Residential Income Property with
1524 LINCOLN WAY Unit 407, Mc Lean, VA 22102
For Sale
$285,000
Top-floor residence features in-unit laundry, reserved garage parking, and access to shared recreational amenities.
Property Size689 SF
Price / SF$413.64
Days on Market54
Property Features for 1524 LINCOLN WAY Unit 407
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Samson Properties
Listed By:
Maggie Li · License #0225226518
(703) 606-2078
Source:
Irvinrealtyllc
Added: Sep 17
Changed: Nov 7
Last Checked: Nov 8 at 8:50AM
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
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Investment Insights
Based on property information with market context.
This top-floor condominium in a secure building includes a private balcony, fireplace, and open living area. The kitchen has updated appliances, and light oak LVP flooring runs throughout. The bedroom has a walk-in closet, with two additional interior closets and a private storage unit accessible from the balcony. An in-unit full-size washer and dryer and one assigned garage parking space are included. The building was constructed in 1988.
Residents have access to a clubhouse with billiards and party rooms, a fitness center, an outdoor pool, and landscaped grounds. The condo fee covers water, sewer, trash, exterior maintenance, the assigned garage space, and community amenities. Tysons Corner Center, Tysons Galleria, dining, and movie theaters are within walking distance. Silver Line Metro stations, I-495, Route 7, and the Dulles Access Road are nearby.
Residents have access to a clubhouse with billiards and party rooms, a fitness center, an outdoor pool, and landscaped grounds. The condo fee covers water, sewer, trash, exterior maintenance, the assigned garage space, and community amenities. Tysons Corner Center, Tysons Galleria, dining, and movie theaters are within walking distance. Silver Line Metro stations, I-495, Route 7, and the Dulles Access Road are nearby.
Key Highlights
- Top‑floor condominium with private balcony and fireplace
- Updated kitchen appliances and light oak LVP flooring throughout
- Bedroom includes a walk‑in closet; two additional interior closets and balcony‑accessed storage unit
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
$382.7K
$334.9K – $446.5K
NOI $26,788 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
3,652
Businesses Nearby
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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 - Top-floor residence features in-unit laundry, reserved garage parking, and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 1524 LINCOLN WAY Unit 407 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: Top‑floor condominium with private balcony and fireplace; Updated kitchen appliances and light oak LVP flooring throughout; Bedroom includes a walk‑in closet; two additional interior closets and balcony‑accessed storage unit
