Residential Income Property with Outdoor
For Sale
$569,000
2023 KALORAMA ROAD NW Unit 1, Washington, DC 20009
Four-residence rowhome conversion offering private exterior areas in Washington, DC’s Kalorama Triangle.
Property Size914 SF
Days on Market8
Property Features for 2023 KALORAMA ROAD NW Unit 1
General Information
Standard status
Active
Size
914 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,034
Building Details
Building Size
914 SF
Year Built
1900
Listing Agency:
TTR Sotheby's International Realty
Listed By:
Anthony P Salinas · License #SP200202376
(202) 808-1699
Source:
Kwcapitalproperties
Added: Sep 7
Changed: Sep 11
Last Checked: Sep 14 at 9:20AM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
This residential income property occupies Unit 1 within a 1900 rowhome converted into four residences. The home includes two private outdoor spaces, extending usable living and entertaining areas beyond the interior. Its placement within a character-rich historic rowhome provides a distinct residential setting in Washington, DC.
Kalorama Park is two blocks away, while Tatte, Lapis, and Streets Market are nearby. The property also has access to Adams Morgan, Dupont Circle, Kalorama’s embassy-lined streets, Rock Creek Park, and nearby dog parks. Dupont Circle and Woodley Park Red Line Metro stations provide connections across the city.
Kalorama Park is two blocks away, while Tatte, Lapis, and Streets Market are nearby. The property also has access to Adams Morgan, Dupont Circle, Kalorama’s embassy-lined streets, Rock Creek Park, and nearby dog parks. Dupont Circle and Woodley Park Red Line Metro stations provide connections across the city.
Key Highlights
- Unit 1 in a 1900 rowhome converted into four residences
- Two private outdoor spaces
- Located two blocks from Kalorama Park
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
$17,786
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
3.13%
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%
$355,720
$355.7K
Cap Rate 7%
$254,086
$254.1K
Cap Rate 9%
$197,622
$197.6K
Market Conditions
NOI Build-Up for 914 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
$34.3K $37.56/SF
− Vacancy
−$2.0K −$2.18/SF
EGI
$32.3K $35.38/SF
− OpEx
−$14.6K −$15.92/SF
NOI
$17.8K $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%
$355,720
Cap Rate 7%
$254,086
Cap Rate 9%
$197,622
Alternative Uses
Best Use
Apartment 5plus
$254.1K
$222.3K – $296.4K
NOI $17,786 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$470.1K
$411.4K – $548.5K
NOI $32,909 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,413
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 - Four-residence rowhome conversion offering private exterior areas in Washington, DC’s Kalorama Triangle.
Where is this residential income property located?
The property is located at 2023 KALORAMA ROAD NW Unit 1 Washington, DC.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Unit 1 in a 1900 rowhome converted into four residences; Two private outdoor spaces; Located two blocks from Kalorama Park
