Luxury Townhome Near Capitol
For Sale
$1,810,000
206 MORGAN STREET NW, Washington, DC 20001
Two-unit townhome built in 2020, near Capitol Hill and Union Station.
Property Size3,584 SF
Price / SF$505.02
Days on Market166
Property Features for 206 MORGAN STREET NW
General Information
Standard status
Active
Size
3,584 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$13,920
Building Details
Building Size
3,584 SF
Year Built
2020
Listing Agency:
Keller Williams Capital Properties
(202) 276-2050
Listed By:
James P. Broady Jr. · License #SP600386
(202) 276-2050
Source:
Kerishull
Added: Mar 17
Changed: Aug 23
Last Checked: Aug 26 at 12:57PM
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.
Built in 2020, this two-unit luxury townhome offers modern construction and income potential. The property is located on a quiet residential block between Capitol Hill and the NoMa corridor. The property features contemporary finishes, open living spaces, and flexible multi-unit living. The configuration is a two-unit vertical townhome. The upper unit has 4 bedrooms, 4 bathrooms, and a den with 2 en-suites. The lower unit has 3 bedrooms, 2 full baths, 1 half bath, and a den with 2 en-suites with open-concept living. Every level has private rear balconies. There is secure two-car off-street parking with a roll-up door. The construction was built to DC Green Energy Code standards and is fully sprinklered for enhanced safety. The property is located minutes from Union Station, Gallery Place, Chinatown, the U. S. Capitol, and the National Mall. Metro access is four blocks away at Mount Vernon Square (Green/Yellow Lines) and NoMa–Gallaudet U (Red Line). The property is located in the city limits. Nearby transportation options include an airport less than 10 miles away, a bus stop less than 1 mile away, and a metro/subway station less than 1 mile away. The property is suitable for owner-occupants or investors looking to maximize rental income. The property size is 3584 square feet.
Key Highlights
- Rare two‑unit luxury townhome built in 2020, offering modern construction and design.
- Excellent income potential from renting one or both units in a high‑demand location.
- Prime location: Minutes from Capitol Hill, Union Station, Georgetown Law, and the National Mall; convenient access to multiple Metro lines.
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
$64,215
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
3.55%
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%
$1,284,300
$1.3M
Cap Rate 7%
$917,357
$917.4K
Cap Rate 9%
$713,500
$713.5K
Market Conditions
NOI Build-Up for 3,584 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
$96.8K $27.00/SF
− Vacancy
−$5.0K −$1.40/SF
EGI
$91.7K $25.60/SF
− OpEx
−$27.5K −$7.68/SF
NOI
$64.2K $17.92/SF
Area
Washington, DC
Vacancy
5.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,284,300
Cap Rate 7%
$917,357
Cap Rate 9%
$713,500
Alternative Uses
Best Use
Multifamily LT 5
$917.4K
$802.7K – $1.07M
NOI $64,215 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$850.7K
$744.4K – $992.5K
NOI $59,550 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,045 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,864
Businesses Nearby
Explore this area
Business Placement
Demographics for 20001, DC
49,040
Population
26,728
Households
1.8
Avg Household Size
32
Median Age
78%
College-Educated
95%
High-School Grad
2.0 sq mi
ZIP Area
24,520
Density / Sq Mi
$138,730
Median Household Income
$94,675
Median Earnings
$2,464
Median Rent
$844,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit townhome built in 2020, near Capitol Hill and Union Station.
Where is this duplex located?
The property is located at 206 MORGAN STREET NW Washington, DC.
What is the asking price?
The asking price for this property is $1,810,000.
What are key features of this property?
This property features: Rare two‑unit luxury townhome built in 2020, offering modern construction and design.; Excellent income potential from renting one or both units in a high‑demand location.; Prime location: Minutes from Capitol Hill, Union Station, Georgetown Law, and the National Mall; convenient access to multiple Metro lines.
