Modern Residential Income Property with Roof
For Sale
$859,000
502 EDGEWOOD STREET NE Unit 2, Washington, DC 20017
2024 residence with three bedrooms, flexible living areas, and substantial private outdoor space.
Property Size1,987 SF
Price / SF$477.22
Days on Market9
Property Features for 502 EDGEWOOD STREET NE Unit 2
General Information
Standard status
Active
Size
1,987 SF
Property subtype
Penthouse Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
Asking Price
$859,000
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,491
Amenities
private roof deck
Building Details
Building Size
1,987 SF
Year Built
2024
Listing Agency:
Compass
(301) 832-5105
Listed By:
Jessica G Evans · License #SP696163
(301) 832-5105
Source:
Barnesrealestatecompany
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 14 at 12:02PM
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.
Completed in 2024, this residential income property offers approximately 1,800 square feet arranged across an open main level and a private bedroom floor. The home includes three bedrooms, two full bathrooms, and one half bathroom, with a primary suite, contemporary finishes, pale wood flooring, and windows on three sides. Its kitchen features a waterfall-edge quartz island, stainless steel appliances, modern cabinetry, and a full-size pantry.
A private roof deck of approximately 800 square feet is reached by an interior staircase through a dedicated vestibule, creating a substantial extension of the living area. The outdoor space accommodates separate areas for dining, seating, grilling, and gardening. Off-street parking is available separately. Bryant Street, the Metropolitan Branch Trail, Rhode Island Ave Metro, and destinations including Brookland, Eckington, Bloomingdale, and Union Market are located nearby.
A private roof deck of approximately 800 square feet is reached by an interior staircase through a dedicated vestibule, creating a substantial extension of the living area. The outdoor space accommodates separate areas for dining, seating, grilling, and gardening. Off-street parking is available separately. Bryant Street, the Metropolitan Branch Trail, Rhode Island Ave Metro, and destinations including Brookland, Eckington, Bloomingdale, and Union Market are located nearby.
Key Highlights
- Approximately 1,800 SF with 3 bedrooms and 2.5 baths
- Approximately 800‑square‑foot private roof deck
- Built in 2024 with windows on three sides
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
$29,908
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
3.48%
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%
$598,160
$598.2K
Cap Rate 7%
$427,257
$427.3K
Cap Rate 9%
$332,311
$332.3K
Market Conditions
NOI Build-Up for 1,800 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
$57.2K $31.80/SF
− Vacancy
−$2.9K −$1.59/SF
EGI
$54.4K $30.21/SF
− OpEx
−$24.5K −$13.59/SF
NOI
$29.9K $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%
$598,160
Cap Rate 7%
$427,257
Cap Rate 9%
$332,311
Alternative Uses
Best Use
Apartment 5plus
$427.3K
$373.9K – $498.5K
NOI $29,908 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$925.9K
$810.1K – $1.08M
NOI $64,810 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,827
Businesses Nearby
Explore this area
Business Placement
Demographics for 20017, DC
20,293
Population
9,252
Households
2.2
Avg Household Size
37
Median Age
59%
College-Educated
92%
High-School Grad
2.2 sq mi
ZIP Area
9,224
Density / Sq Mi
$101,543
Median Household Income
$74,399
Median Earnings
$1,793
Median Rent
$686,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - 2024 residence with three bedrooms, flexible living areas, and substantial private outdoor space.
Where is this residential income property located?
The property is located at 502 EDGEWOOD STREET NE Unit 2 Washington, DC.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Approximately 1,800 SF with 3 bedrooms and 2.5 baths; Approximately 800‑square‑foot private roof deck; Built in 2024 with windows on three sides
