Updated Two-Bedroom
For Sale
$399,000
3151 COVEWOOD COURT, Falls Church, VA 22042
The residence pairs an open living area with a fireplace and a tree-facing balcony.
Property Size1,045 SF
Price / SF$381.82
Days on Market93
Property Features for 3151 COVEWOOD COURT
General Information
Standard status
Active
Size
1,045 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,714
Amenities
washer/dryer in unit
large balcony
fireplace
swimming pool
jogging/walking trails
small pier
picnic area
Building Details
Building Size
1,045 SF
Year Built
1984
Construction
garden-style
Listing Agency:
Compass
Listed By:
Dianne Van Volkenburg · License #0225070092
(703) 828-1778
Source:
Jackrealtygroup
Added: Jul 28
Changed: Oct 27
Last Checked: Oct 26 at 2:35PM
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
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Investment Insights
Based on property information with market context.
This 1,045-square-foot condominium has two bedrooms and two full bathrooms, with an open floor plan that connects the living and dining areas. Recent updates include the kitchen and both bathrooms, and the appliances were recently installed. A fireplace, in-unit washer and dryer, and a balcony overlooking trees and natural habitat complete the interior features.
The garden-style community is arranged around a lake and includes walking and jogging trails, a small pier, a picnic area, and a swimming pool. The property is within walking distance of the Providence Recreation Center and offers convenient access to I-495 and Route 50. The Mosaic District and Inova Hospital are also nearby.
The garden-style community is arranged around a lake and includes walking and jogging trails, a small pier, a picnic area, and a swimming pool. The property is within walking distance of the Providence Recreation Center and offers convenient access to I-495 and Route 50. The Mosaic District and Inova Hospital are also nearby.
Key Highlights
- 1,045 square feet with 2 bedrooms and 2 full bathrooms
- Recent updates to the kitchen and both bathrooms
- Open floor plan, fireplace, and in‑unit washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,642
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$312,840
$312.8K
Cap Rate 7%
$223,457
$223.5K
Cap Rate 9%
$173,800
$173.8K
Market Conditions
NOI Build-Up for 1,045 SF
Gross rent
$30.1K $28.80/SF
− Vacancy
−$1.7K −$1.58/SF
EGI
$28.4K $27.22/SF
− OpEx
−$12.8K −$12.25/SF
NOI
$15.6K $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%
$312,840
Cap Rate 7%
$223,457
Cap Rate 9%
$173,800
Alternative Uses
Best Use
Apartment 5plus
$223.5K
$195.5K – $260.7K
NOI $15,642 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.38M
$3.83M – $5.11M
NOI $306,627 @ 7.0% cap · market cap 76.85%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
714
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 - The residence pairs an open living area with a fireplace and a tree-facing balcony.
Where is this residential income property located?
The property is located at 3151 COVEWOOD COURT Falls Church, VA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,045 square feet with 2 bedrooms and 2 full bathrooms; Recent updates to the kitchen and both bathrooms; Open floor plan, fireplace, and in‑unit washer and dryer
