Renovated Residential Income
For Sale
$295,000
7094 SPRING GARDEN DRIVE Unit TL2, Springfield, VA 22150
Terrace-level walk-out access, assigned parking, and a lease running through Spring 2027.
Property Size911 SF
Days on Market98
Property Features for 7094 SPRING GARDEN DRIVE Unit TL2
General Information
Standard status
Active
Size
911 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,953
Amenities
common grassy common area
same-level laundry
interior storage room
Building Details
Building Size
911 SF
Year Built
1964
Year Renovated
2023
Listing Agency:
Samson Properties
Listed By:
ABDUL AWAN
(703) 717-8224
Source:
Dcmetrorealtyteam
Added: Jul 1
Changed: Oct 3
Last Checked: Oct 5 at 10:22PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This renovated residential income condo combines updated finishes with a practical single-level layout. Major improvements completed in 2023 include LVP flooring, exterior French doors, and quartz kitchen countertops. The residence offers spacious bedrooms, a primary walk-in closet, an interior storage room, and laundry on the same level. Terrace-level walk-out access leads to a shared grassy area, while the property includes one assigned parking space and one visitor parking pass.
The home is located at 7094 Spring Garden Drive in Springfield, Virginia, near restaurants, shopping, and commuter options. The Beltway, Metro, the Pentagon, and Washington, D.C., are accessible from the property. The condo is tenant occupied under a lease expiring Spring 2027. Built in 1964, it is available for cash, conventional, or portfolio financing.
The home is located at 7094 Spring Garden Drive in Springfield, Virginia, near restaurants, shopping, and commuter options. The Beltway, Metro, the Pentagon, and Washington, D.C., are accessible from the property. The condo is tenant occupied under a lease expiring Spring 2027. Built in 1964, it is available for cash, conventional, or portfolio financing.
Key Highlights
- Major 2023 updates include LVP flooring, exterior French doors, and quartz kitchen countertops
- Terrace‑level walk‑out access to a common grassy area
- Spacious bedrooms with a primary walk‑in closet and interior storage room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,637
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$272,740
$272.7K
Cap Rate 7%
$194,814
$194.8K
Cap Rate 9%
$151,522
$151.5K
Market Conditions
NOI Build-Up for 911 SF
Gross rent
$26.2K $28.80/SF
− Vacancy
−$1.4K −$1.58/SF
EGI
$24.8K $27.22/SF
− OpEx
−$11.2K −$12.25/SF
NOI
$13.6K $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 Rate 5%
$272,740
Cap Rate 7%
$194,814
Cap Rate 9%
$151,522
Alternative Uses
Best Use
Apartment 5plus
$194.8K
$170.5K – $227.3K
NOI $13,637 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.82M
$3.34M – $4.46M
NOI $267,308 @ 7.0% cap · market cap 90.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
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 - Terrace-level walk-out access, assigned parking, and a lease running through Spring 2027.
Where is this residential income property located?
The property is located at 7094 SPRING GARDEN DRIVE Unit TL2 Springfield, VA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Major 2023 updates include LVP flooring, exterior French doors, and quartz kitchen countertops; Terrace‑level walk‑out access to a common grassy area; Spacious bedrooms with a primary walk‑in closet and interior storage room
