Inside the Project: Alexandria Pop-Top

Inside the Project: Alexandria, VA Pop-Top

This modern architectural beauty started off as a quaint all-brick ranch house in the Wellington Estates neighborhood of Alexandria, VA. This property was in good condition but was significantly undersized for the neighborhood. Our borrower secured a Fix and Flip Loan to finance both the acquisition and significant renovation costs for this “pop-top” project. Let’s dive deeper into this project to see how our borrower executed it effectively.

Quick Neighborhood Stats:

Zip Code Median Sales Price: $1,120,000

Zip Code Median Days on Market: 32

Walk Score: 54/100 (Somewhat Walkable)

School District:

• Waynewood Elementary,  8/10
• Sandburg Middle School,  3/10
• West Potomac High School,  3/10

Location

This property is located in the Wellington Estates neighborhood of Alexandria, Virginia. This quiet, established neighborhood has a mix of well-maintained older homes and heavily renovated homes with lots ranging from 10th-acre to 3rd-acre. Wellington Estates is a residential neighborhood that has a few shopping and dining opportunities within walking distance. Just an 8-minute drive away is Hybla Valley’s large commercial center, giving residents nearby amenities, but with the necessity of a car. This combination of walkable and drivable amenities gives Wellington Estates a Walkability Score of 54 (“Somewhat Walkable”). This neighborhood’s location just 30 minutes south of the heart of DC and a 15-minute drive across the river to National Harbor makes it highly desirable. This neighborhood enjoys the benefit of being quiet and tucked away from the bustle of the city while remaining at arms-length to all of the District’s major draws.

The Project

Because the existing home offered a functional footprint, our borrower had the idea to utilize a “pop-top” renovation to achieve their desired square footage versus a completed teardown and rebuild. While this renovation does preserve the existing foundation and footprint of the existing structure, all the additional work is similar to new construction. While this type of renovation does save money, our borrower still utilized a $300,000 renovation budget in order to achieve their vision of a modern 2-story home that meets the standards of higher-end buyers for the area.

Construction

Because the existing home offered a functional footprint, our borrower had the idea to utilize a “pop-top” renovation to achieve their desired square footage versus a completed teardown and rebuild. While this renovation does preserve the existing foundation and footprint of the existing structure, all the additional work is similar to new construction. While this type of renovation does save money, our borrower still utilized a $300,000 renovation budget in order to achieve their vision of a modern 2-story home that meets the standards of higher-end buyers for the area.

Final Product

Our borrower’s renovation decision resulted in a home that offers twice the original square footage and an entirely reimagined design. The final product isn’t just updated – it’s a prime example of modern architectural and interior design prowess. The finishes are strategic and beautiful, targeting the top of the local market that has a keen eye for homes with defining character. This home sold for $1,450,000, earning our borrower an additional $250,000 in profits above the expected ARV.