Penrose · Investment Property
Investment Property in Penrose
Rentals, fix and flips, teardowns and land, with the numbers worked out before you make an offer.
Investment Property in Penrose
Investment property in Penrose comes in more shapes than in most Arlington neighborhoods. Alongside single-family houses, Penrose has duplexes and a few small apartment buildings. It sits between Route 50 and Columbia Pike, with Penrose Square and its Giant grocery store at the south edge, Joint Base Myer–Henderson Hall (Fort Myer) next door and the Pentagon a short drive away.
We help investors work out the numbers on each kind of property before they make an offer.
How We Help Penrose Investors
The Mike Webb Team is Mike and Claudia Webb, with RE/MAX Allegiance, and we have more than 34 years in real estate. About three out of four of our sales are in Arlington.
- Rentals. Duplexes, small apartment buildings and single-family houses can all work as rentals. We estimate what a property could rent for and connect you with a property manager if you want one.
- Fix and flip. Many Penrose houses are older and some have not been updated in years. We help you size up the repairs and connect you with contractors.
- Teardowns and new construction. We help you find older homes and lots that make sense to build on.
- Cash buyers. We write offers that make the most of a quick, clean close.
Joy Duncan said: “They really know the NoVA area market and South Arlington particularly well.”
Older Houses and the Historic District
The Penrose Historic District has been on the National Register of Historic Places since 2004. According to the Virginia Department of Historic Resources, it includes 486 contributing buildings across 12 subdivisions platted between 1882 and 1943, and a notable number of its houses are kit or mail-order houses.
Older houses can hide costly repairs. Get a thorough inspection, and if you plan renovations, an addition or new construction, check with Arlington County early about what applies to that address. Your contractor and any design professionals should be part of that conversation before you commit.
1031 Exchanges
Selling one investment property to buy another? A 1031 exchange may let you defer the tax on the gain. Section 1031 generally allows real property held for business or investment to be exchanged for other like-kind real property. The deadlines are strict, and most exchanges use a qualified intermediary.
We keep your replacement-property search moving inside those deadlines. The rules, paperwork and whether an exchange makes sense for you belong with your qualified intermediary and tax advisor. This page is general information, not tax or legal advice.
The Penrose Market for Investors
In ZIP code 22204, which includes Penrose, homes that sold from July through September 2026 took an average of 54 days to sell and received about 97.2% of their original list price, according to Bright MLS. Arlington County had about 3.9 months of supply in September 2026, up from 3.0 a year earlier.
In September 2026, NVAR reported condo and townhouse listings across its Northern Virginia region up 49.7% from a year earlier, while detached listings rose only 5.7%. Detached houses are the more competitive part of the market.
We prepare a home value report from recent 22204 sales before every offer. When you are ready to sell a finished flip or a rental, our marketing puts it in front of buyers: professional photography, a 3D tour, floor plans, paid social media advertising and open houses.
See investment property with us and how we help you buy, step by step. Ready to talk numbers? Contact The Mike Webb Team or call or text 703-350-3884. Read more on our Penrose page.
Frequently Asked Questions
What kinds of investment properties are in Penrose?
Single-family houses, duplexes and a few small apartment buildings. We help you estimate rent and repairs on each before you make an offer.
Does the Penrose Historic District affect renovations?
Penrose has been on the National Register of Historic Places since 2004. Before you plan renovations, an addition or new construction, check with Arlington County about what applies to that address.
Can you help with a 1031 exchange?
Yes. We help you find and buy the replacement property inside the exchange deadlines. The rules and paperwork are for your qualified intermediary and tax advisor.
Can you refer a property manager?
Yes. We can connect you with property managers for rentals and with contractors for repairs and renovations.
Penrose
What investment property looks like in Penrose
Cape Cods, bungalows and craftsman homes between Route 50 and Columbia Pike, next to Fort Myer and Penrose Square.
A historic Arlington neighborhood, platted in 1882 as the Butler-Holmes subdivision, with a wide mix of homes and three public parks.
- The homes
- A mix of Cape Cods, colonials, craftsman-style houses, some duplexes, and a few small apartment buildings.
- Why people choose it
- Often a first home or a move-up home, and now and then an investment, depending on the size of the house.
- Schools people ask about
- Alice West Fleet Elementary School, Thomas Jefferson Middle School, Wakefield High School.
- Getting around
- Tree-lined streets, next to Joint Base Myer–Henderson Hall (Fort Myer), with Route 50 at the north edge and the Pentagon a short drive away.
- Nearby
- Penrose Park, Butler Holmes Park and Towers Park. Penrose Square on Columbia Pike, with a Giant grocery store, restaurants and salons.
- The trade-off
- Choosing it over its neighbors usually comes down to buyer preference more than a trade-off.
The method
How we do it in Penrose
Investment Property: keep exploring
Ready to make your move with The Mike Webb Team?