Two-Level Residential Income
For Sale
$565,000
20721 HERON LANDING DRIVE, Sterling, VA 20166
Penthouse condominium with flexible living space, attached garage, deck, and access to community trails and preserved green areas.
Property Size2,376 SF
Price / SF$237.79
Days on Market64
Property Features for 20721 HERON LANDING DRIVE
General Information
Standard status
Active
Size
2,376 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
HOA Fee
$325
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,582
Building Details
Building Size
2,376 SF
Year Built
2020
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Nikki Lagouros · License #0225224571
(910) 382-0029
Source:
Kerishull
Added: Jul 10
Changed: Aug 31
Last Checked: Sep 10 at 5:41AM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This penthouse-level condominium offers 2,376 square feet across two levels, with three bedrooms and two-and-a-half baths. The main floor combines a family room, kitchen, breakfast nook, and formal dining area that can also serve as an office or secondary sitting room. Notable interior features include a fireplace, built-in bar and coffee station with beverage cooler, white shaker cabinetry, granite countertops, subway tile backsplash, island seating, stainless appliances, LVP flooring, and recessed lighting. A deck extends the main-level living area, while the upper floor includes a primary suite with walk-in closet, trey ceiling, dual vanities, and glass-enclosed shower.
The property includes an attached garage and driveway parking. Built in 2020, the condominium is located in Kincora at 20721 Heron Landing Drive, Sterling, VA 20166, with access to Route 7, Route 28, the Dulles Greenway, and Dulles International Airport. One Loudoun, Dulles Town Center, restaurants, theaters, and shopping are also nearby. Community amenities include walking trails and preserved green spaces.
The property includes an attached garage and driveway parking. Built in 2020, the condominium is located in Kincora at 20721 Heron Landing Drive, Sterling, VA 20166, with access to Route 7, Route 28, the Dulles Greenway, and Dulles International Airport. One Loudoun, Dulles Town Center, restaurants, theaters, and shopping are also nearby. Community amenities include walking trails and preserved green spaces.
Key Highlights
- 2,376 SF penthouse condominium arranged over two levels
- Three bedrooms and 2.5 baths, including a primary suite with walk‑in closet
- Kitchen with granite counters, subway tile backsplash, island, and stainless appliances
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
$37,056
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
6.56%
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%
$741,120
$741.1K
Cap Rate 7%
$529,371
$529.4K
Cap Rate 9%
$411,733
$411.7K
Market Conditions
NOI Build-Up for 2,376 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
$72.1K $30.36/SF
− Vacancy
−$4.8K −$2.00/SF
EGI
$67.4K $28.36/SF
− OpEx
−$30.3K −$12.76/SF
NOI
$37.1K $15.60/SF
Area
Loudoun County, VA
Vacancy
6.60%
Lease Rate
$30.36 /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%
$741,120
Cap Rate 7%
$529,371
Cap Rate 9%
$411,733
Alternative Uses
Best Use
Apartment 5plus
$529.4K
$463.2K – $617.6K
NOI $37,056 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$744.6K
$651.6K – $868.7K
NOI $52,124 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 20166, VA
14,164
Population
5,300
Households
2.7
Avg Household Size
34
Median Age
66%
College-Educated
93%
High-School Grad
27.2 sq mi
ZIP Area
521
Density / Sq Mi
$135,246
Median Household Income
$71,855
Median Earnings
$2,227
Median Rent
$576,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Penthouse condominium with flexible living space, attached garage, deck, and access to community trails and preserved green areas.
Where is this residential income property located?
The property is located at 20721 HERON LANDING DRIVE Sterling, VA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 2,376 SF penthouse condominium arranged over two levels; Three bedrooms and 2.5 baths, including a primary suite with walk‑in closet; Kitchen with granite counters, subway tile backsplash, island, and stainless appliances
