Updated Two-Bedroom Residential Income
For Sale
$574,999
1200 23RD ST NW Unit 810, Washington, DC 20037
Open-plan residence with a renovated kitchen, private balcony, and two ensuite bedrooms in Washington’s West End.
Property Size1,420 SF
Price / SF$404.93
Days on Market90
Property Features for 1200 23RD ST NW Unit 810
General Information
Standard status
Active
Size
1,420 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,044
Amenities
balcony
in-unit washer/dryer
pet-friendly
Building Details
Building Size
1,420 SF
Year Built
1980
Listing Agency:
Real Broker, LLC - Gaithersburg
Listed By:
Colin R McKevitt · License #SP200200531
(240) 593-7644
Source:
Kerishull
Added: Jun 16
Changed: Sep 3
Last Checked: Sep 13 at 1:16PM
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 Real Broker, LLC - Gaithersburg
Investment Insights
Based on property information with market context.
Built in 1980, this two-bedroom residence offers an open living and dining arrangement with hardwood flooring and access to a private balcony with southern exposure. The kitchen has been renovated with granite counters and contemporary finishes. Both bedrooms feature two closets and private ensuite bathrooms, while a separate powder room and in-unit washer and dryer add practical convenience.
The home is located in Washington, DC’s West End, near George Washington University, Whole Foods, Trader Joe’s, Equinox Sports Club, the Ritz-Carlton, and a range of dining and shopping options. Georgetown, the World Bank, Dupont Circle, and the Foggy Bottom-GWU Metro station are also nearby.
The pet-friendly community offers access to on-site garage rental parking. The monthly co-op fee includes real estate taxes, utilities, and additional building services.
The home is located in Washington, DC’s West End, near George Washington University, Whole Foods, Trader Joe’s, Equinox Sports Club, the Ritz-Carlton, and a range of dining and shopping options. Georgetown, the World Bank, Dupont Circle, and the Foggy Bottom-GWU Metro station are also nearby.
The pet-friendly community offers access to on-site garage rental parking. The monthly co-op fee includes real estate taxes, utilities, and additional building services.
Key Highlights
- Two‑bedroom residence with two closets and an ensuite bathroom in each bedroom
- Private double‑exposure balcony with southern exposure and city views
- Renovated kitchen with granite countertops and modern 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
$23,594
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
4.10%
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%
$471,880
$471.9K
Cap Rate 7%
$337,057
$337.1K
Cap Rate 9%
$262,156
$262.2K
Market Conditions
NOI Build-Up for 1,420 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
$45.2K $31.80/SF
− Vacancy
−$2.3K −$1.59/SF
EGI
$42.9K $30.21/SF
− OpEx
−$19.3K −$13.59/SF
NOI
$23.6K $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%
$471,880
Cap Rate 7%
$337,057
Cap Rate 9%
$262,156
Alternative Uses
Best Use
Apartment 5plus
$337.1K
$294.9K – $393.2K
NOI $23,594 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.4K
$639.1K – $852.1K
NOI $51,128 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 - Open-plan residence with a renovated kitchen, private balcony, and two ensuite bedrooms in Washington’s West End.
Where is this residential income property located?
The property is located at 1200 23RD ST NW Unit 810 Washington, DC.
What is the asking price?
The asking price for this property is $574,999.
What are key features of this property?
This property features: Two‑bedroom residence with two closets and an ensuite bathroom in each bedroom; Private double‑exposure balcony with southern exposure and city views; Renovated kitchen with granite countertops and modern finishes
