Residential Income Property with
For Sale
$279,999
1101 3RD STREET SW Unit 503, Washington, DC 20024
Condominium residence in a 1960 building with concierge service, fitness facilities, and a private landscaped courtyard.
Property Size528 SF
Days on Market237
Property Features for 1101 3RD STREET SW Unit 503
General Information
Standard status
Active
Size
528 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,285
Building Details
Building Size
528 SF
Year Built
1960
Listing Agency:
EXP Realty, LLC
Listed By:
Jonathan S Lahey · License #SP98369515
(301) 281-6981
Source:
Kwcapitalproperties
Added: Jan 8
Changed: Aug 30
Last Checked: Aug 31 at 9:33PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
Unit 503 is a condominium residence in a 1960 building designed by architect I. M. Pei. The interior includes a bright living area with floor-to-ceiling windows, a walk-in closet, a well-appointed bathroom, and substantial storage. A separate storage unit within the building conveys with the sale.
Building amenities include concierge service, a fitness center, an event room, and a landscaped private courtyard. Optional garage and surface parking are available. The property is located one block from The Wharf, with access to Metro, Arena Stage, Navy Yard, dining, and shopping destinations.
Building amenities include concierge service, a fitness center, an event room, and a landscaped private courtyard. Optional garage and surface parking are available. The property is located one block from The Wharf, with access to Metro, Arena Stage, Navy Yard, dining, and shopping destinations.
Key Highlights
- Condominium residence identified as Unit 503 in a 1960 building
- Building designed by architect I. M. Pei
- Floor‑to‑ceiling windows and walk‑in closet
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
$8,773
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
3.13%
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%
$175,460
$175.5K
Cap Rate 7%
$125,329
$125.3K
Cap Rate 9%
$97,478
$97.5K
Market Conditions
NOI Build-Up for 528 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
$16.8K $31.80/SF
− Vacancy
−$840 −$1.59/SF
EGI
$16.0K $30.21/SF
− OpEx
−$7.2K −$13.59/SF
NOI
$8.8K $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%
$175,460
Cap Rate 7%
$125,329
Cap Rate 9%
$97,478
Alternative Uses
Best Use
Apartment 5plus
$125.3K
$109.7K – $146.2K
NOI $8,773 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.6K
$237.6K – $316.9K
NOI $19,011 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence in a 1960 building with concierge service, fitness facilities, and a private landscaped courtyard.
Where is this residential income property located?
The property is located at 1101 3RD STREET SW Unit 503 Washington, DC.
What is the asking price?
The asking price for this property is $279,999.
What are key features of this property?
This property features: Condominium residence identified as Unit 503 in a 1960 building; Building designed by architect I. M. Pei; Floor‑to‑ceiling windows and walk‑in closet
