Studio Residential Income
For Sale
$229,000
510 N STREET SW Unit N430, Washington, DC 20024
Light-filled unit with floor-to-ceiling windows, a custom Murphy bed, granite countertops, and classic parquet floors.
Property Size530 SF
Days on Market132
Property Features for 510 N STREET SW Unit N430
General Information
Standard status
Active
Size
530 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
indoor heated pool
fitness center
24-hour gatehouse security
rooftop terrace
Building Details
Building Size
530 SF
Year Built
1966
Construction
mid-century modern
Listing Agency:
KW Metro Center
(703) 867-7666
Listed By:
Wendy Wright · License #SP200205076
(703) 867-7666
Source:
Kwcapitalproperties
Added: Apr 22
Changed: Aug 28
Last Checked: Aug 31 at 12:16AM
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 KW Metro Center
Investment Insights
Based on property information with market context.
Unit N430 at Harbour Square is a studio cooperative built in 1966, featuring floor-to-ceiling windows and a slanted glass ceiling that brings substantial natural light into the living area. The efficiently designed interior includes a custom wood built-in Murphy bed, granite kitchen countertops, a designer tile backsplash, a vintage-style oven, and classic wood parquet floors. The unit may convey furnished or unfurnished.
Located at 510 N Street SW in Washington, DC, the property is steps from The Wharf, Arena Stage, and the Waterfront Metro. Harbour Square amenities include an indoor heated pool, fitness center, 24-hour gatehouse security, and a rooftop terrace with views of the Potomac River and the city skyline.
Located at 510 N Street SW in Washington, DC, the property is steps from The Wharf, Arena Stage, and the Waterfront Metro. Harbour Square amenities include an indoor heated pool, fitness center, 24-hour gatehouse security, and a rooftop terrace with views of the Potomac River and the city skyline.
Key Highlights
- Studio unit with floor‑to‑ceiling windows and a slanted glass ceiling
- Custom wood built‑in Murphy bed supports flexible living and sleeping space
- Kitchen includes granite countertops, designer tile backsplash, and vintage‑style oven
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
$8,806
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
3.85%
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%
$176,120
$176.1K
Cap Rate 7%
$125,800
$125.8K
Cap Rate 9%
$97,844
$97.8K
Market Conditions
NOI Build-Up for 530 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
$16.9K $31.80/SF
− Vacancy
−$843 −$1.59/SF
EGI
$16.0K $30.21/SF
− OpEx
−$7.2K −$13.59/SF
NOI
$8.8K $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%
$176,120
Cap Rate 7%
$125,800
Cap Rate 9%
$97,844
Alternative Uses
Best Use
Apartment 5plus
$125.8K
$110.1K – $146.8K
NOI $8,806 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$272.6K
$238.5K – $318.1K
NOI $19,083 @ 7.0% cap · market cap 8.33%
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 - Light-filled unit with floor-to-ceiling windows, a custom Murphy bed, granite countertops, and classic parquet floors.
Where is this residential income property located?
The property is located at 510 N STREET SW Unit N430 Washington, DC.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Studio unit with floor‑to‑ceiling windows and a slanted glass ceiling; Custom wood built‑in Murphy bed supports flexible living and sleeping space; Kitchen includes granite countertops, designer tile backsplash, and vintage‑style oven
