Amenity-Rich Residential Income
For Sale
$399,000
50 FLORIDA AVENUE NE Unit 226, Washington, DC 20002
Condominium unit with concierge service, pool, fitness room, garage parking, storage, and in-unit laundry.
Property Size705 SF
Days on Market242
Property Features for 50 FLORIDA AVENUE NE Unit 226
General Information
Standard status
Active
Size
705 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$3,679
Amenities
staffed front desk & concierge
outdoor pool and patio
fitness room
residents lounge and club and party space
extra storage unit
hardwood flooring
gourmet kitchen
in-unit washer/dryer
Building Details
Building Size
705 SF
Year Built
2019
Listing Agency:
Keller Williams Capital Properties
Listed By:
Yvonne T Lee II · License #644794
(301) 613-6070
Source:
Kwcapitalproperties
Added: Jan 16
Changed: Sep 10
Last Checked: Sep 14 at 11:10AM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This fifth-floor condominium unit at The Lexicon offers an open interior with hardwood flooring, treetop views, a gourmet kitchen, generous closet space, and an in-unit washer and dryer. The residence also includes a dedicated garage parking space and an additional storage unit.
Completed in 2019, The Lexicon provides staffed front-desk and concierge services, an outdoor pool with patio, a fitness room, resident lounge, and club and party areas. The property is located at 50 Florida Avenue NE, Unit 524, in Washington, DC.
Completed in 2019, The Lexicon provides staffed front-desk and concierge services, an outdoor pool with patio, a fitness room, resident lounge, and club and party areas. The property is located at 50 Florida Avenue NE, Unit 524, in Washington, DC.
Key Highlights
- Fifth‑floor condominium unit with open floor plan and hardwood flooring
- Built in 2019 at The Lexicon Condominium
- Dedicated garage parking space and additional storage unit 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
$12,002
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
3.01%
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%
$240,040
$240.0K
Cap Rate 7%
$171,457
$171.5K
Cap Rate 9%
$133,356
$133.4K
Market Conditions
NOI Build-Up for 705 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
$23.3K $33.00/SF
− Vacancy
−$1.4K −$2.05/SF
EGI
$21.8K $30.95/SF
− OpEx
−$9.8K −$13.93/SF
NOI
$12.0K $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%
$240,040
Cap Rate 7%
$171,457
Cap Rate 9%
$133,356
Alternative Uses
Best Use
Apartment 5plus
$171.5K
$150.0K – $200.0K
NOI $12,002 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$364.0K
$318.5K – $424.7K
NOI $25,479 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,537
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 - Condominium unit with concierge service, pool, fitness room, garage parking, storage, and in-unit laundry.
Where is this residential income property located?
The property is located at 50 FLORIDA AVENUE NE Unit 226 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: Fifth‑floor condominium unit with open floor plan and hardwood flooring; Built in 2019 at The Lexicon Condominium; Dedicated garage parking space and additional storage unit included
