Renovated Residential Income
For Sale
$489,900
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
Price / SF$426.37
Days on Market12
Property Features for 1550 SPRING GATE DRIVE Unit 8113
General Information
Standard status
Active
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
(703) 774-4291
Listed By:
Irene Markulik · License #0225225477
(703) 774-4291
Source:
Kerishull
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 31 at 12:15AM
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
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 = 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
$17,199
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
3.51%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
