Second-Floor Residential Income
New
For Sale
$749,000
3800 FAIRFAX DRIVE Unit 102, Arlington, VA 22203
Flexible condominium layout with private outdoor space, dedicated parking, storage, and full-service building amenities.
Property Size1,710 SF
Price / SF$438.01
Days on Market7
Property Features for 3800 FAIRFAX DRIVE Unit 102
General Information
Standard status
Active
Size
1,710 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Multifamily Units
1
Parking per Unit
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,306
Amenities
24-hour front desk
fitness center
outdoor pool
secure entry
Building Details
Building Size
1,710 SF
Year Built
1974
Listing Agency:
Keller Williams Capital Properties
(631) 356-4276
Listed By:
Lee Gochman
(631) 356-4276
Source:
Barnesrealestatecompany
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 12:53PM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This second-floor condominium at 3800 Fairfax Drive, Unit 102, provides 1,710 square feet with a three-bedroom arrangement or a two-bedroom plan plus den. Interior features include an in-unit storage room, pantry, office or hobby area, separate laundry room with a full-size washer and dryer, and a private balcony facing a landscaped plaza. The property includes a deeded garage parking space and a separate storage unit.
The full-service building offers a 24-hour front desk, fitness center, outdoor pool, and secure entry. Condominium fees include utilities, cable television, and internet service. Virginia Square-GMU Metro Station is approximately 1 1/2 blocks away, with access to the Ballston and Clarendon corridors, shopping, dining, parks, entertainment, Ballston Quarter, Arlington Central Library, George Mason University's Arlington campus, Oakland Park, and neighborhood conveniences. The community permits up to two pets, with a 40 lb. limit per pet, and is approved for VA and FHA financing. The property conveys with separate tax records for the condominium and deeded garage parking space.
The full-service building offers a 24-hour front desk, fitness center, outdoor pool, and secure entry. Condominium fees include utilities, cable television, and internet service. Virginia Square-GMU Metro Station is approximately 1 1/2 blocks away, with access to the Ballston and Clarendon corridors, shopping, dining, parks, entertainment, Ballston Quarter, Arlington Central Library, George Mason University's Arlington campus, Oakland Park, and neighborhood conveniences. The community permits up to two pets, with a 40 lb. limit per pet, and is approved for VA and FHA financing. The property conveys with separate tax records for the condominium and deeded garage parking space.
Key Highlights
- 1,710‑square‑foot condominium with three‑bedroom or two‑bedroom‑plus‑den configuration
- Second‑floor residence with private balcony overlooking a landscaped plaza
- Deeded garage parking space plus an additional storage unit
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
$25,732
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
3.44%
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%
$514,640
$514.6K
Cap Rate 7%
$367,600
$367.6K
Cap Rate 9%
$285,911
$285.9K
Market Conditions
NOI Build-Up for 1,710 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
$49.2K $28.80/SF
− Vacancy
−$2.5K −$1.44/SF
EGI
$46.8K $27.36/SF
− OpEx
−$21.1K −$12.31/SF
NOI
$25.7K $15.05/SF
Area
Arlington, VA
Vacancy
5.00%
Lease Rate
$28.80 /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%
$514,640
Cap Rate 7%
$367,600
Cap Rate 9%
$285,911
Alternative Uses
Best Use
Apartment 5plus
$367.6K
$321.7K – $428.9K
NOI $25,732 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$949.8K
$831.1K – $1.11M
NOI $66,485 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,851
Businesses Nearby
Explore this area
Business Placement
Demographics for 22203, VA
25,437
Population
14,528
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
95%
High-School Grad
1.6 sq mi
ZIP Area
15,898
Density / Sq Mi
$132,402
Median Household Income
$90,699
Median Earnings
$2,318
Median Rent
$809,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible condominium layout with private outdoor space, dedicated parking, storage, and full-service building amenities.
Where is this residential income property located?
The property is located at 3800 FAIRFAX DRIVE Unit 102 Arlington, VA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 1,710‑square‑foot condominium with three‑bedroom or two‑bedroom‑plus‑den configuration; Second‑floor residence with private balcony overlooking a landscaped plaza; Deeded garage parking space plus an additional storage unit
