Residential Income Property with
For Sale
$329,900
490 M STREET SW Unit W602, Washington, DC 20024
Sixth-floor co-op residence with renovated finishes, underground parking, and extensive community amenities.
Property Size959 SF
Price / SF$344
Days on Market136
Property Features for 490 M STREET SW Unit W602
General Information
Standard status
Active
Size
959 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Parking per Unit
1
Additional Details
HOA Fee
$1,543
Amenities
private balcony
24-hour concierge
outdoor pool
fitness center
resident lounge
BBQ grills
extra storage
Building Details
Building Size
959 SF
Year Built
1966
Listing Agency:
Compass
(202) 525-6499
Listed By:
Steven Dean · License #SP102455
(202) 525-6499
Source:
Kwcapitalproperties
Added: Apr 10
Changed: Aug 20
Last Checked: Aug 22 at 11:29AM
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
Investment Insights
Based on property information with market context.
Unit W602 is a 959-square-foot, one-bedroom, one-bathroom co-op at Tiber Island Cooperative Homes. The sixth-floor residence includes a private balcony, refinished parquet hardwood floors, an open living and dining area, a galley kitchen with gas cooking and pass-through window, a bedroom with ample closet storage, and a renovated bathroom with stone finishes. One secure underground garage parking space is included.
Community amenities include a 24-hour concierge desk, outdoor pool, fitness rooms, resident lounge, outdoor BBQ grills, and extra storage. The building permits up to two pets per unit. The property is near The Wharf, Arena Stage, Yards Park, the National Mall, Penn Quarter, Capitol Hill, and Georgetown. Waterfront Metro is approximately two minutes away, with access to I-395, I-295, Route 66, VRE, Amtrak, and Reagan National Airport.
New owners must occupy the residence as their primary home. Leasing is permitted after two years of ownership, subject to the co-op’s requirements.
Community amenities include a 24-hour concierge desk, outdoor pool, fitness rooms, resident lounge, outdoor BBQ grills, and extra storage. The building permits up to two pets per unit. The property is near The Wharf, Arena Stage, Yards Park, the National Mall, Penn Quarter, Capitol Hill, and Georgetown. Waterfront Metro is approximately two minutes away, with access to I-395, I-295, Route 66, VRE, Amtrak, and Reagan National Airport.
New owners must occupy the residence as their primary home. Leasing is permitted after two years of ownership, subject to the co-op’s requirements.
Key Highlights
- 959 square feet with 1 bedroom and 1 full bathroom
- Private sixth‑floor balcony with views toward the marina, Arena Stage, monuments, and surrounding neighborhood
- One secure underground garage parking space included
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
$15,934
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
4.83%
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%
$318,680
$318.7K
Cap Rate 7%
$227,629
$227.6K
Cap Rate 9%
$177,044
$177.0K
Market Conditions
NOI Build-Up for 959 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
$30.5K $31.80/SF
− Vacancy
−$1.5K −$1.59/SF
EGI
$29.0K $30.21/SF
− OpEx
−$13.0K −$13.59/SF
NOI
$15.9K $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%
$318,680
Cap Rate 7%
$227,629
Cap Rate 9%
$177,044
Alternative Uses
Best Use
Apartment 5plus
$227.6K
$199.2K – $265.6K
NOI $15,934 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$493.3K
$431.6K – $575.5K
NOI $34,530 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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 - Sixth-floor co-op residence with renovated finishes, underground parking, and extensive community amenities.
Where is this residential income property located?
The property is located at 490 M STREET SW Unit W602 Washington, DC.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 959 square feet with 1 bedroom and 1 full bathroom; Private sixth‑floor balcony with views toward the marina, Arena Stage, monuments, and surrounding neighborhood; One secure underground garage parking space included
