Renovated Office Suite with Garage
For Sale
Contact for pricing
522 21st St NW, Washington, DC 20006
Renovated in 2015 with a conference room, reception, open office, and breakroom plus one garage parking space.
Property Size1,985 SF
Price / SF$452.90
Days on Market329
Property Features for 522 21st St NW
General Information
Standard status
Active
Size
1,985 SF
Total Parking Spaces
1
Property subtype
OFFICE
Additional Details
Public Transit
Yes
Amenities
Zoned HVAC system
Conference room
Reception
Open office area
Breakroom
Building Details
Year Renovated
2015
Tenancy
Single
Listing Agency:
Lincoln Property Company | Washington DC
(202) 513-6730
Listed By:
Alex Cholet
(202) 513-6716
Source:
Moodyscre
Added: Sep 18, 2025
Changed: Jul 31
Last Checked: Aug 12 at 4:56AM
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 Lincoln Property Company | Washington DC
Investment Insights
Based on property information with market context.
Renovated in 2015, this office suite is configured with a reception area, open office workspace, conference room, and breakroom. An open workspace is currently leased by a professional tenant with some term remaining, providing an in-place option for an owner-occupant or investor.
The property is located steps from George Washington University and within four blocks of the White House, with walking distance to Metro and major institutions.
The building includes one garage parking space. The space is described as having a zoned HVAC system, and the updated layout and finishes support flexible professional use.
The property is located steps from George Washington University and within four blocks of the White House, with walking distance to Metro and major institutions.
The building includes one garage parking space. The space is described as having a zoned HVAC system, and the updated layout and finishes support flexible professional use.
Key Highlights
- Renovated in 2015 with updated layout and finishes
- Leased open workspace by a professional tenant with some term remaining
- Reception, open office area, conference room, and breakroom
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
$63,028
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
7.01%
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%
$1,260,560
$1.3M
Cap Rate 7%
$900,400
$900.4K
Cap Rate 9%
$700,311
$700.3K
Market Conditions
NOI Build-Up for 1,985 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
$100.0K $50.40/SF
− Vacancy
−$16.0K −$8.06/SF
EGI
$84.0K $42.34/SF
− OpEx
−$21.0K −$10.58/SF
NOI
$63.0K $31.75/SF
Area
Washington, DC
Vacancy
16.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,260,560
Cap Rate 7%
$900,400
Cap Rate 9%
$700,311
Alternative Uses
Best Use
Office B
$900.4K
$787.9K – $1.05M
NOI $63,028 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$893.4K – $1.19M
NOI $71,471 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
17,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 20006, DC
1,599
Population
904
Households
1.8
Avg Household Size
24
Median Age
85%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
3,998
Density / Sq Mi
$36,019
Median Household Income
$2,035
Median Rent
$255,700
Median Home Value
Market
Vacancy Rate% for Office in Washington, DC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Renovated in 2015 with a conference room, reception, open office, and breakroom plus one garage parking space.
Where is this office units located?
The property is located at 522 21st St NW Washington, DC.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Renovated in 2015 with updated layout and finishes; Leased open workspace by a professional tenant with some term remaining; Reception, open office area, conference room, and breakroom
