300 N Patrick St 8 Unit Apartment Building $2,042,742 CAD ($255,343 CAD/Unit) 5.78% Cap Rate Alexandria, VA 22314

Here is a unique opportunity to own the last operating Rooming House in Old Town Alexandria. This beautiful building nestled in the heart of historic Old Town Alexandria consists of 8 single-room residential tenants overtop of a successful beauty services salon. Located on a high-visibility corner with 3 points of access. Ground floor retail space is 1,611 sf available. This property offers the opportunity for a new owner to convert to traditional residential units for Airbnb. The commercial space occupies the main level at 300 N. Patrick Street in Alexandria, VA (1,323 square feet). The current tenant is operating on a triple net lease that is renewed on an annual basis. The monthly rent increases 3 percent each year (next increase is scheduled for April 2026). The current tenant is in good standing and has operated a successful microblading salon business in the property since January 2020. The boarding house occupies the second level of the property directly above the commercial space (the address, however, is 1001 Queen Street). There are 8 sleeping rooms and 2 full bathrooms on the upper level. The tenants all have signed month-to-month leases. The landlord pays all utilities and other expenses for the boarding house. There is also a fenced-in outdoor space that is approximately 200 square feet, as well as a small utility room on the main level. There are laundry facilities available for tenants under the stairs leading to the boarding house.