Residential Income Property with
For Sale
$275,000
240 M STREET SW Unit E406, Washington, DC 20024
Two-bedroom condominium unit with courtyard and pool views, gas cooking, and an assigned parking space.
Property Size744 SF
Days on Market188
Property Features for 240 M STREET SW Unit E406
General Information
Standard status
Active
Size
744 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Property Condition
Severity
Repairs Needed
Evidence
A little work goes a long way here.
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,760
Amenities
pool
courtyard
private balcony
Building Details
Building Size
744 SF
Year Built
1967
Listing Agency:
RLAH @properties
Listed By:
Jason Skipworth · License #SP98365606
(202) 302-4938
Source:
Kwcapitalproperties
Added: Mar 12
Changed: Sep 10
Last Checked: Sep 14 at 8:38AM
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 RLAH @properties
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, one-bath condominium unit in The Carollsburg, built in 1967. The interior has been freshly painted and includes generous closet storage, gas cooking, and a bathroom with a walk-in tub and shower. Original parquet flooring has been uncovered and is ready for refinishing. A private oversized balcony overlooks the community courtyard and pool, while both bedrooms provide flexible living space.
The unit includes one assigned parking space, and the condo fee covers all utilities and parking. The Carollsburg occupies 11 acres in Southwest Washington, DC, with access to the Wharf, the Smithsonian, Metro, Safeway, Audi Field, and Nationals Stadium.
The unit includes one assigned parking space, and the condo fee covers all utilities and parking. The Carollsburg occupies 11 acres in Southwest Washington, DC, with access to the Wharf, the Smithsonian, Metro, Safeway, Audi Field, and Nationals Stadium.
Key Highlights
- Two‑bedroom, one‑bath condominium unit in The Carollsburg
- Oversized private balcony with courtyard and pool views
- Freshly painted interior with original parquet floors ready for refinishing
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
$12,362
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
4.50%
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%
$247,240
$247.2K
Cap Rate 7%
$176,600
$176.6K
Cap Rate 9%
$137,356
$137.4K
Market Conditions
NOI Build-Up for 744 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
$23.7K $31.80/SF
− Vacancy
−$1.2K −$1.59/SF
EGI
$22.5K $30.21/SF
− OpEx
−$10.1K −$13.59/SF
NOI
$12.4K $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%
$247,240
Cap Rate 7%
$176,600
Cap Rate 9%
$137,356
Alternative Uses
Best Use
Apartment 5plus
$176.6K
$154.5K – $206.0K
NOI $12,362 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$382.7K
$334.9K – $446.5K
NOI $26,788 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,475
Businesses Nearby
Explore this area
Business Placement
Demographics for 20024, DC
15,952
Population
11,560
Households
1.4
Avg Household Size
37
Median Age
70%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
7,251
Density / Sq Mi
$102,623
Median Household Income
$94,419
Median Earnings
$2,121
Median Rent
$497,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium unit with courtyard and pool views, gas cooking, and an assigned parking space.
Where is this residential income property located?
The property is located at 240 M STREET SW Unit E406 Washington, DC.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath condominium unit in The Carollsburg; Oversized private balcony with courtyard and pool views; Freshly painted interior with original parquet floors ready for refinishing
