One-Bedroom Residential Income
For Sale
$350,000
1101 3RD STREET SW Unit 701, Washington, DC 20024
Light-filled condominium residence with abundant storage, gated grounds, and extensive resident amenities.
Property Size683 SF
Days on Market162
Property Features for 1101 3RD STREET SW Unit 701
General Information
Standard status
Active
Size
683 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$1,926
Building Details
Building Size
683 SF
Year Built
1960
Listing Agency:
Compass
Listed By:
Katherine Hunter · License #CI2023845
(703) 347-5126
Source:
Kwcapitalproperties
Added: Mar 25
Changed: Aug 29
Last Checked: Sep 2 at 2:32AM
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 Compass
Investment Insights
Based on property information with market context.
This one-bedroom condominium residence is located in a historic building designed by I.M. Pei and completed in 1960. The home includes a spacious primary bedroom with a walk-in closet, built-ins, a large hallway closet, a full bathroom, and a separately deeded storage unit. An in-unit washer and dryer may be installed, while laundry facilities are also available within the building.
The gated property includes landscaped green space, a resident garden, patio, grilling area, community room with Wi-Fi, fitness center, bike storage, and front desk concierge service. The residence is across from Safeway and the Waterfront Metro, with the Wharf, Nationals Park, Navy Yard, Capitol Hill, restaurants, nightlife, and entertainment within walking distance. Parking is available for purchase behind the building. The property is pet friendly and FHA approved.
The gated property includes landscaped green space, a resident garden, patio, grilling area, community room with Wi-Fi, fitness center, bike storage, and front desk concierge service. The residence is across from Safeway and the Waterfront Metro, with the Wharf, Nationals Park, Navy Yard, Capitol Hill, restaurants, nightlife, and entertainment within walking distance. Parking is available for purchase behind the building. The property is pet friendly and FHA approved.
Key Highlights
- One‑bedroom condominium residence with a spacious primary bedroom and walk‑in closet
- Separately deeded storage unit, built‑ins, and large hallway closet
- Building designed by I.M. Pei and completed in 1960
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
$11,348
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
3.24%
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%
$226,960
$227.0K
Cap Rate 7%
$162,114
$162.1K
Cap Rate 9%
$126,089
$126.1K
Market Conditions
NOI Build-Up for 683 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
$21.7K $31.80/SF
− Vacancy
−$1.1K −$1.59/SF
EGI
$20.6K $30.21/SF
− OpEx
−$9.3K −$13.59/SF
NOI
$11.3K $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%
$226,960
Cap Rate 7%
$162,114
Cap Rate 9%
$126,089
Alternative Uses
Best Use
Apartment 5plus
$162.1K
$141.9K – $189.1K
NOI $11,348 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$351.3K
$307.4K – $409.9K
NOI $24,592 @ 7.0% cap · market cap 7.03%
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 - Light-filled condominium residence with abundant storage, gated grounds, and extensive resident amenities.
Where is this residential income property located?
The property is located at 1101 3RD STREET SW Unit 701 Washington, DC.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: One‑bedroom condominium residence with a spacious primary bedroom and walk‑in closet; Separately deeded storage unit, built‑ins, and large hallway closet; Building designed by I.M. Pei and completed in 1960
