Renovated Residential Income
New
For Sale
$259,500
2440 16TH STREET NW Unit 416, Washington, DC 20009
Studio condominium unit with updated kitchen, bath, HVAC, storage, and access to building amenities.
Property Size417 SF
Days on Market7
Property Features for 2440 16TH STREET NW Unit 416
General Information
Standard status
Active
Size
417 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x jr. bedroom studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,780
Amenities
on-site laundry
exercise room
secure package storage
controlled access
pet friendly
storage units
bike storage
Building Details
Building Size
417 SF
Year Built
1929
Listing Agency:
Continental Properties, Ltd.
Listed By:
Steven A Henry · License #BR98374241
(202) 210-8111
Source:
Kwcapitalproperties
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 14 at 7:32AM
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 Continental Properties, Ltd.
Investment Insights
Based on property information with market context.
Unit 416 at Park Tower Condominium is a renovated junior-bedroom studio with refinished hardwood flooring, a walk-in closet, and updated kitchen and bath finishes. The kitchen includes granite counters, tiled flooring, a new sink and faucet, and modern white cabinetry. The bathroom features designer tile, a Toto toilet, vanity, mirrored medicine cabinet, updated lighting, and newer hardware. A brand-new HVAC convector unit completes the interior improvements.
The 1929 building offers controlled entry through a ButterflyMX video intercom, laundry facilities on each floor, an exercise room, secure package storage, and pet-friendly policies allowing two pets per unit weighing 50 pounds or less. Harris Teeter is nearby, while Meridian Hill Park is across the street. The property also provides access to multiple Metro stations and nearby dining and retail, with convenient connections to Dupont Circle, Adams Morgan, U Street, and Columbia Heights.
The 1929 building offers controlled entry through a ButterflyMX video intercom, laundry facilities on each floor, an exercise room, secure package storage, and pet-friendly policies allowing two pets per unit weighing 50 pounds or less. Harris Teeter is nearby, while Meridian Hill Park is across the street. The property also provides access to multiple Metro stations and nearby dining and retail, with convenient connections to Dupont Circle, Adams Morgan, U Street, and Columbia Heights.
Key Highlights
- Renovated junior‑bedroom studio in Park Tower Condominium
- Updated kitchen with granite counters, tiled flooring, new fixtures, and modern cabinetry
- Fully renovated bathroom with designer tile and Toto toilet
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
$8,115
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
3.13%
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%
$162,300
$162.3K
Cap Rate 7%
$115,929
$115.9K
Cap Rate 9%
$90,167
$90.2K
Market Conditions
NOI Build-Up for 417 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
$15.7K $37.56/SF
− Vacancy
−$908 −$2.18/SF
EGI
$14.8K $35.38/SF
− OpEx
−$6.6K −$15.92/SF
NOI
$8.1K $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 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%
$162,300
Cap Rate 7%
$115,929
Cap Rate 9%
$90,167
Alternative Uses
Best Use
Apartment 5plus
$115.9K
$101.4K – $135.3K
NOI $8,115 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$214.5K
$187.7K – $250.2K
NOI $15,014 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
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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Frequently Asked Questions
What type of property is this?
Residential income property - Studio condominium unit with updated kitchen, bath, HVAC, storage, and access to building amenities.
Where is this residential income property located?
The property is located at 2440 16TH STREET NW Unit 416 Washington, DC.
What is the asking price?
The asking price for this property is $259,500.
What are key features of this property?
This property features: Renovated junior‑bedroom studio in Park Tower Condominium; Updated kitchen with granite counters, tiled flooring, new fixtures, and modern cabinetry; Fully renovated bathroom with designer tile and Toto toilet
