Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    506 23rd S St Arlington, VA 22202
    Back to Search
    Property profile & analytics

    506 23rd S St, Arlington, VA 22202

    View on Map
    • Banks
    • 1,482 SF
    • 0.18 lot acres
    Off-Market
    Property ID
    US87-1142289
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Banks

    Property Details for 506 23rd S St

    Year built
    1979
    Lot size
    0.18 lot acres
    Zone code
    C-2
    Property type
    Banks
    APN
    36-041-008
    APU
    36041008

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 30, 2020 — Twenty-third Street Corridor LLC — Deed · related $4M · Bank Of Charles Town
    Jan 31, 2019 — Twenty-thrd Street Corridor Ll — Deed · related $3.5M · Burke & Herbert Bk&tr
    Nov 16, 2012 — Street Corridor L Twenty-third Pappas Louis A Living Trust Grant Deed · related —
    — — Twenty-thrd Street Corridor Ll — Deed Of Trust · related $3.5M · Burke & Herbert Bk&tr

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Arlington
    County
    Arlington
    State
    Virginia
    Longitude
    -77.0538
    Latitude
    38.8532
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $15,231
    $668,300
    $599,900
    $1,268,200
    -
    $668,300
    $599,900
    $1,268,200

    Comparable in this City

    • Value Estimation by Request
      2,456 SF

      2221 Eads St

      FINANCIAL BUILDING
      2221 Eads St, Arlington, VA 22202-4606
      View Details
    • Value Estimation
      $650,000
      1,327 SF

      554 23rd S St

      RETAIL STORES (PERSONAL SERVICES)
      554 23rd S St, Arlington, VA 22202-2518
      View Details
    • Value Estimation
      $2,100,000
      0.12 Acres

      2881 Crystal Dr

      RETAIL STORES (PERSONAL SERVICES)
      2881 Crystal Dr, Arlington, VA 22202
      View Details
    • Value Estimation
      $1,105,000
      4,134 SF

      542 23rd S St

      RETAIL STORES (PERSONAL SERVICES)
      542 23rd S St, Arlington, VA 22202-2518
      View Details
    • Value Estimation
      $1,135,000
      3,375 SF

      778 23rd S St

      RETAIL STORES (PERSONAL SERVICES)
      778 23rd S St, Arlington, VA 22202-2420
      View Details
    • Value Estimation
      $1,640,000
      11,988 SF

      2400 Eads St

      RETAIL STORES (PERSONAL SERVICES)
      2400 Eads St, Arlington, VA 22202-2532
      View Details

    Similar Nearby for Sale

    • New
      Contact for pricing
      45,966 SF

      Fitness Center Club Studio

      Premium Club Studio fitness space recently converted, offering a proven tenant concept within a mixed-use office and retail destination.
      3550 South Clark St, Arlington, VA 22202
      View Details
    • Contact for pricing

      Arlington Specialty Property for Sale

      Specialty property in Arlington, VA, serving government and military sectors.
      606 20Th St S, Arlington, VA 22202
      View Details
    • Contact for pricing
      162,135 SF

      Modern Office Building with Courtyard

      Move-in ready office suites with outdoor conference space, fitness amenities, and WELL Health-Safety Rated building features.
      2450 Crystal Dr, Arlington, VA 22202
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Pentagon Centre

      Prime retail spaces near Amazon HQ2 and the Pentagon.
      1446 S Grant St, Arlington, VA 22202
      View Details
    • Contact for pricing
      5,458 SF

      Arlington Retail Spaces Available

      Retail spaces available in Arlington, Virginia with potential outdoor patios.
      320 23Rd St, Arlington, VA 22202
      View Details
    • Contact for pricing
      5,626 SF

      Retail Space in Pentagon City

      Retail space near I-395 and US-1 in Arlington, VA.
      480 11Th St S, Arlington, VA 22202
      View Details
    • Contact for pricing
      3,647 SF

      Retail Space in National Landing

      Retail space in mixed-use building near Amazon HQ2.
      3400 Potomac Ave, Arlington, VA 22202
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Arlington, Virginia.
      2451 Crystal Dr, Arlington, VA 22202
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    506 23rd S St
    Arlington, VA 22202
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    506 23rd S St, Arlington, VA, 22202
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!