Townhouse-Style Residential Income
For Sale
$475,000
3881 STEPPES COURT Unit B, Falls Church, VA 22041
Updated multi-level condo with two primary suites, private outdoor space, and reserved parking.
Property Size1,394 SF
Price / SF$340.75
Days on Market34
Property Features for 3881 STEPPES COURT Unit B
General Information
Standard status
Active
Size
1,394 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,570
Building Details
Building Size
1,394 SF
Year Built
1984
Listing Agency:
Pearson Smith Realty, LLC
Listed By:
Amanda Whitsel Ingram · License #0225229395
(703) 935-3958
Source:
Kerishull
Added: Aug 6
Changed: Sep 8
Last Checked: Sep 8 at 9:26AM
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 Pearson Smith Realty, LLC
Investment Insights
Based on property information with market context.
This 1,394-square-foot, multi-level condominium has a townhouse-style layout with two primary suites on the upper floor. Both suites include remodeled en suite bathrooms and substantial closet space. The main level combines living and dining areas in an open arrangement, with a fireplace and access to a private patio. New flooring extends throughout the home, while an exposed brick staircase wall adds a distinctive interior detail.
The property also includes a new washer and dryer. The HVAC system, water heater, and windows were replaced within the last 5 years. Reserved parking is positioned directly in front of the residence, with additional guest parking nearby. The 1984-built property is located in Falls Church, with access to the Pentagon, Crystal City, Arlington, and Amazon HQ2.
The property also includes a new washer and dryer. The HVAC system, water heater, and windows were replaced within the last 5 years. Reserved parking is positioned directly in front of the residence, with additional guest parking nearby. The 1984-built property is located in Falls Church, with access to the Pentagon, Crystal City, Arlington, and Amazon HQ2.
Key Highlights
- 1,394 SF multi‑level condominium with townhouse‑style configuration
- Two upper‑level primary suites with remodeled en suite bathrooms
- Private patio connects directly to the main living level
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
$20,867
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
4.39%
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%
$417,340
$417.3K
Cap Rate 7%
$298,100
$298.1K
Cap Rate 9%
$231,856
$231.9K
Market Conditions
NOI Build-Up for 1,394 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
$40.1K $28.80/SF
− Vacancy
−$2.2K −$1.58/SF
EGI
$37.9K $27.22/SF
− OpEx
−$17.1K −$12.25/SF
NOI
$20.9K $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 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%
$417,340
Cap Rate 7%
$298,100
Cap Rate 9%
$231,856
Alternative Uses
Best Use
Apartment 5plus
$298.1K
$260.8K – $347.8K
NOI $20,867 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.84M
$5.11M – $6.82M
NOI $409,031 @ 7.0% cap · market cap 86.11%
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
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 22041, VA
28,039
Population
11,567
Households
2.4
Avg Household Size
36
Median Age
47%
College-Educated
82%
High-School Grad
2.8 sq mi
ZIP Area
10,014
Density / Sq Mi
$91,075
Median Household Income
$46,350
Median Earnings
$1,913
Median Rent
$432,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated multi-level condo with two primary suites, private outdoor space, and reserved parking.
Where is this residential income property located?
The property is located at 3881 STEPPES COURT Unit B Falls Church, VA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,394 SF multi‑level condominium with townhouse‑style configuration; Two upper‑level primary suites with remodeled en suite bathrooms; Private patio connects directly to the main living level
