Top-Floor Loft-Style Residential Income
For Sale
$515,000
3621 39TH STREET NW Unit E323, Washington, DC 20016
Updated condominium residence with vaulted ceilings, flexible loft space, and access to extensive community amenities.
Property Size1,232 SF
Price / SF$418.02
Days on Market34
Property Features for 3621 39TH STREET NW Unit E323
General Information
Standard status
Active
Size
1,232 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,867
Amenities
swimming pool
BBQ areas
ballroom
landscaped grounds
Building Details
Building Size
1,232 SF
Year Built
1942
Construction
loft-style
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Ronald S. Sitrin · License #SP98382
(202) 321-4677
Source:
Kerishull
Added: Aug 11
Changed: Sep 12
Last Checked: Sep 12 at 9:48AM
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 top-floor loft-style condominium at 3621 39TH STREET NW, Unit E323, provides 1,232 square feet of living space within a 1942 residential building. The layout includes an open living and dining area, vaulted and cathedral ceilings, skylights, treetop views, a main-level bedroom, renovated full bathroom, updated kitchen, in-unit Samsung washer and dryer, and multiple storage areas. An elevated loft adds a second sleeping area, walk-in closet, office space, and additional closets.
The residence is part of McLean Gardens, a 23-acre community with a swimming pool, BBQ areas, ballroom, and landscaped grounds. Newark Street Park is nearby with a dog park, tennis courts, and playground. The property is also situated near Glover Archbold Park, the Red Line Metro, shopping, restaurants, and neighborhood services.
The residence is part of McLean Gardens, a 23-acre community with a swimming pool, BBQ areas, ballroom, and landscaped grounds. Newark Street Park is nearby with a dog park, tennis courts, and playground. The property is also situated near Glover Archbold Park, the Red Line Metro, shopping, restaurants, and neighborhood services.
Key Highlights
- 1,232‑square‑foot top‑floor loft‑style condominium
- Vaulted ceilings, skylights, treetop views, and an open living area
- Updated kitchen with granite countertops and stainless steel appliances
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
$20,470
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
3.97%
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%
$409,400
$409.4K
Cap Rate 7%
$292,429
$292.4K
Cap Rate 9%
$227,444
$227.4K
Market Conditions
NOI Build-Up for 1,232 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
$39.2K $31.80/SF
− Vacancy
−$2.0K −$1.59/SF
EGI
$37.2K $30.21/SF
− OpEx
−$16.7K −$13.59/SF
NOI
$20.5K $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 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%
$409,400
Cap Rate 7%
$292,429
Cap Rate 9%
$227,444
Alternative Uses
Best Use
Apartment 5plus
$292.4K
$255.9K – $341.2K
NOI $20,470 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$633.7K
$554.5K – $739.3K
NOI $44,359 @ 7.0% cap · market cap 8.61%
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
1,554
Businesses Nearby
Explore this area
Business Placement
Demographics for 20016, DC
35,068
Population
15,457
Households
2.3
Avg Household Size
37
Median Age
88%
College-Educated
99%
High-School Grad
4.4 sq mi
ZIP Area
7,970
Density / Sq Mi
$179,107
Median Household Income
$104,275
Median Earnings
$2,105
Median Rent
$1,206,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium residence with vaulted ceilings, flexible loft space, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 3621 39TH STREET NW Unit E323 Washington, DC.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 1,232‑square‑foot top‑floor loft‑style condominium; Vaulted ceilings, skylights, treetop views, and an open living area; Updated kitchen with granite countertops and stainless steel appliances
