Two-Bedroom Residential Income
For Sale
$425,000
Pending
15110 HEATHER MILL LANE #307, Haymarket, VA 20169
HAYMARKET, VA
Property Size1,500 SF
Days on Market49
Property Features for 15110 HEATHER MILL LANE #307
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2
Subdivision
REGENCY AT DOMINION VALLEY
Elementary school
GRAVELY
Middle school
RONALD WILSON REAGAN
High school
BATTLEFIELD
Elementary school district
PRINCE WILLIAM COUNTY PUBLIC SCHOOLS
Middle school district
PRINCE WILLIAM COUNTY PUBLIC SCHOOLS
High school district
PRINCE WILLIAM COUNTY PUBLIC SCHOOLS
Standard status
Pending
Amenities
gated community
secured entrance
Building Details
Year built
2016
Listing Agency:
Gainesville/Manassas
(571) 261-1400
Listed By:
Michael Rush
(703) 968-7000
Added: Jul 26
Changed: Sep 11
Last Checked: Sep 12 at 9:06PM
MLS# VAPW2126292
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 15110 Heather Mill Lane #307 in Haymarket, this 2016 residential income property offers more than 1,500 finished square feet in a gated Dominion Valley community. The single-level layout includes two bedrooms, two full bathrooms, a foyer, great room, dining room, and a primary bedroom with a sitting-room extension, walk-in closet, and separate closet areas. A secured lobby entrance and elevator provide access to the unit.
Interior features include wide-plank hardwood flooring, 9-foot ceilings, crown moulding, custom shades and blinds, and an open kitchen with granite countertops, stainless steel appliances, cherry cabinetry, pantry, and breakfast bar. The primary bath includes ceramic tile, a shower with built-in seat, Corian countertops, and cherry cabinets. A covered balcony extends from the living area. The property also includes a one-car garage, two-car driveway parking, and additional parking throughout the community.
Interior features include wide-plank hardwood flooring, 9-foot ceilings, crown moulding, custom shades and blinds, and an open kitchen with granite countertops, stainless steel appliances, cherry cabinetry, pantry, and breakfast bar. The primary bath includes ceramic tile, a shower with built-in seat, Corian countertops, and cherry cabinets. A covered balcony extends from the living area. The property also includes a one-car garage, two-car driveway parking, and additional parking throughout the community.
Key Highlights
- Over 1,500 finished square feet with 2 bedrooms and 2 full baths
- Built in 2016 within a gated Dominion Valley community
- Secured lobby entrance with elevator access to unit #307
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
$20,166
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
4.74%
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%
$403,320
$403.3K
Cap Rate 7%
$288,086
$288.1K
Cap Rate 9%
$224,067
$224.1K
Market Conditions
NOI Build-Up for 1,500 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
$37.8K $25.20/SF
− Vacancy
−$1.1K −$0.76/SF
EGI
$36.7K $24.44/SF
− OpEx
−$16.5K −$11.00/SF
NOI
$20.2K $13.44/SF
Area
Prince William County, VA
Vacancy
3.00%
Lease Rate
$25.20 /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%
$403,320
Cap Rate 7%
$288,086
Cap Rate 9%
$224,067
Alternative Uses
Best Use
Apartment 5plus
$288.1K
$252.1K – $336.1K
NOI $20,166 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$440.5K
$385.5K – $514.0K
NOI $30,837 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 20169, VA
28,182
Population
9,511
Households
3
Avg Household Size
40
Median Age
63%
College-Educated
98%
High-School Grad
37.4 sq mi
ZIP Area
754
Density / Sq Mi
$198,317
Median Household Income
$87,869
Median Earnings
$2,809
Median Rent
$676,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Elevator-served single-level residence with a gourmet kitchen, covered balcony, garage, and additional driveway parking.
Where is this residential income property located?
The property is located at 15110 HEATHER MILL LANE #307 Haymarket, VA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Over 1,500 finished square feet with 2 bedrooms and 2 full baths; Built in 2016 within a gated Dominion Valley community; Secured lobby entrance with elevator access to unit #307
