Residential Income Property with Studio
For Sale
$275,000
2440 16TH STREET NW Unit 219, Washington, DC 20009
A compact condominium pairs built-in storage with updated kitchen finishes and a new heating and cooling unit.
Property Size435 SF
Days on Market18
Property Features for 2440 16TH STREET NW Unit 219
General Information
Standard status
Active
Size
435 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,193
Amenities
fitness center
on-site laundry rooms
bike storage
storage room availability
parcel lockers
video intercom system
pet-friendly
Building Details
Building Size
435 SF
Year Built
1929
Construction
Art Deco
Listing Agency:
Gallery Collective
Listed By:
Sarah Nance · License #sp98377456
(202) 486-8630
Source:
Kwcapitalproperties
Added: Oct 2
Changed: Oct 17
Last Checked: Oct 16 at 5:57PM
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 Gallery Collective
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Investment Insights
Based on property information with market context.
This studio condominium is within a 1929 Art Deco building. Its open interior uses a custom shelving wall to separate the living area while adding storage. Marble countertops, stainless-steel appliances, recessed lighting, and a recently installed heating and cooling unit complete the residence.
Park Tower has an elevator, fitness center, laundry rooms, bike storage, parcel lockers, video intercom, and storage room availability. The building is pet-friendly. Meridian Hill Park is across the street, and the surrounding area includes a Harris Teeter, restaurants, cafés, shops, and nightlife. Metro access connects residents with universities, employment centers, and destinations across Washington, DC. The condominium may also serve as a rental property.
Park Tower has an elevator, fitness center, laundry rooms, bike storage, parcel lockers, video intercom, and storage room availability. The building is pet-friendly. Meridian Hill Park is across the street, and the surrounding area includes a Harris Teeter, restaurants, cafés, shops, and nightlife. Metro access connects residents with universities, employment centers, and destinations across Washington, DC. The condominium may also serve as a rental property.
Key Highlights
- Studio condominium in a 1929 Art Deco building
- Open layout with custom divider shelving and built‑in storage
- Marble countertops, stainless‑steel appliances, and recessed lighting
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,465
Cap Rate
3.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$169,300
$169.3K
Cap Rate 7%
$120,929
$120.9K
Cap Rate 9%
$94,056
$94.1K
Market Conditions
NOI Build-Up for 435 SF
Gross rent
$16.3K $37.56/SF
− Vacancy
−$948 −$2.18/SF
EGI
$15.4K $35.38/SF
− OpEx
−$6.9K −$15.92/SF
NOI
$8.5K $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 Rate 5%
$169,300
Cap Rate 7%
$120,929
Cap Rate 9%
$94,056
Alternative Uses
Best Use
Apartment 5plus
$120.9K
$105.8K – $141.1K
NOI $8,465 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$223.8K
$195.8K – $261.1K
NOI $15,663 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,109
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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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Residential income property - A compact condominium pairs built-in storage with updated kitchen finishes and a new heating and cooling unit.
Where is this residential income property located?
The property is located at 2440 16TH STREET NW Unit 219 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: Studio condominium in a 1929 Art Deco building; Open layout with custom divider shelving and built‑in storage; Marble countertops, stainless‑steel appliances, and recessed lighting
