Top-Floor Residential Income
New
For Sale
$359,990
7522 SNOWPEA COURT Unit 21, Alexandria, VA 22306
Updated two-bedroom condo with west-facing exposure, hardwood flooring, and assigned parking.
Property Size1,120 SF
Price / SF$321.42
Days on Market4
Property Features for 7522 SNOWPEA COURT Unit 21
General Information
Standard status
Active
Size
1,120 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,262
Building Details
Building Size
1,120 SF
Year Built
1995
Stories
3
Listing Agency:
Corcoran McEnearney
Listed By:
Brian S Hong · License #0225167362
(703) 929-5764
Source:
Dcmetrorealtyteam
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 2:25AM
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 Corcoran McEnearney
Investment Insights
Based on property information with market context.
This 1,120 SF condominium is a two-bedroom, two-bath residence on the third floor of a building constructed in 1995. The interior has been freshly painted and includes new light fixtures, updated blinds, hardwood flooring, and a gas fireplace with mantel. Oak cabinetry, stainless steel appliances, quartz countertops, a pantry, and a full-sized washer and dryer serve the kitchen and utility areas. A sunroom provides additional dining space, while the primary bedroom includes a large walk-in closet.
The west-facing orientation brings afternoon sunlight, and the front balcony offers outdoor space with sunset views. A designated parking space is located outside the building entrance, with additional guest parking available. The property is near public transportation, restaurants, shopping, Costco, and Old Town Alexandria, with access to nearby commuting routes.
The west-facing orientation brings afternoon sunlight, and the front balcony offers outdoor space with sunset views. A designated parking space is located outside the building entrance, with additional guest parking available. The property is near public transportation, restaurants, shopping, Costco, and Old Town Alexandria, with access to nearby commuting routes.
Key Highlights
- 1,120 SF third‑floor condominium with 2 bedrooms and 2 bathrooms
- Fresh interior paint, new light fixtures, updated blinds, and hardwood flooring
- Kitchen with oak cabinets, stainless steel appliances, quartz countertops, and pantry
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
$17,169
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
4.77%
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%
$343,380
$343.4K
Cap Rate 7%
$245,271
$245.3K
Cap Rate 9%
$190,767
$190.8K
Market Conditions
NOI Build-Up for 1,120 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
$32.9K $29.40/SF
− Vacancy
−$1.7K −$1.53/SF
EGI
$31.2K $27.87/SF
− OpEx
−$14.0K −$12.54/SF
NOI
$17.2K $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%
$343,380
Cap Rate 7%
$245,271
Cap Rate 9%
$190,767
Alternative Uses
Best Use
Apartment 5plus
$245.3K
$214.6K – $286.2K
NOI $17,169 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$622.1K
$544.3K – $725.8K
NOI $43,546 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 22306, VA
33,330
Population
11,514
Households
2.9
Avg Household Size
35
Median Age
40%
College-Educated
85%
High-School Grad
6.8 sq mi
ZIP Area
4,901
Density / Sq Mi
$95,026
Median Household Income
$45,193
Median Earnings
$1,750
Median Rent
$583,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom condo with west-facing exposure, hardwood flooring, and assigned parking.
Where is this residential income property located?
The property is located at 7522 SNOWPEA COURT Unit 21 Alexandria, VA.
What is the asking price?
The asking price for this property is $359,990.
What are key features of this property?
This property features: 1,120 SF third‑floor condominium with 2 bedrooms and 2 bathrooms; Fresh interior paint, new light fixtures, updated blinds, and hardwood flooring; Kitchen with oak cabinets, stainless steel appliances, quartz countertops, and pantry
