Historic Residential Income
For Sale
$474,999
1858 CALIFORNIA STREET NW Unit 5, Washington, DC 20009
A flexible den adds space for living, working, or guest accommodation within this light-filled condominium.
Property Size808 SF
Days on Market149
Property Features for 1858 CALIFORNIA STREET NW Unit 5
General Information
Standard status
Active
Size
808 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,076
Building Details
Building Size
808 SF
Year Built
1917
Listing Agency:
Compass
Listed By:
Cameron H McFadden · License #0225221378
(703) 862-6840
Source:
Kwcapitalproperties
Added: Apr 20
Changed: Sep 6
Last Checked: Sep 14 at 10:56AM
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.
Unit 5 is a condominium residence in The Wendell, a historic building constructed in 1917. The interior includes hardwood flooring, a formal dining area, an open kitchen with stainless steel appliances and substantial cabinetry, one bedroom, and a versatile den enclosed by French doors. Fourteen windows bring abundant natural light throughout the main living areas. A new washer and dryer are located in a hallway storage area, while the bedroom offers a fitted closet.
The bathroom has been fully renovated with a modern vanity, glass shower enclosure, marble wall finishes, and a tiled shampoo niche. The unit also includes a private storage closet on the building’s lower level. The property is positioned near the intersection of Adams Morgan, Dupont Circle, and Kalorama, with access to the Dupont Metro station, Connecticut Avenue dining, and nearby recreational options.
The bathroom has been fully renovated with a modern vanity, glass shower enclosure, marble wall finishes, and a tiled shampoo niche. The unit also includes a private storage closet on the building’s lower level. The property is positioned near the intersection of Adams Morgan, Dupont Circle, and Kalorama, with access to the Dupont Metro station, Connecticut Avenue dining, and nearby recreational options.
Key Highlights
- Residential income property in The Wendell, a historic building constructed in 1917
- Fourteen windows provide natural light across the living areas
- Flexible den with French doors for living, office, or guest use
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
$15,724
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
3.31%
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%
$314,480
$314.5K
Cap Rate 7%
$224,629
$224.6K
Cap Rate 9%
$174,711
$174.7K
Market Conditions
NOI Build-Up for 808 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
$30.3K $37.56/SF
− Vacancy
−$1.8K −$2.18/SF
EGI
$28.6K $35.38/SF
− OpEx
−$12.9K −$15.92/SF
NOI
$15.7K $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%
$314,480
Cap Rate 7%
$224,629
Cap Rate 9%
$174,711
Alternative Uses
Best Use
Apartment 5plus
$224.6K
$196.6K – $262.1K
NOI $15,724 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$415.6K
$363.7K – $484.9K
NOI $29,093 @ 7.0% cap · market cap 6.12%
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
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 - A flexible den adds space for living, working, or guest accommodation within this light-filled condominium.
Where is this residential income property located?
The property is located at 1858 CALIFORNIA STREET NW Unit 5 Washington, DC.
What is the asking price?
The asking price for this property is $474,999.
What are key features of this property?
This property features: Residential income property in The Wendell, a historic building constructed in 1917; Fourteen windows provide natural light across the living areas; Flexible den with French doors for living, office, or guest use
