Renovated Residential Income
For Sale
$369,999
2220 SPRINGWOOD DRIVE Unit C, Reston, VA 20191
The 1,255-square-foot condo has two bedrooms, two full bathrooms, and a sunroom overlooking a private patio.
Property Size1,255 SF
Price / SF$294.82
Days on Market153
Property Features for 2220 SPRINGWOOD DRIVE Unit C
General Information
Standard status
Active
Size
1,255 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,640
Amenities
wood-burning fireplace
in-unit washer/dryer
sunroom
private patio
Building Details
Building Size
1,255 SF
Year Built
1986
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Nathan Hunt · License #0225211010
(801) 910-6299
Source:
Catoctinproperties
Added: Jun 5
Changed: Oct 26
Last Checked: Nov 3 at 6:18AM
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 1,255-square-foot condo, built in 1986, includes two bedrooms and two full bathrooms. Recent updates include new flooring, fresh paint, renovated bathrooms, and an updated kitchen with granite countertops, stainless steel appliances, ceramic tile flooring, and a pantry. The open living area has a wood-burning fireplace, built-in bookcase, crown molding, and a separate dining area. An in-unit washer and dryer, walk-in bedroom closets, and a sunroom with views of the private patio and trees add useful features. One dedicated parking space is included.
Residents can walk to pools, tennis courts, walking trails, and Reston Association amenities. South Lakes Shopping Center, Lake Audubon, Lake Thoreau, and Wiehle-Reston East Metro Station are described as minutes away. The property is identified as an investment opportunity with a minimum 5.6 cap rate.
Residents can walk to pools, tennis courts, walking trails, and Reston Association amenities. South Lakes Shopping Center, Lake Audubon, Lake Thoreau, and Wiehle-Reston East Metro Station are described as minutes away. The property is identified as an investment opportunity with a minimum 5.6 cap rate.
Key Highlights
- Two bedrooms and two full bathrooms in 1,255 square feet
- Renovated bathrooms, new flooring, and fresh paint
- Updated kitchen with granite counters, stainless steel appliances, ceramic tile, and pantry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,786
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$375,720
$375.7K
Cap Rate 7%
$268,371
$268.4K
Cap Rate 9%
$208,733
$208.7K
Market Conditions
NOI Build-Up for 1,255 SF
Gross rent
$36.1K $28.80/SF
− Vacancy
−$2.0K −$1.58/SF
EGI
$34.2K $27.22/SF
− OpEx
−$15.4K −$12.25/SF
NOI
$18.8K $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%
$375,720
Cap Rate 7%
$268,371
Cap Rate 9%
$208,733
Alternative Uses
Best Use
Apartment 5plus
$268.4K
$234.8K – $313.1K
NOI $18,786 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.26M
$4.60M – $6.14M
NOI $368,245 @ 7.0% cap · market cap 99.53%
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
284
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 1,255-square-foot condo has two bedrooms, two full bathrooms, and a sunroom overlooking a private patio.
Where is this residential income property located?
The property is located at 2220 SPRINGWOOD DRIVE Unit C Reston, VA.
What is the asking price?
The asking price for this property is $369,999.
What are key features of this property?
This property features: Two bedrooms and two full bathrooms in 1,255 square feet; Renovated bathrooms, new flooring, and fresh paint; Updated kitchen with granite counters, stainless steel appliances, ceramic tile, and pantry
