Two-Bedroom Income
For Sale
$524,000
2627 ADAMS MILL ROAD NW Unit 104, Washington, DC 20009
Updated two-level condominium with in-unit laundry and assigned parking.
Property Size929 SF
Price / SF$564.05
Days on Market66
Property Features for 2627 ADAMS MILL ROAD NW Unit 104
General Information
Standard status
Active
Size
929 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,644
Amenities
rooftop
in-unit washer/dryer
decorative fireplace
Building Details
Building Size
929 SF
Year Built
1911
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Joshua Waxman · License #SP98366980
(202) 309-5895
Source:
Kerishull
Added: Jul 10
Changed: Sep 10
Last Checked: Sep 13 at 1:32PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This two-level, two-bedroom condominium offers 929 square feet of residential space with an open main-level layout for living and dining. The kitchen includes stainless steel appliances and granite countertops, while hardwood flooring, large windows, and a decorative fireplace add character throughout the home. A new HVAC system was installed in 2024, and the unit includes an in-unit washer and dryer.
The property is located in Washington, DC’s Adams Morgan neighborhood on a quiet block across from Walter Pierce Park. Restaurants and nightlife are within steps of the residence. Additional property features include a private assigned parking space and access to a rooftop amenity. The building is pet-friendly and investor-friendly.
The property is located in Washington, DC’s Adams Morgan neighborhood on a quiet block across from Walter Pierce Park. Restaurants and nightlife are within steps of the residence. Additional property features include a private assigned parking space and access to a rooftop amenity. The building is pet-friendly and investor-friendly.
Key Highlights
- 929 SF two‑level condominium with two bedrooms
- New HVAC system installed in 2024
- Open living and dining areas with stainless steel appliances and granite countertops
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
$18,078
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
3.45%
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%
$361,560
$361.6K
Cap Rate 7%
$258,257
$258.3K
Cap Rate 9%
$200,867
$200.9K
Market Conditions
NOI Build-Up for 929 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
$34.9K $37.56/SF
− Vacancy
−$2.0K −$2.18/SF
EGI
$32.9K $35.38/SF
− OpEx
−$14.8K −$15.92/SF
NOI
$18.1K $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%
$361,560
Cap Rate 7%
$258,257
Cap Rate 9%
$200,867
Alternative Uses
Best Use
Apartment 5plus
$258.3K
$226.0K – $301.3K
NOI $18,078 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$477.8K
$418.1K – $557.5K
NOI $33,449 @ 7.0% cap · market cap 6.38%
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
3,606
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 - Updated two-level condominium with in-unit laundry and assigned parking.
Where is this residential income property located?
The property is located at 2627 ADAMS MILL ROAD NW Unit 104 Washington, DC.
What is the asking price?
The asking price for this property is $524,000.
What are key features of this property?
This property features: 929 SF two‑level condominium with two bedrooms; New HVAC system installed in 2024; Open living and dining areas with stainless steel appliances and granite countertops
