One-Bedroom Residential Income
For Sale
$222,400
1101 3RD STREET SW Unit 111, Washington, DC 20024
Remodeled condo with updated finishes, secure common areas, and resident amenities including a gym and private courtyard.
Property Size523 SF
Days on Market195
Property Features for 1101 3RD STREET SW Unit 111
General Information
Standard status
Active
Size
523 SF
Property subtype
Unit/Flat/Apartment
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Average Monthly Rent
$2,400
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,270
Amenities
gym
concierge desk
party room
bike room
shared private courtyard
Building Details
Building Size
523 SF
Year Built
1960
Tenancy
Single
Listing Agency:
RE/MAX Allegiance
(571) 217-4658
Listed By:
Leah L Webster
(571) 217-4658
Source:
Kwcapitalproperties
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 31 at 9:37PM
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 RE/MAX Allegiance
Investment Insights
Based on property information with market context.
This remodeled one-bedroom, one-bath condominium is currently occupied under an executed lease extending through August 2027. The residence has granite kitchen counters, newer stainless steel appliances, laminate flooring, and abundant natural light. The bathroom includes ceramic tile and a tub/shower that was replaced five years ago. Heating and air conditioning are regularly serviced, and in-unit washer and dryer installation may be possible with prior condo board approval.
The building's updated common areas include a secure lobby, concierge desk, fully equipped gym, party room, bike room, and shared private courtyard. The property is positioned within walking distance of the Metro, Audi Field, Nationals Park, Safeway, the Wharf, Navy Yard, Arena Stage, dining, and shopping. The unit is furnished and has been operated on leases of three or more months.
The building's updated common areas include a secure lobby, concierge desk, fully equipped gym, party room, bike room, and shared private courtyard. The property is positioned within walking distance of the Metro, Audi Field, Nationals Park, Safeway, the Wharf, Navy Yard, Arena Stage, dining, and shopping. The unit is furnished and has been operated on leases of three or more months.
Key Highlights
- One‑bedroom, one‑bath condominium currently leased through August 2027
- Granite counters and newer stainless steel kitchen appliances
- Bathroom tub/shower replaced five years ago; ceramic tile finishes
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
$8,690
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
3.91%
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%
$173,800
$173.8K
Cap Rate 7%
$124,143
$124.1K
Cap Rate 9%
$96,556
$96.6K
Market Conditions
NOI Build-Up for 523 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
$16.6K $31.80/SF
− Vacancy
−$832 −$1.59/SF
EGI
$15.8K $30.21/SF
− OpEx
−$7.1K −$13.59/SF
NOI
$8.7K $16.62/SF
Area
Washington, DC
Vacancy
5.00%
Lease Rate
$31.80 /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%
$173,800
Cap Rate 7%
$124,143
Cap Rate 9%
$96,556
Alternative Uses
Best Use
Apartment 5plus
$124.1K
$108.6K – $144.8K
NOI $8,690 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$269.0K
$235.4K – $313.9K
NOI $18,831 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,009
Businesses Nearby
Explore this area
Business Placement
Demographics for 20024, DC
15,952
Population
11,560
Households
1.4
Avg Household Size
37
Median Age
70%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
7,251
Density / Sq Mi
$102,623
Median Household Income
$94,419
Median Earnings
$2,121
Median Rent
$497,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Remodeled condo with updated finishes, secure common areas, and resident amenities including a gym and private courtyard.
Where is this residential income property located?
The property is located at 1101 3RD STREET SW Unit 111 Washington, DC.
What is the asking price?
The asking price for this property is $222,400.
What are key features of this property?
This property features: One‑bedroom, one‑bath condominium currently leased through August 2027; Granite counters and newer stainless steel kitchen appliances; Bathroom tub/shower replaced five years ago; ceramic tile finishes
