Two-Bedroom Residential Income
For Sale
$709,000
8220 CRESTWOOD HEIGHTS DRIVE Unit 301, Mc Lean, VA 22102
Third-floor residence with an open layout, wraparound balcony, updated HVAC, and two assigned garage parking spaces.
Property Size1,338 SF
Price / SF$529.90
Days on Market116
Property Features for 8220 CRESTWOOD HEIGHTS DRIVE Unit 301
General Information
Standard status
Active
Size
1,338 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$7,616
Building Details
Building Size
1,338 SF
Year Built
2008
Listing Agency:
Weichert, REALTORS
(703) 459-8658
Listed By:
soroor aram
(703) 459-8658
Source:
Kerishull
Added: Apr 29
Changed: Aug 20
Last Checked: Aug 21 at 12:01PM
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 Weichert, REALTORS
Investment Insights
Based on property information with market context.
This third-floor residential income property offers a two-bedroom, two-full-bath condominium layout with distinct dining, living, and family room areas. The kitchen includes Viking stainless steel appliances and a center island, while a wraparound balcony extends from the bedrooms and living area. The property size is 1338, and it was built in 2008.
A brand-new HVAC system has been installed. Two assigned garage parking spaces are included, and the condo fee covers water, gas, and trash. The property is located near shopping, dining, and major commuter routes in McLean, Virginia.
A brand-new HVAC system has been installed. Two assigned garage parking spaces are included, and the condo fee covers water, gas, and trash. The property is located near shopping, dining, and major commuter routes in McLean, Virginia.
Key Highlights
- Two‑bedroom, two‑full‑bath condominium on the third floor
- Viking stainless steel appliances and center‑island kitchen
- Large wraparound balcony serving bedrooms and living space
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
$20,028
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
2.82%
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%
$400,560
$400.6K
Cap Rate 7%
$286,114
$286.1K
Cap Rate 9%
$222,533
$222.5K
Market Conditions
NOI Build-Up for 1,338 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
$38.5K $28.80/SF
− Vacancy
−$2.1K −$1.58/SF
EGI
$36.4K $27.22/SF
− OpEx
−$16.4K −$12.25/SF
NOI
$20.0K $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%
$400,560
Cap Rate 7%
$286,114
Cap Rate 9%
$222,533
Alternative Uses
Best Use
Apartment 5plus
$286.1K
$250.4K – $333.8K
NOI $20,028 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.61M
$4.91M – $6.54M
NOI $392,599 @ 7.0% cap · market cap 55.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,474
Businesses Nearby
Explore this area
Business Placement
Demographics for 22102, VA
27,743
Population
14,274
Households
1.9
Avg Household Size
37
Median Age
81%
College-Educated
99%
High-School Grad
12.3 sq mi
ZIP Area
2,256
Density / Sq Mi
$153,816
Median Household Income
$93,200
Median Earnings
$2,471
Median Rent
$1,003,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor residence with an open layout, wraparound balcony, updated HVAC, and two assigned garage parking spaces.
Where is this residential income property located?
The property is located at 8220 CRESTWOOD HEIGHTS DRIVE Unit 301 Mc Lean, VA.
What is the asking price?
The asking price for this property is $709,000.
What are key features of this property?
This property features: Two‑bedroom, two‑full‑bath condominium on the third floor; Viking stainless steel appliances and center‑island kitchen; Large wraparound balcony serving bedrooms and living space
