Residential Income Unit with Private
For Sale
$399,000
355 I STREET SW Unit S406, Washington, DC 20024
A one-bedroom layout pairs a renovated kitchen and in-unit laundry with reserved garage parking and private storage.
Property Size700 SF
Price / SF$570
Days on Market9
Property Features for 355 I STREET SW Unit S406
General Information
Standard status
Active
Size
700 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,563
Amenities
private balcony
pool
fitness center
yoga studio
business center
community room
on-site property management
Building Details
Building Size
700 SF
Year Built
2005
Listing Agency:
Compass
Listed By:
Jennifer Kirstein · License #SP98368710
(301) 452-7555
Source:
Kwcapitalproperties
Added: Oct 10
Changed: Oct 13
Last Checked: Oct 16 at 4:10PM
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.
At 355 I Street SW, this one-bedroom residence has an open kitchen, living, and dining area that connects to a private balcony. The kitchen features white shaker cabinets, granite counters, stainless steel appliances, and a breakfast bar. The refrigerator is new in 2026; the range and microwave date to 2024, and the dishwasher to 2020. A dressing area with closets on both sides leads to a full bath with access from the bedroom and hallway. A full-size stackable LG washer and dryer, installed in 2024, is housed in the bath. Public records show 700 square feet; the building dates to 2005.
The residence includes a reserved space in the secure-access garage and a private storage unit measuring 9' x 8' x 11', positioned behind the parking space near a rear entrance and elevator. Potomac Place offers an outdoor pool, fitness center, yoga studio, business center, community room, and on-site property management. Waterfront Metro is a two-minute walk away, and The Wharf is approximately five minutes away. Nearby destinations include Arena Stage, Nationals Park, Audi Field, and the National Mall.
The residence includes a reserved space in the secure-access garage and a private storage unit measuring 9' x 8' x 11', positioned behind the parking space near a rear entrance and elevator. Potomac Place offers an outdoor pool, fitness center, yoga studio, business center, community room, and on-site property management. Waterfront Metro is a two-minute walk away, and The Wharf is approximately five minutes away. Nearby destinations include Arena Stage, Nationals Park, Audi Field, and the National Mall.
Key Highlights
- 700 square feet per public record; building constructed in 2005
- Private balcony off the open kitchen, living, and dining area
- Reserved garage parking and a private 9' x 8' x 11' storage unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,631
Cap Rate
2.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$232,620
$232.6K
Cap Rate 7%
$166,157
$166.2K
Cap Rate 9%
$129,233
$129.2K
Market Conditions
NOI Build-Up for 700 SF
Gross rent
$22.3K $31.80/SF
− Vacancy
−$1.1K −$1.59/SF
EGI
$21.1K $30.21/SF
− OpEx
−$9.5K −$13.59/SF
NOI
$11.6K $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 Rate 5%
$232,620
Cap Rate 7%
$166,157
Cap Rate 9%
$129,233
Alternative Uses
Best Use
Apartment 5plus
$166.2K
$145.4K – $193.9K
NOI $11,631 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$360.1K
$315.1K – $420.1K
NOI $25,204 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,652
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
Frequently Asked Questions
What type of property is this?
Residential income property - A one-bedroom layout pairs a renovated kitchen and in-unit laundry with reserved garage parking and private storage.
Where is this residential income property located?
The property is located at 355 I STREET SW Unit S406 Washington, DC.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 700 square feet per public record; building constructed in 2005; Private balcony off the open kitchen, living, and dining area; Reserved garage parking and a private 9' x 8' x 11' storage unit
