Renovated Two-Bedroom Residential
For Sale
$440,000
1581 SPRING GATE DRIVE Unit 5203, Mc Lean, VA 22102
The 998-square-foot residence includes two full bathrooms and access to community recreation and fitness amenities.
Property Size998 SF
Price / SF$440.88
Days on Market67
Property Features for 1581 SPRING GATE DRIVE Unit 5203
General Information
Standard status
Active
Size
998 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,047
Amenities
pool
walking paths
play area
basketball courts
sports courts
picnic area
grills
sauna
gym
gated community
Building Details
Building Size
998 SF
Year Built
1997
Listing Agency:
Compass
Listed By:
Tim Royster · License #0225182810
(571) 275-0871
Source:
Canopy-re
Added: Aug 28
Changed: Oct 31
Last Checked: Oct 31 at 8:31AM
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 Compass
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Investment Insights
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This renovated two-bedroom residence has two full bathrooms, an open living and dining area, and a kitchen with 42-inch cabinets, granite countertops, and stainless steel appliances. The living room features luxury vinyl plank flooring and a gas fireplace. One bedroom has an updated private bathroom, and a renovated hall bathroom serves the second bedroom. Built in 1997, the unit measures 998 square feet and includes one garage parking space and one assigned lot space.
The home is in the gated Gates of McLean community in Tysons Corner, near the McLean Metro station on the Silver Line. Routes 123, I-495, and the Dulles Toll Road provide road access. Community amenities include a pool, walking paths, basketball and sports courts, a play area, picnic space with grills, a sauna, and a gym. The condo fee covers water, sewer, elevator service, snow removal, and grounds maintenance.
The home is in the gated Gates of McLean community in Tysons Corner, near the McLean Metro station on the Silver Line. Routes 123, I-495, and the Dulles Toll Road provide road access. Community amenities include a pool, walking paths, basketball and sports courts, a play area, picnic space with grills, a sauna, and a gym. The condo fee covers water, sewer, elevator service, snow removal, and grounds maintenance.
Key Highlights
- 998‑square‑foot, two‑bedroom residence with two full bathrooms
- Kitchen features 42‑inch cabinets, granite countertops, and stainless steel appliances
- Gas fireplace and luxury vinyl plank flooring in the living room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,939
Cap Rate
3.40%
Suggested Prices Based on Cap Rates
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
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 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 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.18M
$3.66M – $4.88M
NOI $292,836 @ 7.0% cap · market cap 66.55%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,398
Businesses Nearby
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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 - The 998-square-foot residence includes two full bathrooms and access to community recreation and fitness amenities.
Where is this residential income property located?
The property is located at 1581 SPRING GATE DRIVE Unit 5203 Mc Lean, VA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 998‑square‑foot, two‑bedroom residence with two full bathrooms; Kitchen features 42‑inch cabinets, granite countertops, and stainless steel appliances; Gas fireplace and luxury vinyl plank flooring in the living room
