Residential Income Condo with
7718 LAFAYETTE FOREST DRIVE Unit 24, Annandale, VA 22003
For Sale
$294,000
The one-bedroom, one-bath layout includes a covered patio and a lower-level storage unit.
Property Size919 SF
Price / SF$319.91
Days on Market235
Property Features for 7718 LAFAYETTE FOREST DRIVE Unit 24
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Parking per Unit
Taxes and HOA fees
Annual Taxes
Amenities
pool
tennis courts
playgrounds
storage unit
Building Details
Building Size
Year Built
Listing Agency:
Pearson Smith Realty, LLC
Listed By:
Michael R Johnson · License VA #0225211360
(240) 687-9445
Source:
Horsefarmsandcountryhomes
Added: Mar 25
Changed: Nov 11
Last Checked: Nov 13 at 9:09AM
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 Pearson Smith Realty, LLC
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Investment Insights
Based on property information with market context.
This 919-square-foot condominium was built in 1987 and has one bedroom, one bathroom, an open floor plan, and a wood-burning fireplace. Recent improvements include a refrigerator, garbage disposal, and faucets. A covered patio and a storage unit on the lower level add usable space.
Residents have access to a community pool, tennis courts, playgrounds, and maintained common areas. The association covers water and sewer, and each unit receives two community parking tags. Shopping, dining, and major commuter routes are nearby.
Residents have access to a community pool, tennis courts, playgrounds, and maintained common areas. The association covers water and sewer, and each unit receives two community parking tags. Shopping, dining, and major commuter routes are nearby.
Key Highlights
- 919‑square‑foot, one‑bedroom, one‑bath condominium
- Wood‑burning fireplace and covered patio
- Recent refrigerator, garbage disposal, and faucet updates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,756
Cap Rate
4.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$275,120
$275.1K
Cap Rate 7%
$196,514
$196.5K
Cap Rate 9%
$152,844
$152.8K
Market Conditions
NOI Build-Up for 919 SF
Gross rent
$26.5K $28.80/SF
− Vacancy
−$1.5K −$1.58/SF
EGI
$25.0K $27.22/SF
− OpEx
−$11.3K −$12.25/SF
NOI
$13.8K $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%
$275,120
Cap Rate 7%
$196,514
Cap Rate 9%
$152,844
Alternative Uses
Best Use
Apartment 5plus
$196.5K
$172.0K – $229.3K
NOI $13,756 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$510.4K
$446.6K – $595.5K
NOI $35,731 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
Explore this area
Business Placement
Demographics for 22003, VA
59,372
Population
19,497
Households
3
Avg Household Size
39
Median Age
51%
College-Educated
87%
High-School Grad
12.6 sq mi
ZIP Area
4,712
Density / Sq Mi
$134,109
Median Household Income
$54,906
Median Earnings
$1,988
Median Rent
$694,300
Median Home Value
Frequently Asked Questions
What type of property is this?
Residential income property - The one-bedroom, one-bath layout includes a covered patio and a lower-level storage unit.
Where is this residential income property located?
The property is located at 7718 LAFAYETTE FOREST DRIVE Unit 24 Annandale, VA.
What is the asking price?
The asking price for this property is $294,000.
What are key features of this property?
This property features: 919‑square‑foot, one‑bedroom, one‑bath condominium; Wood‑burning fireplace and covered patio; Recent refrigerator, garbage disposal, and faucet updates
