517 MADISON ST
About This Property
The main level, with hardwood floors throughout, features a living room, complete with a cozy wood-burning fireplace, recessed lighting, and a gorgeous ceiling fan. Open the double French doors to the rear deck from the kitchen/dining area, or enjoy nature from the window-lined sunroom. Additional features of the main level include two bedrooms, a full bathroom, and a mudroom leading to the attached garage.
The second level boasts two large bedrooms, each with its own ensuite bathroom, hardwood floors, 9-foot ceilings, and high-end finishes. The primary bedroom has a stunning ensuite bath that features a luxurious 6' clawfoot soaking tub, double sink vanity, and a separate marble shower with multiple water flow options, including a rain shower head mounted in the ceiling. The enormous walk-in closet with windows could also function as a sitting room or a private office.
Endless possibilities await in the light-filled studio apartment above the attached garage. This veritable space has a separate entrance, full bath, and kitchenette area, making it an ideal rental unit, private home office, or large recreation room.
Rounding out this must-see home is the beautifully landscaped exterior with a charming front porch, spacious front yard, and shaded back deck from the oak tree canopy, making the transition from indoor to outdoor entertaining a breeze. The deck has a gas line for grilling, and the fully fenced yard features a large shed for extra storage.
Featuring unparalleled convenience, no association fees or historical restrictions, this home is in a prime location and is moments away from major commuter routes and Dulles International Airport. The new sidewalks/bike lanes make the 1.5-mile walk or ride to the Herndon Metro safe and easy. Enjoy the nearby shopping and dining options in Old Town Herndon and the Reston Town Center while also having easy access to the Sugarland Run trail system and W & OD Trail for outdoor activities.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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About Herndon
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017