Renovated Residential Income
For Sale
$290,000
7094 SPRING GARDEN DRIVE Unit 202, Springfield, VA 22150
Condominium unit near grocery stores, restaurants, and Springfield Mall.
Property Size863 SF
Days on Market60
Property Features for 7094 SPRING GARDEN DRIVE Unit 202
General Information
Standard status
Active
Size
863 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,158
Building Details
Building Size
863 SF
Year Built
1964
Listing Agency:
Spring Hill Real Estate, LLC.
(571) 279-3608
Listed By:
Luis E Cruz · License #0225227046
(571) 279-3608
Source:
Dcmetrorealtyteam
Added: Jun 26
Changed: Aug 24
Last Checked: Aug 23 at 8:39AM
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 Spring Hill Real Estate, LLC.
Investment Insights
Based on property information with market context.
Unit 202 at 7094 Spring Garden Drive is a condominium residence within a residential income property classification. The unit was fully renovated and is located in a building constructed in 1964.
The property is in Springfield, Virginia, with grocery stores and restaurants within walking distance. Springfield Mall is approximately five minutes away, providing additional nearby retail access.
The property is in Springfield, Virginia, with grocery stores and restaurants within walking distance. Springfield Mall is approximately five minutes away, providing additional nearby retail access.
Key Highlights
- Fully renovated condominium unit
- Unit 202 at 7094 Spring Garden Drive
- Building constructed in 1964
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
$12,918
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
4.45%
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%
$258,360
$258.4K
Cap Rate 7%
$184,543
$184.5K
Cap Rate 9%
$143,533
$143.5K
Market Conditions
NOI Build-Up for 863 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
$24.9K $28.80/SF
− Vacancy
−$1.4K −$1.58/SF
EGI
$23.5K $27.22/SF
− OpEx
−$10.6K −$12.25/SF
NOI
$12.9K $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%
$258,360
Cap Rate 7%
$184,543
Cap Rate 9%
$143,533
Alternative Uses
Best Use
Apartment 5plus
$184.5K
$161.5K – $215.3K
NOI $12,918 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.62M
$3.17M – $4.22M
NOI $253,224 @ 7.0% cap · market cap 87.32%
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
1,538
Businesses Nearby
Explore this area
Business Placement
Demographics for 22150, VA
27,955
Population
9,695
Households
2.9
Avg Household Size
40
Median Age
45%
College-Educated
88%
High-School Grad
7.6 sq mi
ZIP Area
3,678
Density / Sq Mi
$120,406
Median Household Income
$47,412
Median Earnings
$2,631
Median Rent
$617,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium unit near grocery stores, restaurants, and Springfield Mall.
Where is this residential income property located?
The property is located at 7094 SPRING GARDEN DRIVE Unit 202 Springfield, VA.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Fully renovated condominium unit; Unit 202 at 7094 Spring Garden Drive; Building constructed in 1964
