Residential Income Property with
For Sale
$340,000
70 RHODE ISLAND AVENUE NW Unit 304, Washington, DC 20001
One-bedroom residence pairs updated finishes with building amenities near dining, markets, and Metro access.
Property Size590 SF
Days on Market9
Property Features for 70 RHODE ISLAND AVENUE NW Unit 304
General Information
Standard status
Active
Size
590 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
HOA Fee
$309.44
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,386
Amenities
hardwood floors
updated kitchen
stainless appliances
gas range
granite counters
gas fireplace
in-unit washer/dryer
common patio area
BBQ grill
pet friendly
Building Details
Building Size
590 SF
Year Built
1930
Listing Agency:
Corcoran McEnearney
Listed By:
Michael A Makris · License #SP98369308
(703) 402-0629
Source:
Kwcapitalproperties
Added: Sep 6
Changed: Sep 12
Last Checked: Sep 14 at 8:37AM
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 Corcoran McEnearney
Investment Insights
Based on property information with market context.
Unit 304 is a one-bedroom condominium in The Providence, a 17-unit building constructed in 1930. The interior features hardwood flooring, an open living and dining arrangement, an updated kitchen with painted cabinetry, stainless appliances, a gas range, granite countertops, and island storage. A gas fireplace anchors the living area, while a corner nook provides space for a desk or reading chair. The bedroom has a double-door closet and an attached bath with access from the main living area. An in-unit washer and dryer and entry coat storage add convenience.
The property is located at 70 Rhode Island Avenue NW in Washington, DC’s Bloomingdale neighborhood. Restaurants, shops, markets, and the Bloomingdale Farmer’s Market are within walking distance, and Shaw-Howard Univ. Metro is less than a mile away. Building features include professional management, a rear garden patio with BBQ grill, FHA approval, pet-friendly policies, and water and gas included with the condo fee.
The property is located at 70 Rhode Island Avenue NW in Washington, DC’s Bloomingdale neighborhood. Restaurants, shops, markets, and the Bloomingdale Farmer’s Market are within walking distance, and Shaw-Howard Univ. Metro is less than a mile away. Building features include professional management, a rear garden patio with BBQ grill, FHA approval, pet-friendly policies, and water and gas included with the condo fee.
Key Highlights
- One‑bedroom Unit 304 in The Providence, a 17‑unit building
- Updated kitchen with stainless appliances, gas range, granite counters, and island storage
- Open living and dining layout with hardwood floors and a gas fireplace
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
$9,803
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
2.88%
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%
$196,060
$196.1K
Cap Rate 7%
$140,043
$140.0K
Cap Rate 9%
$108,922
$108.9K
Market Conditions
NOI Build-Up for 590 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
$18.8K $31.80/SF
− Vacancy
−$938 −$1.59/SF
EGI
$17.8K $30.21/SF
− OpEx
−$8.0K −$13.59/SF
NOI
$9.8K $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%
$196,060
Cap Rate 7%
$140,043
Cap Rate 9%
$108,922
Alternative Uses
Best Use
Apartment 5plus
$140.0K
$122.5K – $163.4K
NOI $9,803 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$303.5K
$265.5K – $354.1K
NOI $21,243 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,678
Businesses Nearby
Explore this area
Business Placement
Demographics for 20001, DC
49,040
Population
26,728
Households
1.8
Avg Household Size
32
Median Age
78%
College-Educated
95%
High-School Grad
2.0 sq mi
ZIP Area
24,520
Density / Sq Mi
$138,730
Median Household Income
$94,675
Median Earnings
$2,464
Median Rent
$844,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom residence pairs updated finishes with building amenities near dining, markets, and Metro access.
Where is this residential income property located?
The property is located at 70 RHODE ISLAND AVENUE NW Unit 304 Washington, DC.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: One‑bedroom Unit 304 in The Providence, a 17‑unit building; Updated kitchen with stainless appliances, gas range, granite counters, and island storage; Open living and dining layout with hardwood floors and a gas fireplace
