Leased Residential Condo with
For Sale
$285,000
1524 LINCOLN WAY Unit 209, Mc Lean, VA 22102
The unit includes in-home laundry, updated finishes, and access to a pool, fitness center, clubhouse, game room, and sauna.
Property Size689 SF
Price / SF$413.64
Days on Market194
Property Features for 1524 LINCOLN WAY Unit 209
General Information
Standard status
Active
Size
689 SF
Total Parking Spaces
3
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$3,189
Amenities
clubhouse
outdoor pool
game room
fitness center
sauna
granite counter top
stainless steel appliances
full sized washer and dryer
Building Details
Building Size
689 SF
Year Built
1988
Listing Agency:
Premiere Realty
Listed By:
Jue Wang · License #0225190876
(571) 439-9000
Source:
Jackrealtygroup
Added: Apr 23
Changed: Nov 2
Last Checked: Oct 31 at 3:56PM
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 Premiere Realty
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Investment Insights
Based on property information with market context.
This 689-square-foot condominium was built in 1988 and is currently leased. Recent interior updates include a 2025 HVAC system, new luxury vinyl plank flooring, and fresh paint. The kitchen has granite countertops and stainless steel appliances, while the living and dining areas open to a large balcony overlooking a landscaped courtyard. A full-size washer and dryer, two entry closets, and a bathroom with two-way access are also part of the unit. Storage is located at the balcony, and parking includes one reserved garage space, one reserved outdoor space, and a visitor permit.
Community amenities include an outdoor pool, fitness center, clubhouse, game room, and sauna. The property is near shops and restaurants, with access to two Metro stations, the Galleria, The Boro, the Dulles Toll Road, Route 7, and Route 123.
Community amenities include an outdoor pool, fitness center, clubhouse, game room, and sauna. The property is near shops and restaurants, with access to two Metro stations, the Galleria, The Boro, the Dulles Toll Road, Route 7, and Route 123.
Key Highlights
- 689‑square‑foot condominium, built in 1988
- Leased unit with 2025 HVAC, new luxury vinyl plank flooring, and fresh paint
- Granite kitchen counters and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,314
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$206,280
$206.3K
Cap Rate 7%
$147,343
$147.3K
Cap Rate 9%
$114,600
$114.6K
Market Conditions
NOI Build-Up for 689 SF
Gross rent
$19.8K $28.80/SF
− Vacancy
−$1.1K −$1.58/SF
EGI
$18.8K $27.22/SF
− OpEx
−$8.4K −$12.25/SF
NOI
$10.3K $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 Rate 5%
$206,280
Cap Rate 7%
$147,343
Cap Rate 9%
$114,600
Alternative Uses
Best Use
Apartment 5plus
$147.3K
$128.9K – $171.9K
NOI $10,314 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.89M
$2.53M – $3.37M
NOI $202,168 @ 7.0% cap · market cap 70.94%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,652
Businesses Nearby
Explore this area
Business Placement
Demographics for 22102, VA
27,743
Population
14,274
Households
1.9
Avg Household Size
37
Median Age
81%
College-Educated
99%
High-School Grad
12.3 sq mi
ZIP Area
2,256
Density / Sq Mi
$153,816
Median Household Income
$93,200
Median Earnings
$2,471
Median Rent
$1,003,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The unit includes in-home laundry, updated finishes, and access to a pool, fitness center, clubhouse, game room, and sauna.
Where is this residential income property located?
The property is located at 1524 LINCOLN WAY Unit 209 Mc Lean, VA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 689‑square‑foot condominium, built in 1988; Leased unit with 2025 HVAC, new luxury vinyl plank flooring, and fresh paint; Granite kitchen counters and stainless steel appliances
