3-Unit Brick
New
For Sale
$1,050,000
818 22ND STREET S, Arlington, VA 22202
Two apartment units and a finished basement create a flexible multifamily configuration with shared laundry and updated kitchens.
Property Size1,914 SF
Lot Size0.14 Acres
Price / SF$548.59
Days on Market6
Property Features for 818 22ND STREET S
General Information
Standard status
Active
Size
1,914 SF
Total Parking Spaces
2
Lot size
0.14 Acres
Property subtype
Duplex
Zoning
duplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,650
Amenities
shared laundry
storage barn/shed
Building Details
Building Size
1,914 SF
Year Built
1954
Construction
brick
Listing Agency:
New Century Realty LLC
Listed By:
Shui K Shiao · License #0225048879
(703) 626-3778
Source:
Barnesrealestatecompany
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 8:35PM
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 New Century Realty LLC
Investment Insights
Based on property information with market context.
This brick multifamily property contains 3 units within 1,914 square feet of finished living space. The primary units each offer 2 bedrooms and 1 bathroom, while the basement includes 3 rooms and 2 bathrooms. Both apartment kitchens were remodeled in 2021, and the property includes three electric meters, three hot water heaters, a full-size basement kitchen, and shared laundry. Hardwood flooring, electric appliances, and a walkout basement add to the existing improvements.
The 0.14-acre lot includes a paved driveway for 2 vehicles, additional on-street parking, and a storage shed. Built in 1954, the property is zoned duplex and is configured with three units.
The 0.14-acre lot includes a paved driveway for 2 vehicles, additional on-street parking, and a storage shed. Built in 1954, the property is zoned duplex and is configured with three units.
Key Highlights
- 3 units with two 2‑bedroom, 1‑bath apartments plus a basement unit with 3 rooms and 2 bathrooms
- 1,914 square feet of finished living space
- Both apartment kitchens remodeled in 2021
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
$32,007
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
3.05%
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%
$640,140
$640.1K
Cap Rate 7%
$457,243
$457.2K
Cap Rate 9%
$355,633
$355.6K
Market Conditions
NOI Build-Up for 1,914 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
$48.2K $25.20/SF
− Vacancy
−$2.5K −$1.31/SF
EGI
$45.7K $23.89/SF
− OpEx
−$13.7K −$7.17/SF
NOI
$32.0K $16.72/SF
Area
Arlington, VA
Vacancy
5.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$640,140
Cap Rate 7%
$457,243
Cap Rate 9%
$355,633
Alternative Uses
Best Use
Multifamily LT 5
$457.2K
$400.1K – $533.5K
NOI $32,007 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$411.5K
$360.0K – $480.0K
NOI $28,802 @ 7.0% cap · market cap 2.74%
Theoretical Best
Specialty Retail
$1.06M
$930.2K – $1.24M
NOI $74,416 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,962
Businesses Nearby
Explore this area
Business Placement
Demographics for 22202, VA
28,472
Population
18,110
Households
1.6
Avg Household Size
35
Median Age
84%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
7,301
Density / Sq Mi
$141,933
Median Household Income
$92,818
Median Earnings
$2,448
Median Rent
$838,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Two apartment units and a finished basement create a flexible multifamily configuration with shared laundry and updated kitchens.
Where is this triplex located?
The property is located at 818 22ND STREET S Arlington, VA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 3 units with two 2‑bedroom, 1‑bath apartments plus a basement unit with 3 rooms and 2 bathrooms; 1,914 square feet of finished living space; Both apartment kitchens remodeled in 2021
