Residential Income Property with
For Sale
$264,990
8 S VAN DORN STREET Unit 201, Alexandria, VA 22304
Two-bedroom condominium in a mid-rise community with elevator access, assigned parking, recreation facilities, and nearby Metro connections.
Property Size1,116 SF
Days on Market172
Property Features for 8 S VAN DORN STREET Unit 201
General Information
Standard status
Active
Size
1,116 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Parking per Unit
2
Additional Details
Furnished
No
Taxes and HOA fees
Annual Taxes
$2,896
Amenities
exercise room
pool
tennis courts
dog park
landscaped grounds
Building Details
Building Size
1,116 SF
Year Built
1963
Listing Agency:
EXP Realty, LLC
(703) 625-4779
Listed By:
Jin Lee Wickwire · License #0225215992
(703) 625-4779
Source:
Dcmetrorealtyteam
Added: Mar 13
Changed: Aug 29
Last Checked: Aug 30 at 10:36PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This residential income property is a 2-bedroom, 1.5-bath condominium in a mid-rise building constructed in 1963. The interior combines an open living and dining arrangement with hardwood flooring, granite kitchen counters, stainless steel appliances, and a walk-in closet. Recent improvements include new paint, cleaning, and updated bathroom fixtures. Elevator service provides building access, and the unit includes 2 assigned parking spaces.
Community amenities include an exercise room, outdoor swimming pool, tennis courts, dog park, and landscaped areas. The property is 1.7 miles from Van Dorn Street Metro station on the Blue Line, with 4 additional Metro stations within 6 miles or less. I-495 and I-395 are minutes away, while Old Town Alexandria is 5 miles from the property. The condominium association covers water, gas, and trash service.
Community amenities include an exercise room, outdoor swimming pool, tennis courts, dog park, and landscaped areas. The property is 1.7 miles from Van Dorn Street Metro station on the Blue Line, with 4 additional Metro stations within 6 miles or less. I-495 and I-395 are minutes away, while Old Town Alexandria is 5 miles from the property. The condominium association covers water, gas, and trash service.
Key Highlights
- 2‑bedroom, 1.5‑bath condominium in a mid‑rise building constructed in 1963
- 2 assigned parking spaces included
- Open living and dining layout with hardwood floors and granite kitchen counters
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
$17,107
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
6.46%
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%
$342,140
$342.1K
Cap Rate 7%
$244,386
$244.4K
Cap Rate 9%
$190,078
$190.1K
Market Conditions
NOI Build-Up for 1,116 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
$32.8K $29.40/SF
− Vacancy
−$1.7K −$1.53/SF
EGI
$31.1K $27.87/SF
− OpEx
−$14.0K −$12.54/SF
NOI
$17.1K $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%
$342,140
Cap Rate 7%
$244,386
Cap Rate 9%
$190,078
Alternative Uses
Best Use
Apartment 5plus
$244.4K
$213.8K – $285.1K
NOI $17,107 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$619.9K
$542.4K – $723.2K
NOI $43,390 @ 7.0% cap · market cap 16.37%
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
1,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 22304, VA
49,237
Population
24,654
Households
2
Avg Household Size
37
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
10,258
Density / Sq Mi
$97,629
Median Household Income
$64,929
Median Earnings
$1,934
Median Rent
$496,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium in a mid-rise community with elevator access, assigned parking, recreation facilities, and nearby Metro connections.
Where is this residential income property located?
The property is located at 8 S VAN DORN STREET Unit 201 Alexandria, VA.
What is the asking price?
The asking price for this property is $264,990.
What are key features of this property?
This property features: 2‑bedroom, 1.5‑bath condominium in a mid‑rise building constructed in 1963; 2 assigned parking spaces included; Open living and dining layout with hardwood floors and granite kitchen counters
