Studio Income
For Sale
$299,000
Pending
2201 L STREET NW Unit 518, Washington, DC 20037
Open-plan unit with a private balcony, deeded garage space, front reception, rooftop pool, and roof deck.
Property Size514 SF
Days on Market47
Property Features for 2201 L STREET NW Unit 518
General Information
Standard status
Pending
Size
514 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,405
Amenities
full-service front reception
roof deck
rooftop pool
bike storage
Building Details
Building Size
514 SF
Year Built
1967
Listing Agency:
Coldwell Banker Realty - Washington
Listed By:
Ann Y Young · License #SP98572
(202) 246-6100
Source:
Kwcapitalproperties
Added: Jul 30
Changed: Sep 12
Last Checked: Sep 14 at 8:02AM
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 Coldwell Banker Realty - Washington
Investment Insights
Based on property information with market context.
The Carriage House offers a 514 SF studio unit with an open floor plan and a sunny balcony oriented toward the quieter, tree-lined side of the building. The property includes deeded garage parking at space G-30. Water, gas, and electricity for heating and cooling are included in the condo fee.
Building amenities include full-service front reception, a roof deck, rooftop pool, and bike storage. The residence is adjacent to the Ritz Carlton Hotel and Residences and near George Washington University, GW Hospital, the World Bank, IMF, Kennedy Center, Trader Joe’s, Whole Foods, Metro, and a range of restaurants. One pet up to 30 pounds is permitted.
Building amenities include full-service front reception, a roof deck, rooftop pool, and bike storage. The residence is adjacent to the Ritz Carlton Hotel and Residences and near George Washington University, GW Hospital, the World Bank, IMF, Kennedy Center, Trader Joe’s, Whole Foods, Metro, and a range of restaurants. One pet up to 30 pounds is permitted.
Key Highlights
- 514 SF studio unit in The Carriage House
- Sunny balcony on the quiet, leafy side of the building
- Deeded garage parking space G‑30
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
$8,540
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
2.86%
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%
$170,800
$170.8K
Cap Rate 7%
$122,000
$122.0K
Cap Rate 9%
$94,889
$94.9K
Market Conditions
NOI Build-Up for 514 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
$16.3K $31.80/SF
− Vacancy
−$817 −$1.59/SF
EGI
$15.5K $30.21/SF
− OpEx
−$7.0K −$13.59/SF
NOI
$8.5K $16.62/SF
Area
Washington, DC
Vacancy
5.00%
Lease Rate
$31.80 /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%
$170,800
Cap Rate 7%
$122,000
Cap Rate 9%
$94,889
Alternative Uses
Best Use
Apartment 5plus
$122.0K
$106.8K – $142.3K
NOI $8,540 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$264.4K
$231.3K – $308.5K
NOI $18,507 @ 7.0% cap · market cap 6.19%
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
22,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 20037, DC
14,945
Population
8,828
Households
1.7
Avg Household Size
29
Median Age
90%
College-Educated
99%
High-School Grad
0.7 sq mi
ZIP Area
21,350
Density / Sq Mi
$98,917
Median Household Income
$69,480
Median Earnings
$2,420
Median Rent
$743,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Open-plan unit with a private balcony, deeded garage space, front reception, rooftop pool, and roof deck.
Where is this residential income property located?
The property is located at 2201 L STREET NW Unit 518 Washington, DC.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 514 SF studio unit in The Carriage House; Sunny balcony on the quiet, leafy side of the building; Deeded garage parking space G‑30
