515 N Washington St APT 103, Alexandria, VA, 22314 | 6.98% Rental Yield

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515 N Washington St APT 103, Alexandria, VA, 22314 | 6.98% Rental Yield | Ziffy

For Sale

Ziffy Mortgage

NMLS #2625701

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Ziffy AI Summary

A quick, investor-focused snapshot highlighting income strength, yield potential.

Key metrics	Value
Price	$399,900
Est. Rent	$3,200/mo
ROI	18%

Attractive rent-to-price ratio for income stability
Good fit for DSCR financing with healthy coverage

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Investment Highlights

Total monthly income runs $2,473/mo, and a $2,080/mo payment. Purchase price stands at $425,000, and rental yield measures 6.98% with $2,473/mo rent. Return on cash invested shows 19.33% in year one, and 5% annual appreciation builds toward $117,420 over five years. Five-year ROI reaches 99.5% and total cumulative return in cash records $140,177. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $2,473/mo property income covering a $2,080/mo payment rather than investor’s personal income.

Condo

Built in 1847

N/A lot

$N/A/sqft

No HOA

More details about the property

Welcome to this stunning, historic, exceptionally renovated building in the heart of Old Town Alexandria. This glorious building now known as 'The Mill', once operated as the cotton factory of Mount Vernon. It has stood the test of time, and was artfully renovated in 2021 into 25 chic loft-style condos. Charming, original exposed brick, and lofty 12 ft ceilings command your gaze upwards towards the dramatic steel I-beams. The impressive oversized windows illuminate the space with tons of natural light, while wide plank flooring completes the canvas for the daily amenities showcased, seamlessly blending old with new. A wonderful contemporary kitchen with stainless steel appliances, custom backsplash and beautiful countertops, in-unit washer and dryer, custom walk-in-closet system, and a beautiful bathroom with a spa-like step-in shower and floating vanity makes this space so efficient and pleasing to the eye. Building amenities include an elevator that services the exclusive owner's club room on the 5th floor, complete with kitchen, powder room, and a delightful balcony where one can enjoy the stunning views of the Potomac River beyond, or enjoy the superbly landscaped private park to the side of the building, where grilling is a fun option. Water and trash are included in the condo fees. The location of this building is impeccable, with a convenient bus stop, easy access to 2 metro stations, and only one stop from DCA. Trader Joes is a half block away, while an inordinate amount of fine dining, shopping and entertainment options are within minutes of this condo. Welcome Home!

Neighborhood Data

Neighborhood data shown for ZIP Code: 22314, Alexandria, VA area.

Housing Distribution

Housing Statistics

Category	Value
Total HU (Housing Units)	24,331 (100%)
Owner Occupied HU	9,049 (37.2%)
Renter Occupied HU	12,678 (52.1%)
Vacant Housing Units	2,604 (10.7%)
Median Home Value	$961,850
Average Home Value	$1,048,390