Residential Income Property with Walk-In
For Sale
$600,000
1406 T STREET NW Unit 1, Washington, DC 20009
Two-bedroom condominium with in-unit laundry and access to neighborhood dining, shopping, and transit.
Property Size1,012 SF
Days on Market57
Property Features for 1406 T STREET NW Unit 1
General Information
Standard status
Active
Size
1,012 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,038
Amenities
in-unit washer/dryer
walk-in closet
Building Details
Building Size
1,012 SF
Year Built
2007
Listing Agency:
TTR Sotheby's International Realty
Listed By:
Thomas Kolker · License #SP200204621
(202) 255-4158
Source:
Kwcapitalproperties
Added: Jul 20
Changed: Sep 13
Last Checked: Sep 14 at 7:35AM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, two-bath condominium in a six-unit building completed in 2007. The home offers more than 1,000 square feet, 8-foot ceilings, an in-unit washer and dryer, and a large walk-in closet serving the primary suite. Its front entrance opens directly onto T Street and the surrounding Logan Circle neighborhood.
The property is positioned near 14th Street restaurants, retail, and entertainment, including Trader Joe’s, Lupo Pizzeria, Aslin Beer Company, Gypsy Kitchen, and Jeni’s Splendid Ice Creams. Additional dining options include Le Diplomate, Barcelona Wine Bar, Rice, and Pearl Dive. U Street Metro is four blocks away, providing access beyond the immediate neighborhood.
The property is positioned near 14th Street restaurants, retail, and entertainment, including Trader Joe’s, Lupo Pizzeria, Aslin Beer Company, Gypsy Kitchen, and Jeni’s Splendid Ice Creams. Additional dining options include Le Diplomate, Barcelona Wine Bar, Rice, and Pearl Dive. U Street Metro is four blocks away, providing access beyond the immediate neighborhood.
Key Highlights
- Two‑bedroom, two‑bath condominium with more than 1,000 square feet
- 8‑foot ceilings and a large walk‑in closet in the primary suite
- In‑unit washer and dryer
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
$19,693
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
3.28%
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%
$393,860
$393.9K
Cap Rate 7%
$281,329
$281.3K
Cap Rate 9%
$218,811
$218.8K
Market Conditions
NOI Build-Up for 1,012 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
$38.0K $37.56/SF
− Vacancy
−$2.2K −$2.18/SF
EGI
$35.8K $35.38/SF
− OpEx
−$16.1K −$15.92/SF
NOI
$19.7K $19.46/SF
Area
ZIP 20009
Vacancy
5.80%
Lease Rate
$37.56 /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%
$393,860
Cap Rate 7%
$281,329
Cap Rate 9%
$218,811
Alternative Uses
Best Use
Apartment 5plus
$281.3K
$246.2K – $328.2K
NOI $19,693 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$520.5K
$455.5K – $607.3K
NOI $36,438 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,256
Businesses Nearby
Explore this area
Business Placement
Demographics for 20009, DC
53,357
Population
31,824
Households
1.7
Avg Household Size
34
Median Age
84%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
41,044
Density / Sq Mi
$140,555
Median Household Income
$99,606
Median Earnings
$2,346
Median Rent
$727,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with in-unit laundry and access to neighborhood dining, shopping, and transit.
Where is this residential income property located?
The property is located at 1406 T STREET NW Unit 1 Washington, DC.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with more than 1,000 square feet; 8‑foot ceilings and a large walk‑in closet in the primary suite; In‑unit washer and dryer
