10-Unit Condo Development
1938 I STREET NE Washington, DC 20002
For Sale
$848,000
Fully entitled 10-unit condominium development with approved permits, complete architectural plans, and on-site parking.
Property Size2,368 SF
Price / SF$358.11
Days on Market12
Property Features for 1938 I STREET NE
General Information
Standard status
Active
Size
2,368 SF
Property subtype
Quadruplex
Building Details
Year Built
1942
Listing Agency:
Corcoran McEnearney
(202) 900-3126
Listed By:
Marc Cashin · License #0225271098
(202) 900-3126
Source:
Cummingsrealtors
Added: Jul 19
Changed: Jul 26
Last Checked: Jul 29 at 5:40AM
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 Corcoran McEnearney
Investment Insights
Based on property information with market context.
The Eastlight is a fully realized 10-unit boutique condominium development opportunity with zoning secured, architectural plans completed, and construction permits approved. The proposed building includes two three-bedroom penthouse residences across the top two levels, six two-bedroom units, and two one-bedroom residences. The plan also provides two on-site parking spaces. Gross building area is approximately 7,414 square feet, with approximately 5,862 square feet of sellable residential space.
The project is positioned just off the H Street Corridor, an active Washington growth area supported by ongoing residential demand, retail expansion, and neighborhood investment. Nearby access and amenities referenced include Whole Foods Market and the Union Market District, along with Union Station transportation and streetcar access along H Street.
The unit mix is designed around demonstrated buyer demand, with residences ranging from one-bedroom flats to three-bedroom penthouse layouts, supporting a straightforward development path for an owner ready to move forward.
The project is positioned just off the H Street Corridor, an active Washington growth area supported by ongoing residential demand, retail expansion, and neighborhood investment. Nearby access and amenities referenced include Whole Foods Market and the Union Market District, along with Union Station transportation and streetcar access along H Street.
The unit mix is designed around demonstrated buyer demand, with residences ranging from one-bedroom flats to three-bedroom penthouse layouts, supporting a straightforward development path for an owner ready to move forward.
Key Highlights
- Fully entitled 10‑unit boutique condominium development with zoning secured and approved construction permits
- Construction permits approved with complete architectural plans in place for the next phase of execution
- Unit mix includes two 3‑bedroom penthouse residences, six 2‑bedroom units, and two 1‑bedroom residences
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $78.1k | $33.00 |
| − Vacancy | −$4.8k | −$2.05 |
| EGI | $73.3k | $30.95 |
| − OpEx | −$33.0k | −$13.93 |
| NOI | $40.3k | $17.02 |
2,368 SF · lease $33.00/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$575.9K
$503.9K – $671.9K
NOI $40,314 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,582 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Fully entitled 10-unit condominium development with approved permits, complete architectural plans, and on-site parking.
Where is this apartment building located?
The property is located at 1938 I STREET NE Washington, DC.
What is the asking price?
The asking price for this property is $848,000.
What are key features of this property?
This property features: Fully entitled 10‑unit boutique condominium development with zoning secured and approved construction permits; Construction permits approved with complete architectural plans in place for the next phase of execution; Unit mix includes two 3‑bedroom penthouse residences, six 2‑bedroom units, and two 1‑bedroom residences
