Top-Floor Residential Income
For Sale
$499,000
1570 SPRING GATE DRIVE Unit 7408, Mc Lean, VA 22102
Renovated two-bedroom residence with elevator access, garage parking, expansive balcony, and community amenities.
Property Size1,169 SF
Price / SF$426.86
Days on Market64
Property Features for 1570 SPRING GATE DRIVE Unit 7408
General Information
Standard status
Active
Size
1,169 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,858
Amenities
outdoor pool
clubhouse
fitness center
business center
tot lot
basketball courts
party room
gas fireplace
laundry room
balcony
Building Details
Building Size
1,169 SF
Year Built
1997
Listing Agency:
RLAH @properties
Listed By:
Timothy Michael Hursen Jr. · License #0225261328
(202) 306-5413
Source:
Kerishull
Added: Aug 13
Changed: Oct 13
Last Checked: Oct 15 at 7:48AM
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 1,169-square-foot top-floor residence at Gates of McLean offers a two-bedroom layout with sleeping areas positioned on opposite sides of the living room. The kitchen and both bathrooms have been renovated, while LVP flooring and fresh paint extend throughout the home. Additional features include a gas fireplace, dedicated laundry room, two walk-in closets, multiple storage closets, balcony storage, and a balcony spanning the living room and second bedroom. Garage parking connects to the residence through an elevator building.
Community amenities include an outdoor pool, clubhouse, fitness center, business center, tot lot, basketball courts, and party room. The property is approximately a half-mile from Metro and an 8-minute walk from Wegmans, Trader Joe’s, Safeway, and restaurants. Gates of McLean was built in 1997 and has also received elevator replacements, landscaping updates, waterproofing, new siding, and community-managed window and door replacements.
Community amenities include an outdoor pool, clubhouse, fitness center, business center, tot lot, basketball courts, and party room. The property is approximately a half-mile from Metro and an 8-minute walk from Wegmans, Trader Joe’s, Safeway, and restaurants. Gates of McLean was built in 1997 and has also received elevator replacements, landscaping updates, waterproofing, new siding, and community-managed window and door replacements.
Key Highlights
- 1,169‑square‑foot top‑floor residence with two‑bedroom split‑bedroom layout
- Renovated kitchen and both bathrooms, plus LVP flooring and fresh interior paint
- Elevator building connects garage parking with the residential floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,499
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$349,980
$350.0K
Cap Rate 7%
$249,986
$250.0K
Cap Rate 9%
$194,433
$194.4K
Market Conditions
NOI Build-Up for 1,169 SF
Gross rent
$33.7K $28.80/SF
− Vacancy
−$1.9K −$1.58/SF
EGI
$31.8K $27.22/SF
− OpEx
−$14.3K −$12.25/SF
NOI
$17.5K $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%
$349,980
Cap Rate 7%
$249,986
Cap Rate 9%
$194,433
Alternative Uses
Best Use
Apartment 5plus
$250.0K
$218.7K – $291.7K
NOI $17,499 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.90M
$4.29M – $5.72M
NOI $343,011 @ 7.0% cap · market cap 68.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated two-bedroom residence with elevator access, garage parking, expansive balcony, and community amenities.
Where is this residential income property located?
The property is located at 1570 SPRING GATE DRIVE Unit 7408 Mc Lean, VA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,169‑square‑foot top‑floor residence with two‑bedroom split‑bedroom layout; Renovated kitchen and both bathrooms, plus LVP flooring and fresh interior paint; Elevator building connects garage parking with the residential floor
