1-Bedroom Residential Income
For Sale
$290,000
1648 MONTELLO AVENUE NE Unit 2, Washington, DC 20002
Condo with hardwood flooring, stainless steel appliances, and private outdoor space near transit and neighborhood amenities.
Property Size510 SF
Days on Market12
Property Features for 1648 MONTELLO AVENUE NE Unit 2
General Information
Standard status
Active
Size
510 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,738
Amenities
private front patio
shared rear patio and backyard
Building Details
Building Size
510 SF
Year Built
1941
Listing Agency:
Compass
Listed By:
Traci Johnson · License #SP200201636
(703) 239-3082
Source:
Kwcapitalproperties
Added: Sep 4
Changed: Sep 12
Last Checked: Sep 14 at 9:48AM
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-bedroom, 1-bath condominium was built in 1941 and features hardwood flooring, abundant natural light, and an efficient interior layout. The living area connects to a galley kitchen with stainless steel appliances, substantial counter space, and ample cabinetry. The bedroom includes generous closet space, while the bathroom has a clean, traditional finish.
Outdoor features include a large private front patio plus access to a shared rear patio and backyard. The property is near Gallaudet University, Union Market, the H Street Corridor, and the U.S. National Arboretum, with restaurants, coffee shops, breweries, and daily conveniences nearby. Transit options include the NoMa-Gallaudet Metro, Stadium-Armory Metro, and multiple bus routes serving downtown Washington, D.C., and surrounding areas.
Outdoor features include a large private front patio plus access to a shared rear patio and backyard. The property is near Gallaudet University, Union Market, the H Street Corridor, and the U.S. National Arboretum, with restaurants, coffee shops, breweries, and daily conveniences nearby. Transit options include the NoMa-Gallaudet Metro, Stadium-Armory Metro, and multiple bus routes serving downtown Washington, D.C., and surrounding areas.
Key Highlights
- 1‑bedroom, 1‑bath condominium built in 1941
- Hardwood floors and abundant natural light
- Galley kitchen with stainless steel appliances, ample cabinetry, and generous counter space
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
$8,683
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
2.99%
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%
$173,660
$173.7K
Cap Rate 7%
$124,043
$124.0K
Cap Rate 9%
$96,478
$96.5K
Market Conditions
NOI Build-Up for 510 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
$16.8K $33.00/SF
− Vacancy
−$1.0K −$2.05/SF
EGI
$15.8K $30.95/SF
− OpEx
−$7.1K −$13.93/SF
NOI
$8.7K $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%
$173,660
Cap Rate 7%
$124,043
Cap Rate 9%
$96,478
Alternative Uses
Best Use
Apartment 5plus
$124.0K
$108.5K – $144.7K
NOI $8,683 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.3K
$230.4K – $307.2K
NOI $18,432 @ 7.0% cap · market cap 6.36%
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
1,499
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Condo with hardwood flooring, stainless steel appliances, and private outdoor space near transit and neighborhood amenities.
Where is this residential income property located?
The property is located at 1648 MONTELLO AVENUE NE Unit 2 Washington, DC.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 1‑bedroom, 1‑bath condominium built in 1941; Hardwood floors and abundant natural light; Galley kitchen with stainless steel appliances, ample cabinetry, and generous counter space
