Top-Floor Residential Income
For Sale
$535,000
23631 HAVELOCK WALK TERRACE Unit 421, Ashburn, VA 20148
Refreshed condominium with accessibility features, a private balcony, and an attached garage.
Property Size1,906 SF
Price / SF$280.69
Days on Market210
Property Features for 23631 HAVELOCK WALK TERRACE Unit 421
General Information
Standard status
Active
Size
1,906 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$3,977
Building Details
Building Size
1,906 SF
Year Built
2018
Listing Agency:
Real Broker, LLC
Listed By:
Peter B Knapp · License #0225178851
(703) 622-0663
Source:
Kerishull
Added: Feb 12
Changed: Aug 31
Last Checked: Sep 10 at 7:16AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This 1,906-square-foot, top-floor condominium was built in 2018 and recently refreshed with new paint, carpet, wood flooring, and stainless steel appliances. The residence includes a generously sized kitchen island, substantial storage, a private balcony, and an attached garage.
Accessibility features include wider-than-standard halls and doors, grab bars in both bathrooms, a walk-in shower, and a kitchen work area with wheelchair clearance beneath the countertop. The fire alarm provides both visual and auditory notification. The home is located within the 55+ Birchwood at Brambleton community and offers access to resort-style amenities.
Accessibility features include wider-than-standard halls and doors, grab bars in both bathrooms, a walk-in shower, and a kitchen work area with wheelchair clearance beneath the countertop. The fire alarm provides both visual and auditory notification. The home is located within the 55+ Birchwood at Brambleton community and offers access to resort-style amenities.
Key Highlights
- 1,906‑square‑foot top‑floor condominium built in 2018
- Individually ANSI compliant with wider halls and doors
- Grab bars in both bathrooms and a walk‑in shower
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
$29,726
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
5.56%
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%
$594,520
$594.5K
Cap Rate 7%
$424,657
$424.7K
Cap Rate 9%
$330,289
$330.3K
Market Conditions
NOI Build-Up for 1,906 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
$57.9K $30.36/SF
− Vacancy
−$3.8K −$2.00/SF
EGI
$54.0K $28.36/SF
− OpEx
−$24.3K −$12.76/SF
NOI
$29.7K $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%
$594,520
Cap Rate 7%
$424,657
Cap Rate 9%
$330,289
Alternative Uses
Best Use
Apartment 5plus
$424.7K
$371.6K – $495.4K
NOI $29,726 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$597.3K
$522.7K – $696.9K
NOI $41,813 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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 - Refreshed condominium with accessibility features, a private balcony, and an attached garage.
Where is this residential income property located?
The property is located at 23631 HAVELOCK WALK TERRACE Unit 421 Ashburn, VA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 1,906‑square‑foot top‑floor condominium built in 2018; Individually ANSI compliant with wider halls and doors; Grab bars in both bathrooms and a walk‑in shower
