Three-Level Residential Income
For Sale
$870,000
1801 OTIS STREET NE Unit 1, Washington, DC 20018
Three-level condominium residence with multiple living areas, private elevator access, and a rooftop terrace.
Property Size2,107 SF
Price / SF$412.91
Days on Market32
Property Features for 1801 OTIS STREET NE Unit 1
General Information
Standard status
Active
Size
2,107 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$7,949
Amenities
hardwood flooring
spiral staircase
backup generator
custom storage
laundry room
private outside terrace
private open-air roof terrace
Building Details
Building Size
2,107 SF
Year Built
2020
Construction
all-brick
Listing Agency:
Redfin Corp
(240) 202-9809
Listed By:
Paul W Johnson · License #SP40000707
(240) 202-9809
Source:
Kerishull
Added: Jul 23
Changed: Aug 21
Last Checked: Aug 23 at 8:31AM
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 Redfin Corp
Investment Insights
Based on property information with market context.
Built in 2020, this 2,107-square-foot condominium residence occupies three levels within an all-brick, seven-unit community. The layout includes multiple bedroom and bathroom areas, two kitchenettes, a full chef’s kitchen, a den, laundry facilities, custom storage, and a private elevator connecting the floors. A one-car garage, backup generator, hardwood flooring, and a spiral staircase add functional and architectural detail.
The main level includes a separate-entry suite with its own bedroom, full bathroom, and kitchenette, while the upper levels provide additional self-contained living areas. The top floor opens to a private roof terrace and receives natural light from rooftop skylights. The property is in Washington, DC’s Woodridge community, near local transit, Langdon Park, Taft Field, Dwight Mosley Playground, the National Arboretum, the Franciscan Monastery, Washington National Cathedral, Brookland, and the Rhode Island Avenue Main Street corridor.
The main level includes a separate-entry suite with its own bedroom, full bathroom, and kitchenette, while the upper levels provide additional self-contained living areas. The top floor opens to a private roof terrace and receives natural light from rooftop skylights. The property is in Washington, DC’s Woodridge community, near local transit, Langdon Park, Taft Field, Dwight Mosley Playground, the National Arboretum, the Franciscan Monastery, Washington National Cathedral, Brookland, and the Rhode Island Avenue Main Street corridor.
Key Highlights
- 2,107 SF three‑level condominium residence built in 2020
- Located within an all‑brick seven‑unit boutique condominium
- Private elevator serves all three levels
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
$35,009
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
4.02%
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%
$700,180
$700.2K
Cap Rate 7%
$500,129
$500.1K
Cap Rate 9%
$388,989
$389.0K
Market Conditions
NOI Build-Up for 2,107 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
$67.0K $31.80/SF
− Vacancy
−$3.4K −$1.59/SF
EGI
$63.7K $30.21/SF
− OpEx
−$28.6K −$13.59/SF
NOI
$35.0K $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%
$700,180
Cap Rate 7%
$500,129
Cap Rate 9%
$388,989
Alternative Uses
Best Use
Apartment 5plus
$500.1K
$437.6K – $583.5K
NOI $35,009 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$948.3K – $1.26M
NOI $75,864 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 20018, DC
20,646
Population
9,753
Households
2.1
Avg Household Size
39
Median Age
46%
College-Educated
89%
High-School Grad
3.0 sq mi
ZIP Area
6,882
Density / Sq Mi
$92,569
Median Household Income
$71,947
Median Earnings
$1,245
Median Rent
$672,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Three-level condominium residence with multiple living areas, private elevator access, and a rooftop terrace.
Where is this residential income property located?
The property is located at 1801 OTIS STREET NE Unit 1 Washington, DC.
What is the asking price?
The asking price for this property is $870,000.
What are key features of this property?
This property features: 2,107 SF three‑level condominium residence built in 2020; Located within an all‑brick seven‑unit boutique condominium; Private elevator serves all three levels
