Two-Bedroom Residential Income
For Sale
$224,000
1109 PENN STREET NE Unit 4, Washington, DC 20002
Condominium layout features hardwood flooring and an open interior plan near the Union Market corridor.
Property Size700 SF
Days on Market294
Property Features for 1109 PENN STREET NE Unit 4
General Information
Standard status
Active
Size
700 SF
Property subtype
Unit/Flat/Apartment
Property Condition
Severity
Repairs Needed
Evidence
minor updates
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,001
Building Details
Building Size
700 SF
Year Built
1930
Listing Agency:
AEGIS REALTY COMPANY, LLC
Listed By:
David Conforti · License #BR98378818
(202) 744-0714
Source:
Kwcapitalproperties
Added: Nov 25, 2025
Changed: Sep 4
Last Checked: Sep 14 at 9:57AM
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 AEGIS REALTY COMPANY, LLC
Investment Insights
Based on property information with market context.
This two-bedroom condominium at 1109 Penn Street NE, Unit 4, dates to 1930 and offers an open floor plan with hardwood flooring throughout. The residence requires minor updates, providing a straightforward opportunity to refresh the existing interior.
Located in Washington, DC’s Trinidad neighborhood, the property sits within a short walk of the Union Market corridor. Its residential condominium format and two-bedroom configuration provide a defined layout for an income-property buyer.
Located in Washington, DC’s Trinidad neighborhood, the property sits within a short walk of the Union Market corridor. Its residential condominium format and two-bedroom configuration provide a defined layout for an income-property buyer.
Key Highlights
- Two‑bedroom condominium at 1109 Penn Street NE, Unit 4
- Built in 1930
- Hardwood flooring throughout the unit
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
$11,917
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
5.32%
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%
$238,340
$238.3K
Cap Rate 7%
$170,243
$170.2K
Cap Rate 9%
$132,411
$132.4K
Market Conditions
NOI Build-Up for 700 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
$23.1K $33.00/SF
− Vacancy
−$1.4K −$2.05/SF
EGI
$21.7K $30.95/SF
− OpEx
−$9.8K −$13.93/SF
NOI
$11.9K $17.02/SF
Area
ZIP 20002
Vacancy
6.20%
Lease Rate
$33.00 /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%
$238,340
Cap Rate 7%
$170,243
Cap Rate 9%
$132,411
Alternative Uses
Best Use
Apartment 5plus
$170.2K
$149.0K – $198.6K
NOI $11,917 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$361.4K
$316.2K – $421.7K
NOI $25,299 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 20002, DC
69,422
Population
38,459
Households
1.8
Avg Household Size
33
Median Age
70%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
13,612
Density / Sq Mi
$114,482
Median Household Income
$82,909
Median Earnings
$2,140
Median Rent
$813,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Condominium layout features hardwood flooring and an open interior plan near the Union Market corridor.
Where is this residential income property located?
The property is located at 1109 PENN STREET NE Unit 4 Washington, DC.
What is the asking price?
The asking price for this property is $224,000.
What are key features of this property?
This property features: Two‑bedroom condominium at 1109 Penn Street NE, Unit 4; Built in 1930; Hardwood flooring throughout the unit
