Top-Floor Residential Income
For Sale
$519,000
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$443.97
Days on Market19
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
(202) 306-5413
Listed By:
Timothy Michael Hursen Jr. · License #0225261328
(202) 306-5413
Source:
Kerishull
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 30 at 10:31PM
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 = 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
$17,499
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
3.37%
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%
$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
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
$33.7K $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 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%
$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 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.90M
$4.29M – $5.72M
NOI $343,011 @ 7.0% cap · market cap 66.09%
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 - 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 $519,000.
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
