Two-Bedroom Residential Income
For Sale
$299,999
1658 WEST VIRGINIA NE Unit 101, Washington, DC 20002
Condo with updated kitchen finishes, private parking, and flexible second-bedroom space near major shopping and recreation destinations.
Property Size692 SF
Days on Market460
Property Features for 1658 WEST VIRGINIA NE Unit 101
General Information
Standard status
Active
Size
692 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,464
Building Details
Building Size
692 SF
Year Built
1931
Listing Agency:
Next Step Realty, LLC.
Listed By:
Kathleen O Todd · License #SP200204875
(410) 253-6627
Source:
Kwcapitalproperties
Added: Jun 13, 2025
Changed: Sep 2
Last Checked: Sep 14 at 10:27AM
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 Next Step Realty, LLC.
Investment Insights
Based on property information with market context.
This well-maintained condominium includes 2 bedrooms and 2 full bathrooms, with a bright living area connected to a modern kitchen. Granite countertops, a refrigerator, dishwasher, and a brand-new gas stove are included. The primary bedroom has its own full bathroom, while the second bedroom can accommodate guests, office use, or additional living space. A secured parking area provides one dedicated space.
The property is near Union Market, Whole Foods, the National Arboretum, H Street Corridor, Costco, and the U.S. Botanic Garden. NoMa/Gallaudet Metro is 1.25 miles away, providing a nearby transit option. Built in 1931, the residence combines established construction with updated kitchen equipment and a practical two-bedroom layout.
The property is near Union Market, Whole Foods, the National Arboretum, H Street Corridor, Costco, and the U.S. Botanic Garden. NoMa/Gallaudet Metro is 1.25 miles away, providing a nearby transit option. Built in 1931, the residence combines established construction with updated kitchen equipment and a practical two-bedroom layout.
Key Highlights
- 2 bedrooms and 2 full bathrooms
- Modern kitchen with granite countertops, refrigerator, dishwasher, and brand‑new gas stove
- Primary bedroom includes a private en‑suite bathroom
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
$11,781
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
3.93%
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%
$235,620
$235.6K
Cap Rate 7%
$168,300
$168.3K
Cap Rate 9%
$130,900
$130.9K
Market Conditions
NOI Build-Up for 692 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
$22.8K $33.00/SF
− Vacancy
−$1.4K −$2.05/SF
EGI
$21.4K $30.95/SF
− OpEx
−$9.6K −$13.93/SF
NOI
$11.8K $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%
$235,620
Cap Rate 7%
$168,300
Cap Rate 9%
$130,900
Alternative Uses
Best Use
Apartment 5plus
$168.3K
$147.3K – $196.4K
NOI $11,781 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$357.3K
$312.6K – $416.8K
NOI $25,010 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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 updated kitchen finishes, private parking, and flexible second-bedroom space near major shopping and recreation destinations.
Where is this residential income property located?
The property is located at 1658 WEST VIRGINIA NE Unit 101 Washington, DC.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: 2 bedrooms and 2 full bathrooms; Modern kitchen with granite countertops, refrigerator, dishwasher, and brand‑new gas stove; Primary bedroom includes a private en‑suite bathroom
