Renovated Residential Income
For Sale
$313,000
2837 KALMIA LEE COURT Unit 301, Falls Church, VA 22042
Top-floor residence features a comprehensively rebuilt kitchen and bath with updated finishes and appliances.
Property Size881 SF
Price / SF$355.28
Days on Market34
Property Features for 2837 KALMIA LEE COURT Unit 301
General Information
Standard status
Active
Size
881 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Multifamily Units
1
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$3,971
Amenities
exercise room
meeting space
Building Details
Building Size
881 SF
Year Built
1964
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Shawna Moore · License #0225196529
(703) 581-7994
Source:
Jackrealtygroup
Added: Sep 25
Changed: Oct 27
Last Checked: Oct 26 at 3:38PM
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
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This 881-square-foot, top-floor residence was substantially updated, including a kitchen and bathroom rebuilt from the subfloor and drywall up. The kitchen has solid-wood Shaker cabinets, granite counters, matte-finish tile, and GE stainless steel appliances. The remodeled bath includes Kohler fixtures, a marble-top vanity, glass tile, and a built-in shower niche. Other improvements include dimmable recessed lighting, updated switches and outlets, and Goodman HVAC installed in May 2026.
The condo fee covers gas, water, trash, snow removal, common-area maintenance, an exercise room, and meeting space. The unit has two parking spaces and a visitor pass, and building entry uses keyed and electronic security access. A building-wide pipe upgrade was completed in 2023; funded replacement of sliding glass doors is underway, with community-wide completion anticipated in approximately 24 months.
A Metrobus stop is at the community entrance, with access to Dunn Loring and West Falls Church Metro stations, I-495, and I-66. Grocery stores, restaurants, and shopping are within walking distance, and Mosaic District is nearby.
The condo fee covers gas, water, trash, snow removal, common-area maintenance, an exercise room, and meeting space. The unit has two parking spaces and a visitor pass, and building entry uses keyed and electronic security access. A building-wide pipe upgrade was completed in 2023; funded replacement of sliding glass doors is underway, with community-wide completion anticipated in approximately 24 months.
A Metrobus stop is at the community entrance, with access to Dunn Loring and West Falls Church Metro stations, I-495, and I-66. Grocery stores, restaurants, and shopping are within walking distance, and Mosaic District is nearby.
Key Highlights
- Top‑floor unit with 881 square feet
- Kitchen and bath rebuilt, including new subflooring and drywall
- Kitchen includes solid‑wood Shaker cabinetry, granite counters, tile flooring, and GE stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,188
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$263,760
$263.8K
Cap Rate 7%
$188,400
$188.4K
Cap Rate 9%
$146,533
$146.5K
Market Conditions
NOI Build-Up for 881 SF
Gross rent
$25.4K $28.80/SF
− Vacancy
−$1.4K −$1.58/SF
EGI
$24.0K $27.22/SF
− OpEx
−$10.8K −$12.25/SF
NOI
$13.2K $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%
$263,760
Cap Rate 7%
$188,400
Cap Rate 9%
$146,533
Alternative Uses
Best Use
Apartment 5plus
$188.4K
$164.9K – $219.8K
NOI $13,188 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.69M
$3.23M – $4.31M
NOI $258,505 @ 7.0% cap · market cap 82.59%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
Business Placement
Demographics for 22042, VA
34,638
Population
12,598
Households
2.7
Avg Household Size
37
Median Age
55%
College-Educated
86%
High-School Grad
6.4 sq mi
ZIP Area
5,412
Density / Sq Mi
$135,578
Median Household Income
$60,264
Median Earnings
$2,178
Median Rent
$666,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Top-floor residence features a comprehensively rebuilt kitchen and bath with updated finishes and appliances.
Where is this residential income property located?
The property is located at 2837 KALMIA LEE COURT Unit 301 Falls Church, VA.
What is the asking price?
The asking price for this property is $313,000.
What are key features of this property?
This property features: Top‑floor unit with 881 square feet; Kitchen and bath rebuilt, including new subflooring and drywall; Kitchen includes solid‑wood Shaker cabinetry, granite counters, tile flooring, and GE stainless steel appliances
