Two-Bedroom Residential Income
For Sale
$500,000
1938 BILTMORE STREET NW Unit D, Washington, DC 20009
Victorian-style condo with a private entry, in-unit laundry, exposed brick, and flexible second-bedroom space.
Property Size1,040 SF
Days on Market116
Property Features for 1938 BILTMORE STREET NW Unit D
General Information
Standard status
Active
Size
1,040 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$3,789
Building Details
Building Size
1,040 SF
Year Built
1938
Listing Agency:
Keller Williams Capital Properties
Listed By:
Summer Davis · License #32267
(267) 391-9009
Source:
Kwcapitalproperties
Added: May 22
Changed: Sep 12
Last Checked: Sep 14 at 8:56AM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This 1938 residential income property is a Victorian-style condo with two bedrooms and one bathroom. The interior combines exposed brick with an open living, dining, and kitchen arrangement, while windows bring natural light into the living areas. A private entrance, extensive storage, stacked washer and dryer, and a designer bathroom add practical functionality.
Located at 1938 Biltmore Street NW, Unit D, in Washington, DC, the property is near restaurants, boutique shops, cultural attractions, and public transportation. The second bedroom can serve as an office or den, providing flexibility within the two-bedroom layout.
Located at 1938 Biltmore Street NW, Unit D, in Washington, DC, the property is near restaurants, boutique shops, cultural attractions, and public transportation. The second bedroom can serve as an office or den, providing flexibility within the two-bedroom layout.
Key Highlights
- Two‑bedroom, one‑bathroom Victorian‑style condo
- Exposed brick accents in the living spaces
- Private entrance and extensive storage
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
$20,238
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
4.05%
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%
$404,760
$404.8K
Cap Rate 7%
$289,114
$289.1K
Cap Rate 9%
$224,867
$224.9K
Market Conditions
NOI Build-Up for 1,040 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
$39.1K $37.56/SF
− Vacancy
−$2.3K −$2.18/SF
EGI
$36.8K $35.38/SF
− OpEx
−$16.6K −$15.92/SF
NOI
$20.2K $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%
$404,760
Cap Rate 7%
$289,114
Cap Rate 9%
$224,867
Alternative Uses
Best Use
Apartment 5plus
$289.1K
$253.0K – $337.3K
NOI $20,238 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$534.9K
$468.1K – $624.1K
NOI $37,446 @ 7.0% cap · market cap 7.49%
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
4,060
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 - Victorian-style condo with a private entry, in-unit laundry, exposed brick, and flexible second-bedroom space.
Where is this residential income property located?
The property is located at 1938 BILTMORE STREET NW Unit D Washington, DC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom Victorian‑style condo; Exposed brick accents in the living spaces; Private entrance and extensive storage
