300 N Patrick St 9 Unit Apartment Building $1,395,000 ($155,000/Unit) 6.11% Cap Rate Alexandria, VA 22314

Here is a unique opportunity to own the last operating Boarding House in Old Town Alexandria. This beautiful building nestled in the heart of historic Old Town Alexandria consists 8 single-room, residential tenants above the successful beauty services salon. Phenomenal location, just blocks to King St. Minutes to the capital beltway and Amazon HQ2. Located on a high-visibility corner with 3 points of access. This property offers the opportunity for a new owner to renovate and convert the second level to residential units for short-term rental.
The ground floor, 1,611 sf retail tenant would like to renew with the new owner. The current tenant is operating on a triple net lease that became a month to month tenant on May 1, 2026. The current tenant is in good standing and has operated a successful microblading and permanent make-up salon business in the property since January 2020.
The boarding house occupies the entire second level of the property directly above the commercial space (boarding house address is 1001 Queen Street). There are 8 bedrooms 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 approximately 200 square feet, as well as a small utility room on the main level. There are laundry facilities available for tenants of the boarding house.