Renovated Residential Income
For Sale
$269,900
Pending
1831 2ND STREET NE Unit 503, Washington, DC 20002
Top-floor condominium residence with upgraded interiors, in-unit laundry, storage, and access to a shared rooftop deck.
Property Size500 SF
Days on Market42
Property Features for 1831 2ND STREET NE Unit 503
General Information
Standard status
Pending
Size
500 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,352
Amenities
in-unit washer/dryer
bike room
roof top deck
Building Details
Building Size
500 SF
Year Built
1900
Listing Agency:
Weichert, REALTORS
(202) 277-4675
Listed By:
William F Panici · License #89242
(202) 277-4675
Source:
Kwcapitalproperties
Added: Jul 23
Changed: Aug 20
Last Checked: Aug 19 at 2:43PM
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 Weichert, REALTORS
Investment Insights
Based on property information with market context.
This top-floor condominium residence in the Metropolitan Overlook Condominium has been comprehensively renovated, including a new kitchen with Samsung appliances, cabinetry, marble countertops, and a breakfast bar. The bathroom has also been updated with a roller-door shower enclosure. Refinished wood flooring, wide-style blinds, abundant storage, and an in-unit washer and dryer add practical everyday features. The building was constructed in 1900 and has undergone recent renovation.
Residents have access to a bike room and a rooftop deck offering 365-degree views. The property is positioned in a quiet residential neighborhood with two Metro stops nearby. The residence is identified as Unit 503 at 1831 2nd Street NE, Washington, DC 20002.
Residents have access to a bike room and a rooftop deck offering 365-degree views. The property is positioned in a quiet residential neighborhood with two Metro stops nearby. The residence is identified as Unit 503 at 1831 2nd Street NE, Washington, DC 20002.
Key Highlights
- Top‑floor Unit 503 at 1831 2nd Street NE, Washington, DC 20002
- Renovated kitchen with Samsung appliances, new cabinets, marble countertops, and breakfast bar
- Updated bathroom with roller‑door shower stall
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
$8,512
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
3.15%
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%
$170,240
$170.2K
Cap Rate 7%
$121,600
$121.6K
Cap Rate 9%
$94,578
$94.6K
Market Conditions
NOI Build-Up for 500 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
$16.5K $33.00/SF
− Vacancy
−$1.0K −$2.05/SF
EGI
$15.5K $30.95/SF
− OpEx
−$7.0K −$13.93/SF
NOI
$8.5K $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%
$170,240
Cap Rate 7%
$121,600
Cap Rate 9%
$94,578
Alternative Uses
Best Use
Apartment 5plus
$121.6K
$106.4K – $141.9K
NOI $8,512 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$258.2K
$225.9K – $301.2K
NOI $18,071 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,269
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
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 - Top-floor condominium residence with upgraded interiors, in-unit laundry, storage, and access to a shared rooftop deck.
Where is this residential income property located?
The property is located at 1831 2ND STREET NE Unit 503 Washington, DC.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Top‑floor Unit 503 at 1831 2nd Street NE, Washington, DC 20002; Renovated kitchen with Samsung appliances, new cabinets, marble countertops, and breakfast bar; Updated bathroom with roller‑door shower stall
