Renovated Residential Income
For Sale
$489,900
Pending
1550 SPRING GATE DRIVE Unit 8113, Mc Lean, VA 22102
Garden-style apartment with updated interiors, in-unit laundry, assigned parking, and access to community amenities.
Property Size1,149 SF
Days on Market63
Property Features for 1550 SPRING GATE DRIVE Unit 8113
General Information
Standard status
Pending
Size
1,149 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,759
Amenities
community center
fitness center
pool
tot lot
security gate
on-site desk
in-unit laundry
Building Details
Building Size
1,149 SF
Year Built
1997
Construction
garden-style
Listing Agency:
RLAH @properties
Listed By:
Irene Markulik · License #0225225477
(703) 774-4291
Source:
Kerishull
Added: Aug 20
Changed: Oct 17
Last Checked: Oct 19 at 5:40PM
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 RLAH @properties
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Investment Insights
Based on property information with market context.
This renovated garden-style apartment is located within the Gates of McLean community. The residence features engineered wood flooring, crown molding, window treatments, high ceilings, and abundant natural light. An in-unit laundry area includes energy-efficient appliances, while assigned parking adds day-to-day convenience. The property was built in 1997.
Community amenities include maintained common grounds, a community center, fitness center, in-ground pool, tot lot, security gate, and on-site desk. Wegman's, a dog park, and several restaurants are less than a mile away, with Tyson's Corner within a couple of miles. Nearby bus stops, metro stations, an airport, and commuter lots provide additional transportation access.
Community amenities include maintained common grounds, a community center, fitness center, in-ground pool, tot lot, security gate, and on-site desk. Wegman's, a dog park, and several restaurants are less than a mile away, with Tyson's Corner within a couple of miles. Nearby bus stops, metro stations, an airport, and commuter lots provide additional transportation access.
Key Highlights
- Renovated garden‑style apartment with engineered wood flooring and high ceilings
- In‑unit laundry with energy‑efficient appliances
- Community includes fitness center, pool, community center, and tot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,199
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$343,980
$344.0K
Cap Rate 7%
$245,700
$245.7K
Cap Rate 9%
$191,100
$191.1K
Market Conditions
NOI Build-Up for 1,149 SF
Gross rent
$33.1K $28.80/SF
− Vacancy
−$1.8K −$1.58/SF
EGI
$31.3K $27.22/SF
− OpEx
−$14.1K −$12.25/SF
NOI
$17.2K $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 Rate 5%
$343,980
Cap Rate 7%
$245,700
Cap Rate 9%
$191,100
Alternative Uses
Best Use
Apartment 5plus
$245.7K
$215.0K – $286.7K
NOI $17,199 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.82M
$4.21M – $5.62M
NOI $337,142 @ 7.0% cap · market cap 68.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,398
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 - Garden-style apartment with updated interiors, in-unit laundry, assigned parking, and access to community amenities.
Where is this residential income property located?
The property is located at 1550 SPRING GATE DRIVE Unit 8113 Mc Lean, VA.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Renovated garden‑style apartment with engineered wood flooring and high ceilings; In‑unit laundry with energy‑efficient appliances; Community includes fitness center, pool, community center, and tot lot
