Corner Residential Income
For Sale
$565,000
6990 FALLS REACH DRIVE Unit 113, Falls Church, VA 22043
Corner condominium with private outdoor space, assigned garage parking, and direct access to community amenities.
Property Size1,352 SF
Price / SF$417.90
Days on Market11
Property Features for 6990 FALLS REACH DRIVE Unit 113
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:
Keller Williams Realty
(571) 326-3022
Listed By:
Kelly Denton · License #0225268970
(571) 326-3022
Source:
Kerishull
Added: Aug 21
Changed: Aug 31
Last Checked: Aug 30 at 9:27PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This corner residential income property offers 1,352 square feet with two bedrooms and two bathrooms in a traditional layout. The living and dining areas provide separate gathering spaces, while the galley kitchen includes upgraded countertops and stainless dishwasher, microwave, and refrigerator. A gas fireplace, recessed lighting, private balcony, patio, and full-size in-unit washer and dryer add to the interior configuration. The brick building dates to 1996 and includes an outdoor pool, additional storage, landscaped grounds, and association-maintained common elements.
The property is across the street from the West Falls Church Metro station, with a bus stop outside the community. Reserved garage parking space #17 and storage unit #13 are included. HVAC was installed in 2025, and the bathrooms were updated in 2026. The community is non-smoking, and move-ins must be arranged with the on-site manager 7 days in advance.
The property is across the street from the West Falls Church Metro station, with a bus stop outside the community. Reserved garage parking space #17 and storage unit #13 are included. HVAC was installed in 2025, and the bathrooms were updated in 2026. The community is non-smoking, and move-ins must be arranged with the on-site manager 7 days in advance.
Key Highlights
- 1,352 square feet with 2 bedrooms and 2 bathrooms
- Corner condominium with a private balcony and patio
- Across the street from the West Falls Church Metro station
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
3.58%
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 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.67M
$4.96M – $6.61M
NOI $396,707 @ 7.0% cap · market cap 70.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner condominium with private outdoor space, assigned garage parking, and direct access to community amenities.
Where is this residential income property located?
The property is located at 6990 FALLS REACH DRIVE Unit 113 Falls Church, VA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 1,352 square feet with 2 bedrooms and 2 bathrooms; Corner condominium with a private balcony and patio; Across the street from the West Falls Church Metro station
