Residential Income Property with
For Sale
$535,000
2116 4TH STREET NE #C, Washington, DC 20002
Newly converted two-level condo with contemporary finishes, flexible den space, and included rear parking.
Property Size1,310 SF
Days on Market212
Property Features for 2116 4TH STREET NE #C
General Information
Standard status
Active
Size
1,310 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Multifamily Units
1
Parking per Unit
2
Additional Details
Public Transit
Yes
Amenities
Forced Air
Central A/C
Built-In Microwave
Built-In Range
Dishwasher
Disposal
Dryer
Oven/Range - Gas
Stainless Steel Appliances
Washer
WaterHeater
Patio
Building Details
Building Size
1,310 SF
Year Built
1917
Listing Agency:
Keller Williams Capital Properties
Listed By:
Ty Voyles · License #215171
(202) 725-8983
Source:
Kw
Added: Feb 14
Changed: Sep 14
Last Checked: Sep 14 at 12:46PM
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 newly converted two-level condominium is located in a boutique building and combines an open main-level layout with practical residential features. Living, dining, and kitchen areas share an integrated floor plan, while the residence includes two bedrooms, a primary suite, and a den that can serve as office or supplemental living space. Quartz countertops, white shaker cabinetry, stainless steel appliances, built-in microwave, gas range, dishwasher, and disposal complete the kitchen. Forced-air heating, central A/C, washer, dryer, and water heater are also included, along with a patio.
The property is at 2116 4th Street NE #C in Washington, DC, within Eckington. Nearby destinations identified for the residence include The Bouldering Project and The Pub and The People, with neighborhood dining, shopping, and recreation close by. Rhode Island Metro provides access to the broader city.
Off-street surface parking in the rear conveys with the unit, with two parking spots included. The building dates to 1917, while the condominium conversion provides a modernized interior configuration.
The property is at 2116 4th Street NE #C in Washington, DC, within Eckington. Nearby destinations identified for the residence include The Bouldering Project and The Pub and The People, with neighborhood dining, shopping, and recreation close by. Rhode Island Metro provides access to the broader city.
Off-street surface parking in the rear conveys with the unit, with two parking spots included. The building dates to 1917, while the condominium conversion provides a modernized interior configuration.
Key Highlights
- Two‑level condo in a boutique Eckington building
- Two bedrooms, primary suite, and versatile den
- Two parking spots included in rear off‑street surface lot
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
$22,302
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
4.17%
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%
$446,040
$446.0K
Cap Rate 7%
$318,600
$318.6K
Cap Rate 9%
$247,800
$247.8K
Market Conditions
NOI Build-Up for 1,310 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
$43.2K $33.00/SF
− Vacancy
−$2.7K −$2.05/SF
EGI
$40.5K $30.95/SF
− OpEx
−$18.2K −$13.93/SF
NOI
$22.3K $17.02/SF
Area
ZIP 20002
Vacancy
6.20%
Lease Rate
$33.00 /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%
$446,040
Cap Rate 7%
$318,600
Cap Rate 9%
$247,800
Alternative Uses
Best Use
Apartment 5plus
$318.6K
$278.8K – $371.7K
NOI $22,302 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$676.4K
$591.8K – $789.1K
NOI $47,345 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,553
Businesses Nearby
Explore this area
Business Placement
Demographics for 20002, DC
69,422
Population
38,459
Households
1.8
Avg Household Size
33
Median Age
70%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
13,612
Density / Sq Mi
$114,482
Median Household Income
$82,909
Median Earnings
$2,140
Median Rent
$813,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Newly converted two-level condo with contemporary finishes, flexible den space, and included rear parking.
Where is this residential income property located?
The property is located at 2116 4TH STREET NE #C Washington, DC.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two‑level condo in a boutique Eckington building; Two bedrooms, primary suite, and versatile den; Two parking spots included in rear off‑street surface lot
