Waterfront Residential Income
For Sale
$239,000
490 M STREET SW Unit W505, Washington, DC 20024
Updated one-bedroom residence with a private balcony and river views in a professionally managed community.
Property Size800 SF
Days on Market126
Property Features for 490 M STREET SW Unit W505
General Information
Standard status
Active
Size
800 SF
Property subtype
Unit/Flat/Apartment
Financials
Asking Price
$239,000
HOA Fee
$598
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,644
Amenities
private balcony
24-hour front desk
on-site management
fitness center
community center
outdoor pool
grilling areas
Building Details
Building Size
800 SF
Year Built
1966
Listing Agency:
Urban Brokers, LLC
Listed By:
Mark Oliver Meyerdirk · License #PB98360195
(202) 489-6150
Source:
Kwcapitalproperties
Added: May 1
Changed: Aug 28
Last Checked: Sep 2 at 12:21AM
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 Urban Brokers, LLC
Investment Insights
Based on property information with market context.
This one-bedroom residential income property is located in a professionally managed building constructed in 1966. The residence has been refreshed with luxury vinyl flooring, new paint, updated countertops, and new appliances, including a dishwasher, sink, and range. Its living and dining areas connect to a private balcony with river views, while the bedroom includes ample storage.
The property is part of the Tiber Island community at 490 M Street SW in Washington, DC. Community amenities include a 24-hour front desk, on-site management, a fitness center, community center, outdoor pool, and grilling areas. Waterfront Park, the riverfront promenade, the Wharf, Arena Stage, and the Smithsonian are all identified as nearby destinations. Tandem parking may also be available for separate purchase.
The property is part of the Tiber Island community at 490 M Street SW in Washington, DC. Community amenities include a 24-hour front desk, on-site management, a fitness center, community center, outdoor pool, and grilling areas. Waterfront Park, the riverfront promenade, the Wharf, Arena Stage, and the Smithsonian are all identified as nearby destinations. Tandem parking may also be available for separate purchase.
Key Highlights
- One‑bedroom residence with private balcony and river views
- Updated flooring, paint, countertops, dishwasher, sink, and range
- Tiber Island community with outdoor pool and grilling areas
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
$13,292
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
5.56%
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%
$265,840
$265.8K
Cap Rate 7%
$189,886
$189.9K
Cap Rate 9%
$147,689
$147.7K
Market Conditions
NOI Build-Up for 800 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
$25.4K $31.80/SF
− Vacancy
−$1.3K −$1.59/SF
EGI
$24.2K $30.21/SF
− OpEx
−$10.9K −$13.59/SF
NOI
$13.3K $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%
$265,840
Cap Rate 7%
$189,886
Cap Rate 9%
$147,689
Alternative Uses
Best Use
Apartment 5plus
$189.9K
$166.2K – $221.5K
NOI $13,292 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$411.5K
$360.1K – $480.1K
NOI $28,805 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,013
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated one-bedroom residence with a private balcony and river views in a professionally managed community.
Where is this residential income property located?
The property is located at 490 M STREET SW Unit W505 Washington, DC.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: One‑bedroom residence with private balcony and river views; Updated flooring, paint, countertops, dishwasher, sink, and range; Tiber Island community with outdoor pool and grilling areas
