Furnished Residential Income
For Sale
$199,900
510 N STREET SW Unit N 431, Washington, DC 20024
Fully furnished residence in a gated cooperative community near waterfront attractions and transit.
Property Size491 SF
Days on Market164
Property Features for 510 N STREET SW Unit N 431
General Information
Standard status
Active
Size
491 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Furnished
Yes
Public Transit
Yes
Multifamily Units
1
Amenities
pool
fitness center
rooftop terraces
bike storage
concierge
gated community
courtyards
green spaces
Building Details
Building Size
491 SF
Year Built
1966
Listing Agency:
Keller Williams Capital Properties
(202) 630-7976
Listed By:
Brandon M Scott · License #SP98377982
(202) 630-7976
Source:
Kwcapitalproperties
Added: Mar 12
Changed: Aug 21
Last Checked: Aug 22 at 11:23AM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This fully furnished residential income property is located within Harbour Square Cooperative and includes skylights, large windows, and a layout suited to daily living and entertaining. The residence is offered with furnishings in place, providing a ready-to-occupy setup. The cooperative was built in 1966 and includes courtyards, landscaped green spaces, rooftop terraces, a pool, fitness center, bike storage, concierge service, and on-site services. The community operates as a 24-hour gated setting.
The property is at 510 N Street SW in Washington, DC, within the Southwest Waterfront area. The Wharf, Washington Channel, and Waterfront Metro Station are described as being within walking distance. Nationals Park, Audi Field, the National Mall, and Downtown DC are also identified as nearby destinations. Cooperative rules require 2 years of ownership before the residence may be rented.
The property is at 510 N Street SW in Washington, DC, within the Southwest Waterfront area. The Wharf, Washington Channel, and Waterfront Metro Station are described as being within walking distance. Nationals Park, Audi Field, the National Mall, and Downtown DC are also identified as nearby destinations. Cooperative rules require 2 years of ownership before the residence may be rented.
Key Highlights
- Fully furnished residence at 510 N STREET SW Unit: N 431, WASHINGTON, DC 20024
- Harbour Square Cooperative built in 1966
- 24‑hour gated community with concierge service
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
$8,158
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
4.08%
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%
$163,160
$163.2K
Cap Rate 7%
$116,543
$116.5K
Cap Rate 9%
$90,644
$90.6K
Market Conditions
NOI Build-Up for 491 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
$15.6K $31.80/SF
− Vacancy
−$781 −$1.59/SF
EGI
$14.8K $30.21/SF
− OpEx
−$6.7K −$13.59/SF
NOI
$8.2K $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%
$163,160
Cap Rate 7%
$116,543
Cap Rate 9%
$90,644
Alternative Uses
Best Use
Apartment 5plus
$116.5K
$102.0K – $136.0K
NOI $8,158 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$252.6K
$221.0K – $294.7K
NOI $17,679 @ 7.0% cap · market cap 8.84%
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 - Fully furnished residence in a gated cooperative community near waterfront attractions and transit.
Where is this residential income property located?
The property is located at 510 N STREET SW Unit N 431 Washington, DC.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Fully furnished residence at 510 N STREET SW Unit: N 431, WASHINGTON, DC 20024; Harbour Square Cooperative built in 1966; 24‑hour gated community with concierge service
