Updated One-Bedroom Residential Income
For Sale
$198,000
1951 SAGEWOOD LANE Unit 523, Reston, VA 20191
The 55+ community offers a staffed lobby, fitness room, library, solarium and rooftop decks.
Property Size686 SF
Price / SF$288.63
Days on Market112
Property Features for 1951 SAGEWOOD LANE Unit 523
General Information
Standard status
Active
Size
686 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,145
Amenities
library
solarium
exercise room
rooftop decks
laundry inside unit
balcony
extra storage space
Building Details
Building Size
686 SF
Year Built
1985
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Missy E Edmondson · License #0225019633
(703) 932-8484
Source:
Irvinrealtyllc
Added: Jul 16
Changed: Oct 27
Last Checked: Nov 3 at 7:49AM
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 Long & Foster Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This 686-square-foot condominium in a 55+ community was built in 1985 and recently refreshed with new carpeting and paint. The one-bedroom, one-bath layout includes a granite-counter kitchen with white cabinetry and stainless steel appliances, an updated bathroom with a walk-in shower, built-in seat and grab bar, plus in-unit laundry. A balcony, additional storage and one garage parking space are included.
Residents have access to a staffed front desk, library, solarium, exercise room and two rooftop decks. The landscaped grounds feature fountains and flowering areas. Wiehle Metro Station is less than 1 mile away, and a shopping center across the street includes Starbucks, Safeway, CVS and restaurants. Reston amenities include pools, walking paths, tennis and pickleball, with additional activities at Thoreau House.
Residents have access to a staffed front desk, library, solarium, exercise room and two rooftop decks. The landscaped grounds feature fountains and flowering areas. Wiehle Metro Station is less than 1 mile away, and a shopping center across the street includes Starbucks, Safeway, CVS and restaurants. Reston amenities include pools, walking paths, tennis and pickleball, with additional activities at Thoreau House.
Key Highlights
- 686‑square‑foot condominium with one bedroom and one full bathroom
- One garage parking space; extra storage conveys
- Updated kitchen with granite counters, white cabinets and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,269
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$205,380
$205.4K
Cap Rate 7%
$146,700
$146.7K
Cap Rate 9%
$114,100
$114.1K
Market Conditions
NOI Build-Up for 686 SF
Gross rent
$19.8K $28.80/SF
− Vacancy
−$1.1K −$1.58/SF
EGI
$18.7K $27.22/SF
− OpEx
−$8.4K −$12.25/SF
NOI
$10.3K $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%
$205,380
Cap Rate 7%
$146,700
Cap Rate 9%
$114,100
Alternative Uses
Best Use
Apartment 5plus
$146.7K
$128.4K – $171.2K
NOI $10,269 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.88M
$2.52M – $3.35M
NOI $201,288 @ 7.0% cap · market cap 101.66%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,356
Businesses Nearby
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Business Placement
Demographics for 20191, VA
29,948
Population
12,744
Households
2.3
Avg Household Size
39
Median Age
66%
College-Educated
93%
High-School Grad
7.8 sq mi
ZIP Area
3,839
Density / Sq Mi
$141,019
Median Household Income
$62,313
Median Earnings
$1,983
Median Rent
$616,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The 55+ community offers a staffed lobby, fitness room, library, solarium and rooftop decks.
Where is this residential income property located?
The property is located at 1951 SAGEWOOD LANE Unit 523 Reston, VA.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: 686‑square‑foot condominium with one bedroom and one full bathroom; One garage parking space; extra storage conveys; Updated kitchen with granite counters, white cabinets and stainless steel appliances
