Converted Schoolhouse Residential Income
For Sale
$599,900
440 12TH STREET NE Unit 9, Washington, DC 20002
Two-bedroom condominium residence with distinctive architectural finishes, flexible loft storage, and dedicated parking.
Property Size1,180 SF
Days on Market11
Property Features for 440 12TH STREET NE Unit 9
General Information
Standard status
Active
Size
1,180 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,304
Building Details
Building Size
1,180 SF
Year Built
1900
Listing Agency:
Paul Wesley Real Estate
Listed By:
John A Evans
(703) 855-8707
Source:
Kwcapitalproperties
Added: Sep 4
Changed: Sep 9
Last Checked: Sep 14 at 10:47AM
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 Paul Wesley Real Estate
Investment Insights
Based on property information with market context.
This two-bedroom, two-full-bath condominium occupies a converted schoolhouse dating to 1900. Exposed original brick, tall ceilings with visible ductwork, and polished concrete floors create a distinctive interior, while the open living area connects to a kitchen with granite countertops, gas cooking, an island with breakfast bar, and substantial cabinetry. Flexible loft areas, a mechanical and laundry room, and an organized primary closet provide additional storage.
The property includes a dedicated parking space positioned directly in front of the unit. It is located near the H Street corridor and Lincoln Park, with Eastern Market, Union Station, the US Capitol, and the RFK development within a mile or less. An adjacent playground, dog park, and community gardens add nearby outdoor amenities.
The property includes a dedicated parking space positioned directly in front of the unit. It is located near the H Street corridor and Lincoln Park, with Eastern Market, Union Station, the US Capitol, and the RFK development within a mile or less. An adjacent playground, dog park, and community gardens add nearby outdoor amenities.
Key Highlights
- Two‑bedroom, two‑full‑bath condominium in a schoolhouse conversion dating to 1900
- Exposed original brick, soaring ceilings with exposed ductwork, and polished concrete floors
- Kitchen includes granite counters, gas cooking, island breakfast bar, and extensive cabinetry
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
$20,089
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
3.35%
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%
$401,780
$401.8K
Cap Rate 7%
$286,986
$287.0K
Cap Rate 9%
$223,211
$223.2K
Market Conditions
NOI Build-Up for 1,180 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
$38.9K $33.00/SF
− Vacancy
−$2.4K −$2.05/SF
EGI
$36.5K $30.95/SF
− OpEx
−$16.4K −$13.93/SF
NOI
$20.1K $17.02/SF
Area
ZIP 20002
Vacancy
6.20%
Lease Rate
$33.00 /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%
$401,780
Cap Rate 7%
$286,986
Cap Rate 9%
$223,211
Alternative Uses
Best Use
Apartment 5plus
$287.0K
$251.1K – $334.8K
NOI $20,089 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$609.2K
$533.1K – $710.8K
NOI $42,647 @ 7.0% cap · market cap 7.11%
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
2,871
Businesses Nearby
Explore this area
Business Placement
Demographics for 20002, DC
69,422
Population
38,459
Households
1.8
Avg Household Size
33
Median Age
70%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
13,612
Density / Sq Mi
$114,482
Median Household Income
$82,909
Median Earnings
$2,140
Median Rent
$813,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium residence with distinctive architectural finishes, flexible loft storage, and dedicated parking.
Where is this residential income property located?
The property is located at 440 12TH STREET NE Unit 9 Washington, DC.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑bedroom, two‑full‑bath condominium in a schoolhouse conversion dating to 1900; Exposed original brick, soaring ceilings with exposed ductwork, and polished concrete floors; Kitchen includes granite counters, gas cooking, island breakfast bar, and extensive cabinetry
