Penthouse Residential Income
New
For Sale
$960,000
22145 HEADWATER TERRACE Unit 400, Ashburn, VA 20148
Fourth-floor condominium with upgraded finishes, secure entry, private garage parking, and expansive entertaining areas.
Property Size2,285 SF
Price / SF$420.13
Days on Market7
Property Features for 22145 HEADWATER TERRACE Unit 400
General Information
Standard status
Active
Size
2,285 SF
Total Parking Spaces
4
Elevators
Yes
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,181
Building Details
Building Size
2,285 SF
Year Built
2023
Listing Agency:
RE/MAX Gateway, LLC
Listed By:
Charlet H Shriner · License #0225033727
(703) 298-0689
Source:
Kerishull
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 22 at 9:00PM
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 RE/MAX Gateway, LLC
Investment Insights
Based on property information with market context.
This fourth-floor penthouse condominium was built in 2023 and offers 2,285 square feet of living space. The open main living area combines the kitchen, dining room, and family room beneath soaring ceilings, with hardwood flooring, abundant natural light, upgraded cabinetry, marble countertops, a waterfall island, six-burner cooktop, pot filler, vent hood, and walk-in pantry. A covered balcony extends from the dining area, while a private office or library provides a separate work space.
The residence includes three bedrooms arranged in a split-bedroom layout, along with a powder room and two full baths. The owner's suite features a sitting area, French doors, dual walk-in closets with custom shelving, double vanity, walk-in shower with bench, soaking tub, and separate water closet. Secure elevator access connects the home to a two-car garage. The driveway accommodates two additional vehicles, and two parking passes are included for a nearby lot.
The residence includes three bedrooms arranged in a split-bedroom layout, along with a powder room and two full baths. The owner's suite features a sitting area, French doors, dual walk-in closets with custom shelving, double vanity, walk-in shower with bench, soaking tub, and separate water closet. Secure elevator access connects the home to a two-car garage. The driveway accommodates two additional vehicles, and two parking passes are included for a nearby lot.
Key Highlights
- 2,285‑square‑foot fourth‑floor penthouse condominium
- Built in 2023 with three bedrooms and a split‑bedroom layout
- Kitchen includes a six‑burner cooktop, pot filler, vent hood, walk‑in pantry, and marble waterfall island
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
$35,637
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
3.71%
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%
$712,740
$712.7K
Cap Rate 7%
$509,100
$509.1K
Cap Rate 9%
$395,967
$396.0K
Market Conditions
NOI Build-Up for 2,285 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
$69.4K $30.36/SF
− Vacancy
−$4.6K −$2.00/SF
EGI
$64.8K $28.36/SF
− OpEx
−$29.2K −$12.76/SF
NOI
$35.6K $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%
$712,740
Cap Rate 7%
$509,100
Cap Rate 9%
$395,967
Alternative Uses
Best Use
Apartment 5plus
$509.1K
$445.5K – $594.0K
NOI $35,637 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$716.1K
$626.6K – $835.5K
NOI $50,127 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 20148, VA
61,793
Population
20,413
Households
3
Avg Household Size
34
Median Age
77%
College-Educated
97%
High-School Grad
19.4 sq mi
ZIP Area
3,185
Density / Sq Mi
$233,502
Median Household Income
$119,027
Median Earnings
$2,647
Median Rent
$843,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor condominium with upgraded finishes, secure entry, private garage parking, and expansive entertaining areas.
Where is this residential income property located?
The property is located at 22145 HEADWATER TERRACE Unit 400 Ashburn, VA.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: 2,285‑square‑foot fourth‑floor penthouse condominium; Built in 2023 with three bedrooms and a split‑bedroom layout; Kitchen includes a six‑burner cooktop, pot filler, vent hood, walk‑in pantry, and marble waterfall island
