Residential Income Property with Rooftop
For Sale
$299,900
510 N STREET SW Unit N-323, Washington, DC 20024
One-bedroom co-op residence with an open kitchen, quartz counters, and elevated outlooks across the surrounding waterfront setting.
Property Size645 SF
Days on Market273
Property Features for 510 N STREET SW Unit N-323
General Information
Standard status
Active
Size
645 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
HOA Fee
$655
Taxes and HOA fees
Annual Taxes
$1,400
Amenities
rooftop deck
indoor pool
gym
party room
water gardens
Building Details
Building Size
645 SF
Year Built
1966
Listing Agency:
Welcome Home Realty, LLC
Listed By:
Steven L. Gross
(202) 210-1984
Source:
Kwcapitalproperties
Added: Dec 4, 2025
Changed: Aug 30
Last Checked: Sep 2 at 1:02AM
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 Welcome Home Realty, LLC
Investment Insights
Based on property information with market context.
Located at 510 N Street SW in Washington, DC 20024, this 1BR co-op residence was built in 1966 and features views toward a private courtyard and the historic Wheat Row townhouses. The interior includes an open kitchen with a large island, quartz countertops, high-end appliances, and a stainless steel Bosch dishwasher.
Harbour Square provides a year-round ninth-floor common roof deck with panoramic views toward the Wharf, Washington Monument, Jefferson Memorial, Lincoln Memorial, Air Force Memorial, and the Potomac River. Property amenities also include a 25M indoor pool, a glass-enclosed gym, landscaped grounds with water gardens, a sixth-floor party room overlooking the Washington Channel, 45 guest parking spaces, and access to garage parking for rent.
Harbour Square provides a year-round ninth-floor common roof deck with panoramic views toward the Wharf, Washington Monument, Jefferson Memorial, Lincoln Memorial, Air Force Memorial, and the Potomac River. Property amenities also include a 25M indoor pool, a glass-enclosed gym, landscaped grounds with water gardens, a sixth-floor party room overlooking the Washington Channel, 45 guest parking spaces, and access to garage parking for rent.
Key Highlights
- 1BR co‑op residence at 510 N Street SW, Washington, DC 20024
- Built in 1966 with views of a private courtyard and historic Wheat Row townhouses
- Open kitchen with large island, quartz countertops, and stainless steel Bosch dishwasher
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
$10,717
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
3.57%
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%
$214,340
$214.3K
Cap Rate 7%
$153,100
$153.1K
Cap Rate 9%
$119,078
$119.1K
Market Conditions
NOI Build-Up for 645 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
$20.5K $31.80/SF
− Vacancy
−$1.0K −$1.59/SF
EGI
$19.5K $30.21/SF
− OpEx
−$8.8K −$13.59/SF
NOI
$10.7K $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%
$214,340
Cap Rate 7%
$153,100
Cap Rate 9%
$119,078
Alternative Uses
Best Use
Apartment 5plus
$153.1K
$134.0K – $178.6K
NOI $10,717 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$331.8K
$290.3K – $387.1K
NOI $23,224 @ 7.0% cap · market cap 7.74%
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
2,490
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 - One-bedroom co-op residence with an open kitchen, quartz counters, and elevated outlooks across the surrounding waterfront setting.
Where is this residential income property located?
The property is located at 510 N STREET SW Unit N-323 Washington, DC.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1BR co‑op residence at 510 N Street SW, Washington, DC 20024; Built in 1966 with views of a private courtyard and historic Wheat Row townhouses; Open kitchen with large island, quartz countertops, and stainless steel Bosch dishwasher
