First-Floor Corner Condo with Private Courtyard
For Sale
$239,900
Pending
5913 PRINCE JAMES DRIVE Unit I "EYE", Springfield, VA 22152
Updated first-floor corner unit with a second private entrance from a courtyard, plus new floors, paint, and lighting.
Property Size691 SF
Days on Market37
Property Features for 5913 PRINCE JAMES DRIVE Unit I "EYE"
General Information
Standard status
Pending
Size
691 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,762
Amenities
private courtyard
swimming pools
tennis courts
clubhouses
pet-friendly community
walking trails
Building Details
Building Size
691 SF
Year Built
1968
Construction
all-brick
Listing Agency:
Paul Wesley Real Estate
(703) 899-7143
Listed By:
Nancy Sorensen - Willson · License #0225025116
(703) 899-7143
Source:
Dcmetrorealtyteam
Added: Jul 16
Changed: Aug 8
Last Checked: Aug 1 at 10:43AM
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 Paul Wesley Real Estate
Investment Insights
Based on property information with market context.
Located in Cardinal Forest, this updated one-bedroom, one-bath corner condo is positioned in an all-brick building on the first floor. The home features a rare bonus: a second private entrance reached through a private courtyard, just steps from abundant parking. As a corner unit, it shares only one wall and offers more windows.
Inside, the interior is described as bright and move-in ready with all-new luxury vinyl plank flooring throughout, top-to-bottom fresh paint, and new lighting. The kitchen includes newer appliances, including a refrigerator (2024) and a dishwasher and range (2021). The updated bathroom was refreshed with a new vanity, toilet, faucet, tile flooring (2021), and a new mirror. Window blinds in the living room provide a finished touch, and the HVAC system was replaced in 2019.
Cardinal Forest amenities include swimming pools, tennis courts, clubhouses, a pet-friendly community, and walking trails to Lake Accotink Park, with the Prince James pool and clubhouse across the street. Commuter access includes quick routes to I-95, I-395, I-495, the Franconia-Springfield Metro, Virginia Railway Express (VRE), and direct bus service to the Pentagon, with downtown Washington, D.C. described as 16 miles away. The home is within the West Springfield High School pyramid.
Inside, the interior is described as bright and move-in ready with all-new luxury vinyl plank flooring throughout, top-to-bottom fresh paint, and new lighting. The kitchen includes newer appliances, including a refrigerator (2024) and a dishwasher and range (2021). The updated bathroom was refreshed with a new vanity, toilet, faucet, tile flooring (2021), and a new mirror. Window blinds in the living room provide a finished touch, and the HVAC system was replaced in 2019.
Cardinal Forest amenities include swimming pools, tennis courts, clubhouses, a pet-friendly community, and walking trails to Lake Accotink Park, with the Prince James pool and clubhouse across the street. Commuter access includes quick routes to I-95, I-395, I-495, the Franconia-Springfield Metro, Virginia Railway Express (VRE), and direct bus service to the Pentagon, with downtown Washington, D.C. described as 16 miles away. The home is within the West Springfield High School pyramid.
Key Highlights
- First‑floor corner condo in an all‑brick building with only one shared wall
- Second private entrance through a private courtyard just steps from abundant parking
- All‑new luxury vinyl plank flooring, fresh paint, and new lighting throughout
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
$10,343
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
4.31%
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%
$206,860
$206.9K
Cap Rate 7%
$147,757
$147.8K
Cap Rate 9%
$114,922
$114.9K
Market Conditions
NOI Build-Up for 691 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
$19.9K $28.80/SF
− Vacancy
−$1.1K −$1.58/SF
EGI
$18.8K $27.22/SF
− OpEx
−$8.5K −$12.25/SF
NOI
$10.3K $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%
$206,860
Cap Rate 7%
$147,757
Cap Rate 9%
$114,922
Alternative Uses
Best Use
Apartment 5plus
$147.8K
$129.3K – $172.4K
NOI $10,343 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.90M
$2.53M – $3.38M
NOI $202,755 @ 7.0% cap · market cap 84.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
163
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 first-floor corner unit with a second private entrance from a courtyard, plus new floors, paint, and lighting.
Where is this residential income property located?
The property is located at 5913 PRINCE JAMES DRIVE Unit I "EYE" Springfield, VA.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: First‑floor corner condo in an all‑brick building with only one shared wall; Second private entrance through a private courtyard just steps from abundant parking; All‑new luxury vinyl plank flooring, fresh paint, and new lighting throughout
