez
(202) 339-2511
Source:
Dcmetrorealtyteam
Added: Jul 24
Changed: Aug 21
Last Checked: Aug 25 at 1:02PM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This main-level condominium at 6911 Mary Caroline Circle, Unit A, features extensive interior and infrastructure improvements. The kitchen includes white quartz countertops, a 16-inch breakfast bar, and new stove, dishwasher, microwave, and disposal. New LVP flooring and light fixtures extend throughout the unit, while the master and hall bathrooms have been renovated. Popcorn ceilings were removed, and the property has no-stair entry.
Major system updates include a new HVAC system installed in 2023, a hot water heater from 2020, a replaced main water valve, and a new copper piping manifold with shutoff valves. Faucets were fitted with PEX-A piping and approved fittings, along with new plumbing valves, hoses, sinks, and drains.
The condo fee includes access to a community center, fitness center, and pool. The property is near Kingstowne Towne Center, Springfield Town Center, Wegmans, restaurants, shopping, walking trails, and parks, with access to I-495 and I-95 and proximity to Fort Belvoir, the Pentagon, Fort Myer, Quantico, and two Metro stations.
Major system updates include a new HVAC system installed in 2023, a hot water heater from 2020, a replaced main water valve, and a new copper piping manifold with shutoff valves. Faucets were fitted with PEX-A piping and approved fittings, along with new plumbing valves, hoses, sinks, and drains.
The condo fee includes access to a community center, fitness center, and pool. The property is near Kingstowne Towne Center, Springfield Town Center, Wegmans, restaurants, shopping, walking trails, and parks, with access to I-495 and I-95 and proximity to Fort Belvoir, the Pentagon, Fort Myer, Quantico, and two Metro stations.
Key Highlights
- Extensive kitchen renovation with quartz countertops, new appliances, and a 16" breakfast bar
- New HVAC system installed in 2023
- Hot water heater replaced in 2020 with pressure‑reducing valve and shutoff
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
$14,578
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
3.75%
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%
$291,560
$291.6K
Cap Rate 7%
$208,257
$208.3K
Cap Rate 9%
$161,978
$162.0K
Market Conditions
NOI Build-Up for 951 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
$28.0K $29.40/SF
− Vacancy
−$1.5K −$1.53/SF
EGI
$26.5K $27.87/SF
− OpEx
−$11.9K −$12.54/SF
NOI
$14.6K $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%
$291,560
Cap Rate 7%
$208,257
Cap Rate 9%
$161,978
Alternative Uses
Best Use
Apartment 5plus
$208.3K
$182.2K – $243.0K
NOI $14,578 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$528.2K
$462.2K – $616.3K
NOI $36,975 @ 7.0% cap · market cap 9.51%
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
847
Businesses Nearby
Explore this area
Business Placement
Demographics for 22310, VA
29,611
Population
11,116
Households
2.7
Avg Household Size
39
Median Age
64%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
4,420
Density / Sq Mi
$160,872
Median Household Income
$83,668
Median Earnings
$2,396
Median Rent
$627,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Main-level condominium with upgraded systems, appliances, flooring, bathrooms, and access to community amenities.
Where is this residential income property located?
The property is located at 6911 MARY CAROLINE CIRCLE Unit A Alexandria, VA.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Extensive kitchen renovation with quartz countertops, new appliances, and a 16" breakfast bar; New HVAC system installed in 2023; Hot water heater replaced in 2020 with pressure‑reducing valve and shutoff
