Top-Level Residential Income
For Sale
$485,000
7000 FALLS REACH DRIVE Unit 407, Falls Church, VA 22043
Updated baths and a private balcony complement an open, split-bedroom layout in a controlled-access community.
Property Size961 SF
Price / SF$504.68
Days on Market12
Property Features for 7000 FALLS REACH DRIVE Unit 407
General Information
Standard status
Active
Size
961 SF
Total Parking Spaces
1
Property subtype
Penthouse Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,303
Amenities
outdoor swimming pool
clubhouse/pool house
secure controlled access
landscaped common grounds
Building Details
Building Size
961 SF
Year Built
1997
Listing Agency:
Corcoran McEnearney
(703) 598-4662
Listed By:
Robin Cale · License #0225021388
(703) 598-4662
Source:
Kerishull
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 30 at 3:29PM
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 Corcoran McEnearney
Investment Insights
Based on property information with market context.
This top-floor Canterbury residence at The Pavilion offers 961 square feet with two bedrooms, two full baths, and a private balcony. The interior includes an open central living area, a split-bedroom arrangement, fresh paint, new carpeting, and renovated bathrooms. One underground garage parking space is included, with additional open parking available for residents and guests. The property was built in 1997.
The home is a 5-minute walk from West Falls Church Metro and within easy reach of grocery shopping, retail, restaurants, and coffee shops. Major commuter routes are nearby, while Tysons Corner shopping, dining, theater, and entertainment are less than 10 minutes away.
Community features include an outdoor swimming pool, clubhouse/pool house, controlled access, and landscaped common grounds.
The home is a 5-minute walk from West Falls Church Metro and within easy reach of grocery shopping, retail, restaurants, and coffee shops. Major commuter routes are nearby, while Tysons Corner shopping, dining, theater, and entertainment are less than 10 minutes away.
Community features include an outdoor swimming pool, clubhouse/pool house, controlled access, and landscaped common grounds.
Key Highlights
- 961 square feet with two bedrooms and two full baths
- Top‑level Canterbury model with private balcony and split‑bedroom layout
- Updated bathrooms, fresh paint, and new carpeting
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
$14,385
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
2.97%
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%
$287,700
$287.7K
Cap Rate 7%
$205,500
$205.5K
Cap Rate 9%
$159,833
$159.8K
Market Conditions
NOI Build-Up for 961 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
$27.7K $28.80/SF
− Vacancy
−$1.5K −$1.58/SF
EGI
$26.2K $27.22/SF
− OpEx
−$11.8K −$12.25/SF
NOI
$14.4K $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%
$287,700
Cap Rate 7%
$205,500
Cap Rate 9%
$159,833
Alternative Uses
Best Use
Apartment 5plus
$205.5K
$179.8K – $239.8K
NOI $14,385 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.03M
$3.52M – $4.70M
NOI $281,979 @ 7.0% cap · market cap 58.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
603
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 - Updated baths and a private balcony complement an open, split-bedroom layout in a controlled-access community.
Where is this residential income property located?
The property is located at 7000 FALLS REACH DRIVE Unit 407 Falls Church, VA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 961 square feet with two bedrooms and two full baths; Top‑level Canterbury model with private balcony and split‑bedroom layout; Updated bathrooms, fresh paint, and new carpeting
