Renovated Residential Income
For Sale
$523,000
11503 SPERRIN CIRCLE Unit 302, Fairfax, VA 22030
Two-bedroom condominium with updated finishes, dual fireplaces, and major system improvements.
Property Size1,348 SF
Price / SF$387.98
Days on Market18
Property Features for 11503 SPERRIN CIRCLE Unit 302
General Information
Standard status
Active
Size
1,348 SF
Property subtype
Penthouse Unit/Flat/Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,563
Building Details
Building Size
1,348 SF
Year Built
2003
Listing Agency:
Samson Properties
(410) 995-9600
Listed By:
Robert J Chew · License #0225277244
(410) 995-9600
Source:
Kerishull
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 3:11PM
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 residential income property is a two-bedroom, two-bath condominium completed in 2003. Interior improvements include refreshed bathrooms with new fixtures and finishes, luxury vinyl plank flooring, updated interior paint, and a kitchen with quartz countertops. A jetted tub and two gas fireplaces add distinctive features to the living areas.
Major systems have also been upgraded, including HVAC replacement in 2023 and a new water heater in 2025. Kitchen and foyer flooring was completed in August 2026, adding to the property’s updated interior package.
Major systems have also been upgraded, including HVAC replacement in 2023 and a new water heater in 2025. Kitchen and foyer flooring was completed in August 2026, adding to the property’s updated interior package.
Key Highlights
- Two‑bedroom, two‑bath condominium
- Two fully remodeled bathrooms with new finishes and fixtures
- Quartz kitchen countertops and luxury vinyl plank flooring
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
$20,178
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
3.86%
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%
$403,560
$403.6K
Cap Rate 7%
$288,257
$288.3K
Cap Rate 9%
$224,200
$224.2K
Market Conditions
NOI Build-Up for 1,348 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
$38.8K $28.80/SF
− Vacancy
−$2.1K −$1.58/SF
EGI
$36.7K $27.22/SF
− OpEx
−$16.5K −$12.25/SF
NOI
$20.2K $14.97/SF
Area
Fairfax County, VA
Vacancy
5.50%
Lease Rate
$28.80 /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%
$403,560
Cap Rate 7%
$288,257
Cap Rate 9%
$224,200
Alternative Uses
Best Use
Apartment 5plus
$288.3K
$252.2K – $336.3K
NOI $20,178 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.65M
$4.94M – $6.59M
NOI $395,534 @ 7.0% cap · market cap 75.63%
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
1,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 22030, VA
60,431
Population
21,758
Households
2.8
Avg Household Size
34
Median Age
67%
College-Educated
94%
High-School Grad
19.4 sq mi
ZIP Area
3,115
Density / Sq Mi
$139,885
Median Household Income
$61,628
Median Earnings
$2,242
Median Rent
$700,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with updated finishes, dual fireplaces, and major system improvements.
Where is this residential income property located?
The property is located at 11503 SPERRIN CIRCLE Unit 302 Fairfax, VA.
What is the asking price?
The asking price for this property is $523,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium; Two fully remodeled bathrooms with new finishes and fixtures; Quartz kitchen countertops and luxury vinyl plank flooring
