Two-Bedroom Condo with Private
For Sale
$475,000
1140 23RD STREET NW Unit 802, Washington, DC 20037
Updated 2-bedroom, 1.5-bath condo with private balcony, in-unit washer/dryer, and a rare in-unit fireplace.
Property Size871 SF
Days on Market31
Property Features for 1140 23RD STREET NW Unit 802
General Information
Standard status
Active
Size
871 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,340
Amenities
concierge services
rooftop terrace
landscaped courtyard
club room
private balcony
in-unit fireplace
in-unit washer/dryer
Building Details
Building Size
871 SF
Year Built
1981
Listing Agency:
Corcoran McEnearney
(301) 767-7545
Listed By:
John Wallace Shorb Jr.
(301) 767-7545
Source:
Kwcapitalproperties
Added: Jul 23
Changed: Aug 21
Last Checked: Aug 21 at 10:16AM
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 Corcoran McEnearney
Investment Insights
Based on property information with market context.
Move into this refreshed 2-bedroom, 1.5-bath condo with freshly painted interiors, replaced appliances, and updated light fixtures. The open living space flows to a private balcony, and the unit features a rare in-unit fireplace. The spacious primary suite includes a full bath and ample closet space, while a half bath serves guests. Convenience continues with an in-unit washer/dryer.
Residents enjoy concierge services 7 days a week, plus a rooftop terrace with panoramic city views. There is also a landscaped courtyard and a club room. The building was built in 1981.
Set in the West End area near Georgetown, the condo is about 2 blocks from Foggy Bottom Metro. It’s within steps of local dining and lifestyle options, including Squash on Fire Equinox and Tatte, and is roughly a 3 minute walk to Trader Joe’s and a 7 minute walk to Whole Foods. Monthly parking options are available less than a block away.
Residents enjoy concierge services 7 days a week, plus a rooftop terrace with panoramic city views. There is also a landscaped courtyard and a club room. The building was built in 1981.
Set in the West End area near Georgetown, the condo is about 2 blocks from Foggy Bottom Metro. It’s within steps of local dining and lifestyle options, including Squash on Fire Equinox and Tatte, and is roughly a 3 minute walk to Trader Joe’s and a 7 minute walk to Whole Foods. Monthly parking options are available less than a block away.
Key Highlights
- 2‑bedroom, 1.5‑bath refreshed condo with a private balcony and a rare in‑unit fireplace
- Open living area flows to a private balcony
- In‑unit washer/dryer plus a half bath for guests
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
$14,472
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
3.05%
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%
$289,440
$289.4K
Cap Rate 7%
$206,743
$206.7K
Cap Rate 9%
$160,800
$160.8K
Market Conditions
NOI Build-Up for 871 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
$27.7K $31.80/SF
− Vacancy
−$1.4K −$1.59/SF
EGI
$26.3K $30.21/SF
− OpEx
−$11.8K −$13.59/SF
NOI
$14.5K $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%
$289,440
Cap Rate 7%
$206,743
Cap Rate 9%
$160,800
Alternative Uses
Best Use
Apartment 5plus
$206.7K
$180.9K – $241.2K
NOI $14,472 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$448.0K
$392.0K – $522.7K
NOI $31,361 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
18,412
Businesses Nearby
Explore this area
Business Placement
Demographics for 20037, DC
14,945
Population
8,828
Households
1.7
Avg Household Size
29
Median Age
90%
College-Educated
99%
High-School Grad
0.7 sq mi
ZIP Area
21,350
Density / Sq Mi
$98,917
Median Household Income
$69,480
Median Earnings
$2,420
Median Rent
$743,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated 2-bedroom, 1.5-bath condo with private balcony, in-unit washer/dryer, and a rare in-unit fireplace.
Where is this residential income property located?
The property is located at 1140 23RD STREET NW Unit 802 Washington, DC.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2‑bedroom, 1.5‑bath refreshed condo with a private balcony and a rare in‑unit fireplace; Open living area flows to a private balcony; In‑unit washer/dryer plus a half bath for guests
