Two-Bedroom Residential Income
For Sale
$475,000
1570 SPRING GATE DRIVE Unit 7203, Mc Lean, VA 22102
Updated second-floor residence with elevator access, dedicated parking, private balcony, and extensive community amenities.
Property Size998 SF
Price / SF$475.95
Days on Market12
Property Features for 1570 SPRING GATE DRIVE Unit 7203
General Information
Standard status
Active
Size
998 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,423
Amenities
fireplace
balcony
EV charging station
swimming pool
fitness center
clubhouse
movie theater
Building Details
Building Size
998 SF
Year Built
1997
Listing Agency:
Redfin Corporation
(703) 307-7534
Listed By:
Candace B Bush · License #0225052065
(703) 307-7534
Source:
Kerishull
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 4:52PM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
This 998-square-foot, second-floor residential income property was built in 1997 and offers a two-bedroom, two-bath layout with barrier-free access from the building entrance and elevator service. Interior features include 9-foot ceilings, hardwood flooring, a fireplace, a private balcony, and a dining area. The kitchen includes 48-inch maple cabinetry, granite counters, a custom backsplash, stainless steel appliances, and a 36-inch counter-depth refrigerator added in 2025. A full-size washer and dryer are positioned near the kitchen, with the dryer replaced in 2025. Both bathrooms feature ceramic tile, shaker-style vanities, quartz countertops, and updated lighting.
Parking includes garage space #261 beside the elevator, reserved space #486, and two additional parking passes. Community amenities include an EV charging station, swimming pool, fitness center, clubhouse, and movie theater. The property is near Metro, restaurants, shopping, and grocery stores, with access to I-495, I-66, and Route 267.
The primary bedroom has a walk-in closet and private bath, while the second bedroom can accommodate guests, office use, or additional living needs.
Parking includes garage space #261 beside the elevator, reserved space #486, and two additional parking passes. Community amenities include an EV charging station, swimming pool, fitness center, clubhouse, and movie theater. The property is near Metro, restaurants, shopping, and grocery stores, with access to I-495, I-66, and Route 267.
The primary bedroom has a walk-in closet and private bath, while the second bedroom can accommodate guests, office use, or additional living needs.
Key Highlights
- 998 SF second‑floor residence built in 1997
- Barrier‑free building entrance with elevator access
- Garage space #261, reserved space #486, and two additional parking passes
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
$14,939
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
3.15%
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%
$298,780
$298.8K
Cap Rate 7%
$213,414
$213.4K
Cap Rate 9%
$165,989
$166.0K
Market Conditions
NOI Build-Up for 998 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
$28.7K $28.80/SF
− Vacancy
−$1.6K −$1.58/SF
EGI
$27.2K $27.22/SF
− OpEx
−$12.2K −$12.25/SF
NOI
$14.9K $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%
$298,780
Cap Rate 7%
$213,414
Cap Rate 9%
$165,989
Alternative Uses
Best Use
Apartment 5plus
$213.4K
$186.7K – $249.0K
NOI $14,939 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.18M
$3.66M – $4.88M
NOI $292,836 @ 7.0% cap · market cap 61.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
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 - Updated second-floor residence with elevator access, dedicated parking, private balcony, and extensive community amenities.
Where is this residential income property located?
The property is located at 1570 SPRING GATE DRIVE Unit 7203 Mc Lean, VA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 998 SF second‑floor residence built in 1997; Barrier‑free building entrance with elevator access; Garage space #261, reserved space #486, and two additional parking passes
