End-Unit Residential Income
For Sale
$562,500
45222 LETTERMORE SQUARE, Sterling, VA 20166
Two-level end unit with an open living area, granite kitchen, three bedrooms, and an upper-level laundry room.
Property Size2,586 SF
Price / SF$217.52
Days on Market20
Property Features for 45222 LETTERMORE SQUARE
General Information
Standard status
Active
Size
2,586 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,807
Building Details
Building Size
2,586 SF
Year Built
2020
Listing Agency:
Better Homes and Gardens Real Estate Reserve
Listed By:
Jessica Anne Bush · License #0225232933
(607) 743-3914
Source:
Kerishull
Added: Sep 5
Changed: Sep 20
Last Checked: Sep 22 at 8:49PM
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 Better Homes and Gardens Real Estate Reserve
Investment Insights
Based on property information with market context.
This two-level end-unit penthouse, completed in 2020, offers 2,586 square feet of residential space. The main floor combines a living room with fireplace, kitchen with white cabinetry, granite counters, and island, a separate dining area, and a flexible additional room. Luxury vinyl plank flooring and recessed lighting extend through the principal living areas.
Upstairs, the primary suite includes a walk-in closet, trey ceiling, dual-vanity bath, and glass-enclosed shower. Two additional bedrooms, a full bathroom, and the laundry room are also located on this level.
The property is in Kincora near One Loudoun and Dulles Town Center, with access to Route 7, Route 28, the Greenway, and Dulles International Airport. The Northern Virginia Science Center and Pinstack are identified nearby, and the Dulles tech corridor is within the surrounding area.
Upstairs, the primary suite includes a walk-in closet, trey ceiling, dual-vanity bath, and glass-enclosed shower. Two additional bedrooms, a full bathroom, and the laundry room are also located on this level.
The property is in Kincora near One Loudoun and Dulles Town Center, with access to Route 7, Route 28, the Greenway, and Dulles International Airport. The Northern Virginia Science Center and Pinstack are identified nearby, and the Dulles tech corridor is within the surrounding area.
Key Highlights
- 2,586‑square‑foot two‑level end unit
- Built in 2020
- Three‑bedroom layout with primary suite and two additional bedrooms
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
$40,331
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
7.17%
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%
$806,620
$806.6K
Cap Rate 7%
$576,157
$576.2K
Cap Rate 9%
$448,122
$448.1K
Market Conditions
NOI Build-Up for 2,586 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
$78.5K $30.36/SF
− Vacancy
−$5.2K −$2.00/SF
EGI
$73.3K $28.36/SF
− OpEx
−$33.0K −$12.76/SF
NOI
$40.3K $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%
$806,620
Cap Rate 7%
$576,157
Cap Rate 9%
$448,122
Alternative Uses
Best Use
Apartment 5plus
$576.2K
$504.1K – $672.2K
NOI $40,331 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$810.4K
$709.1K – $945.5K
NOI $56,730 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 20166, VA
14,164
Population
5,300
Households
2.7
Avg Household Size
34
Median Age
66%
College-Educated
93%
High-School Grad
27.2 sq mi
ZIP Area
521
Density / Sq Mi
$135,246
Median Household Income
$71,855
Median Earnings
$2,227
Median Rent
$576,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level end unit with an open living area, granite kitchen, three bedrooms, and an upper-level laundry room.
Where is this residential income property located?
The property is located at 45222 LETTERMORE SQUARE Sterling, VA.
What is the asking price?
The asking price for this property is $562,500.
What are key features of this property?
This property features: 2,586‑square‑foot two‑level end unit; Built in 2020; Three‑bedroom layout with primary suite and two additional bedrooms
