Waterfront Residential Income
For Sale
$365,000
510 N STREET SW Unit N422, Washington, DC 20024
Renovated unit with a balcony, marble-finished bath, in-unit laundry, and access to waterfront common areas.
Property Size777 SF
Price / SF$469.76
Days on Market46
Property Features for 510 N STREET SW Unit N422
General Information
Standard status
Active
Size
777 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,758
Amenities
roof terrace
water gardens
EV charging stations
balcony
in-unit washer/dryer
marble bath
kitchen island
Building Details
Building Size
777 SF
Year Built
1966
Construction
mid-century modern
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Nancy A Pulley
(301) 254-6244
Source:
Kwcapitalproperties
Added: Jul 19
Changed: Aug 31
Last Checked: Sep 1 at 11:06PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This renovated residential income property offers 777 square feet of interior space within Harbour Square, a 1966 waterfront community. The unit includes a marble-finished bathroom, wide glass wall, balcony, kitchen island with storage and counter seating, induction cooktop, and in-unit washer-dryer combination. Natural light and water-garden outlooks are among the property's defined features.
Community amenities include a waterfront rooftop terrace, channel views, water gardens, and four EV charging stations. The property occupies 6 acres and is located two blocks from Waterfront Metro on the Green line. L'Enfant Metro is less than a mile away, while Fort McNair is within 1/2 block and the Capitol is 1.3 miles from the property.
Community amenities include a waterfront rooftop terrace, channel views, water gardens, and four EV charging stations. The property occupies 6 acres and is located two blocks from Waterfront Metro on the Green line. L'Enfant Metro is less than a mile away, while Fort McNair is within 1/2 block and the Capitol is 1.3 miles from the property.
Key Highlights
- Renovated 777 SF residential unit in Harbour Square
- 1966‑built waterfront community occupying 6 acres
- Balcony accessed through a wide 9‑foot glass wall
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
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 - Renovated unit with a balcony, marble-finished bath, in-unit laundry, and access to waterfront common areas.
Where is this residential income property located?
The property is located at 510 N STREET SW Unit 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: Renovated 777 SF residential unit in Harbour Square; 1966‑built waterfront community occupying 6 acres; Balcony accessed through a wide 9‑foot glass wall
