Residential Income Condo with Private
For Sale
$255,000
5898 SURREY HILL PLACE Unit 684, Springfield, VA 22152
Updated one-bedroom, one-bath condo with a private balcony and access to community swimming pools and courts.
Property Size676 SF
Days on Market142
Property Features for 5898 SURREY HILL PLACE Unit 684
General Information
Standard status
Active
Size
676 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,746
Amenities
pool
tennis courts
basketball courts
playground
balcony
Building Details
Building Size
676 SF
Year Built
1968
Listing Agency:
Classic Select Inc
(540) 760-7953
Listed By:
Oscar Amaya · License #0225219238
(540) 760-7953
Source:
Dcmetrorealtyteam
Added: Apr 2
Changed: Aug 20
Last Checked: Aug 21 at 10:05AM
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 Classic Select Inc
Investment Insights
Based on property information with market context.
This updated one-bedroom, one-bath condo is located in a residential income property community and built in 1968. The unit features newly renovated kitchen and bathroom finishes, including new granite countertops with backsplash, new kitchen cabinets, a new tub, a new vanity, fresh paint throughout, and new flooring. Doors from the living space open to a private balcony for outdoor relaxing.
Convenience is a major theme of the location, with immediate access to I-495, I-395, and I-95. The home is also positioned near shopping options including Springfield Mall and nearby centers. Community amenities include full access to two large swimming pools, tennis and basketball courts, multiple playgrounds, and nearby access to Lake Accotink Park with miles of wooded trails for hiking, biking, running, and boating.
The condo includes dedicated parking, and it is within the highly rated West Springfield High School.
Convenience is a major theme of the location, with immediate access to I-495, I-395, and I-95. The home is also positioned near shopping options including Springfield Mall and nearby centers. Community amenities include full access to two large swimming pools, tennis and basketball courts, multiple playgrounds, and nearby access to Lake Accotink Park with miles of wooded trails for hiking, biking, running, and boating.
The condo includes dedicated parking, and it is within the highly rated West Springfield High School.
Key Highlights
- Private balcony attached to an updated one‑bedroom, one‑bath condo
- New kitchen and bathroom updates: granite countertops with backsplash, new cabinets, new tub, new vanity
- Fresh paint and new flooring throughout the 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
$10,119
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
3.97%
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%
$202,380
$202.4K
Cap Rate 7%
$144,557
$144.6K
Cap Rate 9%
$112,433
$112.4K
Market Conditions
NOI Build-Up for 676 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
$19.5K $28.80/SF
− Vacancy
−$1.1K −$1.58/SF
EGI
$18.4K $27.22/SF
− OpEx
−$8.3K −$12.25/SF
NOI
$10.1K $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%
$202,380
Cap Rate 7%
$144,557
Cap Rate 9%
$112,433
Alternative Uses
Best Use
Apartment 5plus
$144.6K
$126.5K – $168.7K
NOI $10,119 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.83M
$2.48M – $3.31M
NOI $198,354 @ 7.0% cap · market cap 77.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Explore this area
Business Placement
Demographics for 22152, VA
29,843
Population
9,779
Households
3.1
Avg Household Size
40
Median Age
64%
College-Educated
94%
High-School Grad
6.0 sq mi
ZIP Area
4,974
Density / Sq Mi
$159,557
Median Household Income
$73,552
Median Earnings
$2,495
Median Rent
$620,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated one-bedroom, one-bath condo with a private balcony and access to community swimming pools and courts.
Where is this residential income property located?
The property is located at 5898 SURREY HILL PLACE Unit 684 Springfield, VA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Private balcony attached to an updated one‑bedroom, one‑bath condo; New kitchen and bathroom updates: granite countertops with backsplash, new cabinets, new tub, new vanity; Fresh paint and new flooring throughout the unit
