Updated Residential Income
For Sale
$414,900
21833 BALDWIN SQUARE #300, Sterling, VA 20164
Two-level penthouse condo with renovated interiors, private balcony, and two en-suite bedrooms in Chatham Green.
Property Size1,148 SF
Days on Market29
Property Features for 21833 BALDWIN SQUARE #300
General Information
Standard status
Active
Size
1,148 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Building Details
Building Size
1,148 SF
Year Built
1994
Year Renovated
2020
Listing Agency:
Compass
Listed By:
Melanie Pissarius
(703) 229-8935
Source:
Kdrealtygroup.kw
Added: Aug 5
Changed: Aug 29
Last Checked: Sep 2 at 1:29PM
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
Investment Insights
Based on property information with market context.
This two-level penthouse condo offers an open main living area with LVP flooring, crown molding, and a three-sided gas fireplace shared with the dining room. The kitchen was renovated in 2019 with granite countertops, wood cabinetry, and stainless-style appliances, while the powder room was refreshed in 2022. A private balcony extends the main-level living space. Upstairs, both bedrooms have vaulted ceilings and private en-suite bathrooms remodeled in 2018 and 2020.
The property is located at 21833 Baldwin Square #300 in Sterling, Virginia, within the Chatham Green community. Route 7, Dulles International Airport, and the Silver Line Metro are located nearby. Two unassigned community parking passes are included.
Capital improvements include a water heater and HVAC system installed in 2025, along with new flooring and a washer and dryer set added in 2023. The home was built in 1994.
The property is located at 21833 Baldwin Square #300 in Sterling, Virginia, within the Chatham Green community. Route 7, Dulles International Airport, and the Silver Line Metro are located nearby. Two unassigned community parking passes are included.
Capital improvements include a water heater and HVAC system installed in 2025, along with new flooring and a washer and dryer set added in 2023. The home was built in 1994.
Key Highlights
- Two‑level penthouse condo with private balcony
- Kitchen renovation completed in 2019
- En‑suite bathrooms remodeled in 2018 and 2020
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
$17,904
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
4.32%
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%
$358,080
$358.1K
Cap Rate 7%
$255,771
$255.8K
Cap Rate 9%
$198,933
$198.9K
Market Conditions
NOI Build-Up for 1,148 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
$34.9K $30.36/SF
− Vacancy
−$2.3K −$2.00/SF
EGI
$32.6K $28.36/SF
− OpEx
−$14.6K −$12.76/SF
NOI
$17.9K $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%
$358,080
Cap Rate 7%
$255,771
Cap Rate 9%
$198,933
Alternative Uses
Best Use
Apartment 5plus
$255.8K
$223.8K – $298.4K
NOI $17,904 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$359.8K
$314.8K – $419.7K
NOI $25,184 @ 7.0% cap · market cap 6.07%
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
586
Businesses Nearby
Explore this area
Business Placement
Demographics for 20164, VA
40,888
Population
13,077
Households
3.1
Avg Household Size
36
Median Age
39%
College-Educated
81%
High-School Grad
7.6 sq mi
ZIP Area
5,380
Density / Sq Mi
$132,067
Median Household Income
$47,315
Median Earnings
$2,031
Median Rent
$526,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level penthouse condo with renovated interiors, private balcony, and two en-suite bedrooms in Chatham Green.
Where is this residential income property located?
The property is located at 21833 BALDWIN SQUARE #300 Sterling, VA.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Two‑level penthouse condo with private balcony; Kitchen renovation completed in 2019; En‑suite bathrooms remodeled in 2018 and 2020
