Corner Residential Income
For Sale
$875,000
1840 VERNON STREET NW Unit 103, Washington, DC 20009
Three-bedroom condominium with garage parking, private outdoor space, and a flexible third bedroom for office or den use.
Property Size1,320 SF
Days on Market17
Property Features for 1840 VERNON STREET NW Unit 103
General Information
Standard status
Active
Size
1,320 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,587
Amenities
secure bike area
pet friendly
Building Details
Building Size
1,320 SF
Year Built
1910
Listing Agency:
Washington Fine Properties, LLC
Listed By:
Lenore G Rubino · License #SP98360871
(202) 262-1261
Source:
Barnesrealestatecompany
Added: Aug 29
Changed: Sep 6
Last Checked: Sep 14 at 11:02AM
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 Washington Fine Properties, LLC
Investment Insights
Based on property information with market context.
This corner condominium at The Coronado offers three bedrooms and two baths in a layout positioned above the ground level. The main living area combines dining and living spaces with wood flooring, molding, natural light, and a Juliet balcony. The kitchen is equipped with Fisher & Paykel, LG, and Bosch appliances, granite counter space, substantial cabinetry, and a pantry. An adjoining laundry area includes an LG washer and dryer.
The primary suite features a private bath with dual sinks and a large closet. A separate bedroom and hall bath sit near the entry, while the third bedroom can function as a bedroom, office, or den. The residence includes gated garage parking and a private courtyard or terrace. The 1910 building is pet friendly and provides secure bicycle storage, with Dupont Circle Metro, Oyster Adams Bilingual School, and Adams Morgan restaurants and shops nearby.
The primary suite features a private bath with dual sinks and a large closet. A separate bedroom and hall bath sit near the entry, while the third bedroom can function as a bedroom, office, or den. The residence includes gated garage parking and a private courtyard or terrace. The 1910 building is pet friendly and provides secure bicycle storage, with Dupont Circle Metro, Oyster Adams Bilingual School, and Adams Morgan restaurants and shops nearby.
Key Highlights
- Three‑bedroom, two‑bath corner condominium above the ground level
- Gated garage parking included with the residence
- Private courtyard or terrace plus Juliet balcony
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
$25,687
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
2.94%
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%
$513,740
$513.7K
Cap Rate 7%
$366,957
$367.0K
Cap Rate 9%
$285,411
$285.4K
Market Conditions
NOI Build-Up for 1,320 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
$49.6K $37.56/SF
− Vacancy
−$2.9K −$2.18/SF
EGI
$46.7K $35.38/SF
− OpEx
−$21.0K −$15.92/SF
NOI
$25.7K $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%
$513,740
Cap Rate 7%
$366,957
Cap Rate 9%
$285,411
Alternative Uses
Best Use
Apartment 5plus
$367.0K
$321.1K – $428.1K
NOI $25,687 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$679.0K
$594.1K – $792.1K
NOI $47,528 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,251
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 - Three-bedroom condominium with garage parking, private outdoor space, and a flexible third bedroom for office or den use.
Where is this residential income property located?
The property is located at 1840 VERNON STREET NW Unit 103 Washington, DC.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath corner condominium above the ground level; Gated garage parking included with the residence; Private courtyard or terrace plus Juliet balcony
