Residential Income Property with
For Sale
$365,000
510 N ST SW #N422, Washington, DC 20024
WASHINGTON, DC
Property Size777 SF
Price / SF$469.76
Days on Market46
Property Features for 510 N ST SW #N422
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1
Subdivision
SW WATERFRONT
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Amenities
roof terrace
water gardens
EV chargers
balcony
washer/dryer
Building Details
Year built
1966
Listing Agency:
Chevy Chase Circle
(202) 966-1400
Listed By:
Nancy Pulley
Added: Jul 19
Changed: Aug 23
Last Checked: Sep 2 at 1:06AM
MLS# DCDC2274226
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This residential income property includes 777 square feet of living space, a south-facing orientation, and a deep balcony reached through a 9-foot glass wall. The interior has been renovated with marble flooring and wall finishes in the bathroom, a wide vanity, an island with storage cabinetry and counter seating, an induction cooktop, and an in-unit washer-dryer. Built in 1966, the unit is part of Harbour Square’s mid-century waterfront setting.
Community features include a rooftop terrace, water gardens, channel views, and four EV charging stations. Assigned parking is available, and Waterfront Metro on the Green Line is 2 blocks away. L’Enfant Metro is less than a mile from the property, while Fort McNair is 1/2 block away. The Wharf, museums, and the Capitol are also identified in the surrounding context.
Community features include a rooftop terrace, water gardens, channel views, and four EV charging stations. Assigned parking is available, and Waterfront Metro on the Green Line is 2 blocks away. L’Enfant Metro is less than a mile from the property, while Fort McNair is 1/2 block away. The Wharf, museums, and the Capitol are also identified in the surrounding context.
Key Highlights
- 777 SF residence with a 9‑foot glass wall opening to a deep balcony
- South‑facing orientation with views toward the water gardens and channel
- Renovated interior with marble bathroom finishes and a wide vanity
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
$12,910
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
3.54%
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%
$258,200
$258.2K
Cap Rate 7%
$184,429
$184.4K
Cap Rate 9%
$143,444
$143.4K
Market Conditions
NOI Build-Up for 777 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
$24.7K $31.80/SF
− Vacancy
−$1.2K −$1.59/SF
EGI
$23.5K $30.21/SF
− OpEx
−$10.6K −$13.59/SF
NOI
$12.9K $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%
$258,200
Cap Rate 7%
$184,429
Cap Rate 9%
$143,444
Alternative Uses
Best Use
Apartment 5plus
$184.4K
$161.4K – $215.2K
NOI $12,910 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$399.7K
$349.7K – $466.3K
NOI $27,976 @ 7.0% cap · market cap 7.66%
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
1,520
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 - Renovated residence features a marble bath, expansive glazing, and an in-unit washer-dryer.
Where is this residential income property located?
The property is located at 510 N ST SW #N422 Washington, DC.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 777 SF residence with a 9‑foot glass wall opening to a deep balcony; South‑facing orientation with views toward the water gardens and channel; Renovated interior with marble bathroom finishes and a wide vanity
