Renovated Residential Income
New
For Sale
$359,900
115 FORT EVANS ROAD SE #A, Leesburg, VA 20175
Two-bedroom condo with updated interiors, private patio access, assigned parking, and shared community amenities.
Property Size942 SF
Price / SF$382.06
Days on Market5
Property Features for 115 FORT EVANS ROAD SE #A
General Information
Standard status
Active
Size
942 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
outdoor pool
common grounds
trail
tot lots
playgrounds
storage closet
laundry hookups
Building Details
Year Built
1986
Year Renovated
2026
Listing Agency:
Samson Properties
(703) 915-0221
Listed By:
Sheila Mackey · License #0225249243
(703) 915-0221
Source:
Cummingsrealtors
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 21 at 9:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Samson Properties
Investment Insights
Based on property information with market context.
This 942-square-foot condominium at Fox Chapel at Tudor Knolls includes two bedrooms and two full bathrooms. A major renovation was completed in July of 2026, with luxury vinyl plank flooring, an open living and dining arrangement, and a remodeled kitchen with upgraded appliances and finishes. A ground-level sliding door opens to a patio and exterior storage closet. Laundry hookups are located in the owner's suite.
Community features include an outdoor pool, common grounds, tot lots, playgrounds, and neighborhood access to the WO&D trail. The property also includes one assigned parking space and guest parking. Association services cover water, trash dumpsters, and exterior building maintenance. The condominium is located at 115 Fort Evans Road SE in Leesburg, within walking distance of shopping, restaurants, and grocery stores, and minutes from downtown Leesburg.
Community features include an outdoor pool, common grounds, tot lots, playgrounds, and neighborhood access to the WO&D trail. The property also includes one assigned parking space and guest parking. Association services cover water, trash dumpsters, and exterior building maintenance. The condominium is located at 115 Fort Evans Road SE in Leesburg, within walking distance of shopping, restaurants, and grocery stores, and minutes from downtown Leesburg.
Key Highlights
- 942‑square‑foot condominium with two bedrooms and two full bathrooms
- Major renovation completed in July of 2026
- Updated kitchen, luxury vinyl plank flooring, and open living‑dining layout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,691
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$293,820
$293.8K
Cap Rate 7%
$209,871
$209.9K
Cap Rate 9%
$163,233
$163.2K
Market Conditions
NOI Build-Up for 942 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$28.6K $30.36/SF
− Vacancy
−$1.9K −$2.00/SF
EGI
$26.7K $28.36/SF
− OpEx
−$12.0K −$12.76/SF
NOI
$14.7K $15.60/SF
Area
Loudoun County, VA
Vacancy
6.60%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$293,820
Cap Rate 7%
$209,871
Cap Rate 9%
$163,233
Alternative Uses
Best Use
Apartment 5plus
$209.9K
$183.6K – $244.9K
NOI $14,691 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$295.2K
$258.3K – $344.4K
NOI $20,665 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,624
Businesses Nearby
Explore this area
Business Placement
Demographics for 20175, VA
33,245
Population
12,695
Households
2.6
Avg Household Size
38
Median Age
64%
College-Educated
94%
High-School Grad
59.0 sq mi
ZIP Area
563
Density / Sq Mi
$168,035
Median Household Income
$80,588
Median Earnings
$2,039
Median Rent
$717,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with updated interiors, private patio access, assigned parking, and shared community amenities.
Where is this residential income property located?
The property is located at 115 FORT EVANS ROAD SE #A Leesburg, VA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: 942‑square‑foot condominium with two bedrooms and two full bathrooms; Major renovation completed in July of 2026; Updated kitchen, luxury vinyl plank flooring, and open living‑dining layout
