Updated Residential Income
For Sale
$609,000
1613 HARVARD STREET NW Unit 215, Washington, DC 20009
Second-floor condominium with a private balcony and renovated eat-in kitchen.
Property Size1,065 SF
Price / SF$571.83
Days on Market66
Property Features for 1613 HARVARD STREET NW Unit 215
General Information
Standard status
Active
Size
1,065 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,044
Amenities
lobby
fitness room
library
bike storage
pet-friendly community
private balcony
in-unit washer/dryer
Building Details
Building Size
1,065 SF
Year Built
1923
Listing Agency:
Compass
Listed By:
Jennifer S Smira · License #SP600505
(202) 280-2060
Source:
Kerishull
Added: Jul 9
Changed: Sep 10
Last Checked: Sep 11 at 2:41PM
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 1,065-square-foot condominium is located on the second floor of The Embassy, a 1923 building in Washington, D.C. The residence includes two bedrooms, one bathroom, a private balcony, two oversized walk-in closets, and an in-unit washer and dryer. Interior details include 9-foot ceilings, original moldings, hardwood floors with inlay borders, and fresh paint. The renovated eat-in kitchen features stainless steel appliances, extensive cabinetry, and generous preparation space.
Building amenities include a restored lobby, fitness room, library, bike storage, and a pet-friendly community. The property is near the Columbia Heights Metro, Rock Creek Park, Meridian Hill Park, the Smithsonian National Zoo, neighborhood dog parks, Harris Teeter, Giant Food, local markets, restaurants, cafes, and boutiques. The unit is adjacent to a building staircase, providing access without relying on the elevator.
Building amenities include a restored lobby, fitness room, library, bike storage, and a pet-friendly community. The property is near the Columbia Heights Metro, Rock Creek Park, Meridian Hill Park, the Smithsonian National Zoo, neighborhood dog parks, Harris Teeter, Giant Food, local markets, restaurants, cafes, and boutiques. The unit is adjacent to a building staircase, providing access without relying on the elevator.
Key Highlights
- 1,065‑square‑foot condominium in The Embassy, built in 1923
- Two bedrooms and one bathroom with a private balcony
- Renovated eat‑in kitchen with stainless steel appliances and abundant cabinetry
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
$20,725
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
3.40%
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%
$414,500
$414.5K
Cap Rate 7%
$296,071
$296.1K
Cap Rate 9%
$230,278
$230.3K
Market Conditions
NOI Build-Up for 1,065 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
$40.0K $37.56/SF
− Vacancy
−$2.3K −$2.18/SF
EGI
$37.7K $35.38/SF
− OpEx
−$17.0K −$15.92/SF
NOI
$20.7K $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%
$414,500
Cap Rate 7%
$296,071
Cap Rate 9%
$230,278
Alternative Uses
Best Use
Apartment 5plus
$296.1K
$259.1K – $345.4K
NOI $20,725 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$547.8K
$479.3K – $639.1K
NOI $38,346 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,646
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 - Second-floor condominium with a private balcony and renovated eat-in kitchen.
Where is this residential income property located?
The property is located at 1613 HARVARD STREET NW Unit 215 Washington, DC.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: 1,065‑square‑foot condominium in The Embassy, built in 1923; Two bedrooms and one bathroom with a private balcony; Renovated eat‑in kitchen with stainless steel appliances and abundant cabinetry
