Building Details

Building Size 1,136 SF

Year Built 1905

Listing Agency: Compass

Listed By: Jocelyn Lederman · License #SP98375759 Show Phone

Source: Barnesrealestatecompany

Added: Sep 16 Changed: Oct 8 Last Checked: Oct 16 at 3:55PM

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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 Compass

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Investment Insights

Based on property information with market context.

This two-bedroom, two-bath condominium occupies Unit 1 in a building constructed in 1905 and converted to condominiums in 2016. The residence combines tall ceilings with generously sized bedrooms, including a primary suite with floor-to-ceiling windows, dual bathroom vanities, an oversized shower, and a soaking tub. The kitchen includes marble countertops, while a large Elfa closet provides organized storage. The second bedroom can accommodate a king bed and desk and is currently used as an art studio.

The property is located in Adams Morgan near cafes, grocery stores, cocktail bars, and Metro and bus service. The building is self-managed, with owner participation in building operations.

Key Highlights

• Two‑bedroom, two‑bath condominium residence
• Building constructed in 1905 and converted to condominiums in 2016
• Primary suite includes floor‑to‑ceiling windows and a spa‑style bath

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,106

Cap Rate

3.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$442,120 $442.1K

Cap Rate 7%

$315,800 $315.8K

Cap Rate 9%

$245,622 $245.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,136 SF

Gross rent

$42.7K $37.56/SF

− Vacancy

−$2.5K −$2.18/SF

EGI

$40.2K $35.38/SF

− OpEx

−$18.1K −$15.92/SF

NOI

$22.1K $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 Rate 5%

$442,120

Cap Rate 7%

$315,800

Cap Rate 9%

$245,622

Alternative Uses

Best Use

Apartment 5plus

$315.8K

$276.3K – $368.4K (±1% cap)

NOI $22,106 @ 7.0% cap · market cap 3.40%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$584.3K

$511.3K – $681.7K (±1% cap)

NOI $40,903 @ 7.0% cap · market cap 6.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Electrical Service Big Box & Wholesale Store Auto Parts Store (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

5,043

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 - Condominium residence featuring flexible second-bedroom use, elevated ceilings, and a renovated kitchen with marble work surfaces.

Where is this residential income property located?

The property is located at 2464 ONTARIO ROAD NW Unit 1 Washington, DC.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: Two‑bedroom, two‑bath condominium residence; Building constructed in 1905 and converted to condominiums in 2016; Primary suite includes floor‑to‑ceiling windows and a spa‑style bath