Updated Residential Income
For Sale
$640,000
11990 MARKET STREET Unit 704, Reston, VA 20190
Condominium residence with upgraded finishes and extensive shared amenities at Midtown.
Property Size1,169 SF
Days on Market62
Property Features for 11990 MARKET STREET Unit 704
General Information
Standard status
Active
Size
1,169 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,112
Amenities
24/7 concierge and security
package handling
fitness center with massage room
outdoor pool and hot tub
grilling terrace
private theater
furnished guest suites
party room with kitchen
conference room
heated garage
indoor guest parking
Building Details
Building Size
1,169 SF
Year Built
2006
Listing Agency:
Redfin Corporation
Listed By:
Robert E Wittman · License #0225084299
(703) 220-1017
Source:
Barnesrealestatecompany
Added: Jul 9
Changed: Sep 6
Last Checked: Sep 7 at 9:08AM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
This 2006 condominium residence at Midtown features a modernized kitchen equipped with Miele and Bosch appliances, an induction cooktop, built-in refrigerator, custom cabinetry, and a Miele washer and dryer. Engineered hardwood flooring extends throughout the home. Custom built-ins include a walk-in closet in the primary suite and bookshelves in the den, while the renovated primary bath includes a full-glass shower and Kohler thermostatic shower system.
Building amenities include 24/7 concierge and security, package handling, a fitness center with massage room, outdoor pool, hot tub, grilling terrace, private theater, furnished guest suites, a party room with kitchen, conference room, heated garage, and indoor guest parking. The property is located at 11990 Market Street in Reston Town Center, near shopping, dining, entertainment, green spaces, the W&OD Trail, and the Reston Town Center Metro.
Building amenities include 24/7 concierge and security, package handling, a fitness center with massage room, outdoor pool, hot tub, grilling terrace, private theater, furnished guest suites, a party room with kitchen, conference room, heated garage, and indoor guest parking. The property is located at 11990 Market Street in Reston Town Center, near shopping, dining, entertainment, green spaces, the W&OD Trail, and the Reston Town Center Metro.
Key Highlights
- 2006‑built condominium residence at Midtown
- Kitchen with Miele and Bosch appliances, induction cooktop, and custom cabinetry
- Renovated primary bath with full‑glass shower and Kohler thermostatic shower system
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
$18,232
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
2.85%
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%
$364,640
$364.6K
Cap Rate 7%
$260,457
$260.5K
Cap Rate 9%
$202,578
$202.6K
Market Conditions
NOI Build-Up for 1,169 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
$35.5K $30.36/SF
− Vacancy
−$2.3K −$2.00/SF
EGI
$33.1K $28.36/SF
− OpEx
−$14.9K −$12.76/SF
NOI
$18.2K $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%
$364,640
Cap Rate 7%
$260,457
Cap Rate 9%
$202,578
Alternative Uses
Best Use
Apartment 5plus
$260.5K
$227.9K – $303.9K
NOI $18,232 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$366.4K
$320.6K – $427.4K
NOI $25,645 @ 7.0% cap · market cap 4.01%
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
3,894
Businesses Nearby
Explore this area
Business Placement
Demographics for 20190, VA
20,957
Population
12,180
Households
1.7
Avg Household Size
40
Median Age
72%
College-Educated
96%
High-School Grad
4.4 sq mi
ZIP Area
4,763
Density / Sq Mi
$126,928
Median Household Income
$83,750
Median Earnings
$2,241
Median Rent
$568,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with upgraded finishes and extensive shared amenities at Midtown.
Where is this residential income property located?
The property is located at 11990 MARKET STREET Unit 704 Reston, VA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 2006‑built condominium residence at Midtown; Kitchen with Miele and Bosch appliances, induction cooktop, and custom cabinetry; Renovated primary bath with full‑glass shower and Kohler thermostatic shower system
