Renovated Residential Income
For Sale
$615,000
6990 FALLS REACH DRIVE Unit 301, Falls Church, VA 22043
Corner residence with updated interiors, private storage, garage parking, and access to shopping, dining, and Metro transportation.
Property Size1,352 SF
Price / SF$454.88
Days on Market11
Property Features for 6990 FALLS REACH DRIVE Unit 301
General Information
Standard status
Active
Size
1,352 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$6,021
Building Details
Building Size
1,352 SF
Year Built
1996
Listing Agency:
Compass
Listed By:
Pat F Cunningham · License #0225063066
(571) 259-1310
Source:
Kerishull
Added: Sep 3
Changed: Sep 11
Last Checked: Sep 13 at 12:21PM
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 Compass
Investment Insights
Based on property information with market context.
This 1,352-square-foot corner residence offers 2 bedrooms and 2 baths within a 1996-built community. Renovations completed in 2024 include engineered wood flooring, updated lighting, a Reico kitchen with Green Forest cabinetry, quartz countertops, porcelain tile flooring, gas cooking, and stainless appliances. The bathrooms feature mahogany-finish vanities with Carrara marble tops, new showers, toilets, and hardware. Additional features include a gas fireplace, balcony with a tree view, Maytag washer and dryer, and a water heater installed in 2020.
The property includes a separate indoor 4.8 x 6-foot storage unit on the fourth floor, garage parking, outdoor second-car parking, and guest spaces. Community amenities include landscaped grounds and a resort-style pool. Birch & Broad shopping center, with Giant, Starbucks, and restaurants, is next door, while the West Falls Church METRO station is nearby. The property also offers access to I-66, I-495, Tysons, Reston, and Washington, DC.
The property includes a separate indoor 4.8 x 6-foot storage unit on the fourth floor, garage parking, outdoor second-car parking, and guest spaces. Community amenities include landscaped grounds and a resort-style pool. Birch & Broad shopping center, with Giant, Starbucks, and restaurants, is next door, while the West Falls Church METRO station is nearby. The property also offers access to I-66, I-495, Tysons, Reston, and Washington, DC.
Key Highlights
- 1,352‑square‑foot corner unit with 2 bedrooms and 2 baths
- 2024 kitchen renovation with quartz countertops, gas cooking, and stainless appliances
- 2024 interior updates include engineered wood flooring, lighting, and renovated bathrooms
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
$20,238
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
3.29%
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%
$404,760
$404.8K
Cap Rate 7%
$289,114
$289.1K
Cap Rate 9%
$224,867
$224.9K
Market Conditions
NOI Build-Up for 1,352 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
$38.9K $28.80/SF
− Vacancy
−$2.1K −$1.58/SF
EGI
$36.8K $27.22/SF
− OpEx
−$16.6K −$12.25/SF
NOI
$20.2K $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%
$404,760
Cap Rate 7%
$289,114
Cap Rate 9%
$224,867
Alternative Uses
Best Use
Apartment 5plus
$289.1K
$253.0K – $337.3K
NOI $20,238 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.67M
$4.96M – $6.61M
NOI $396,707 @ 7.0% cap · market cap 64.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
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Business Placement
Demographics for 22043, VA
25,850
Population
10,316
Households
2.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
4.7 sq mi
ZIP Area
5,500
Density / Sq Mi
$143,836
Median Household Income
$80,230
Median Earnings
$2,136
Median Rent
$868,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner residence with updated interiors, private storage, garage parking, and access to shopping, dining, and Metro transportation.
Where is this residential income property located?
The property is located at 6990 FALLS REACH DRIVE Unit 301 Falls Church, VA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 1,352‑square‑foot corner unit with 2 bedrooms and 2 baths; 2024 kitchen renovation with quartz countertops, gas cooking, and stainless appliances; 2024 interior updates include engineered wood flooring, lighting, and renovated bathrooms
