Watergate South Residential Income
For Sale
$720,000
Pending
700 NEW HAMPSHIRE AVENUE NW Unit 510, Washington, DC 20037
Two-bedroom residence with river views, balcony access, upgraded finishes, and building services near Metro, Georgetown, and the Kennedy Center.
Property Size1,381 SF
Days on Market40
Property Features for 700 NEW HAMPSHIRE AVENUE NW Unit 510
General Information
Standard status
Pending
Size
1,381 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
24-hour front desk & doorman
outdoor saltwater pool & grill
fitness center
community room
landscaped gardens
roof terrace
guest suites
dog spa room
on-site shops & restaurants
Building Details
Building Size
1,381 SF
Year Built
1971
Listing Agency:
Winston Real Estate, Inc.
Listed By:
Gigi R. Winston · License #BR98367703
(703) 850-9642
Source:
Barnesrealestatecompany
Added: Aug 6
Changed: Aug 31
Last Checked: Sep 13 at 11:37AM
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 Winston Real Estate, Inc.
Investment Insights
Based on property information with market context.
Unit 510 offers 1,381 square feet with two bedrooms, two full baths, and an open living and dining arrangement connected to a balcony overlooking the Potomac River. Double-pane windows, custom lighting, rich flooring, and two walk-in closets complement the interior. The kitchen includes stone countertops, premium appliances, detailed cabinetry, and glass-front storage, while the bathrooms feature custom tilework, TOTO fixtures, wood vanities, and stone surfaces. One bathroom includes a frameless glass enclosure and built-in tiled shelving.
The residence includes one underground garage space and an additional storage room. The building fee covers property taxes, utilities, HVAC maintenance, basic cable, internet, and parking. Watergate South provides a 24-hour front desk and doorman, outdoor saltwater pool, fitness center, community room, landscaped gardens, roof terrace, guest suites, dog spa room, shops, and restaurants. Foggy Bottom Metro, the Kennedy Center, Whole Foods, and Georgetown Waterfront are within walking distance.
The residence includes one underground garage space and an additional storage room. The building fee covers property taxes, utilities, HVAC maintenance, basic cable, internet, and parking. Watergate South provides a 24-hour front desk and doorman, outdoor saltwater pool, fitness center, community room, landscaped gardens, roof terrace, guest suites, dog spa room, shops, and restaurants. Foggy Bottom Metro, the Kennedy Center, Whole Foods, and Georgetown Waterfront are within walking distance.
Key Highlights
- 1,381 SF unit with two bedrooms and two full baths
- Potomac River and sunset views from the balcony
- One underground garage space included
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
$22,946
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
3.19%
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%
$458,920
$458.9K
Cap Rate 7%
$327,800
$327.8K
Cap Rate 9%
$254,956
$255.0K
Market Conditions
NOI Build-Up for 1,381 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
$43.9K $31.80/SF
− Vacancy
−$2.2K −$1.59/SF
EGI
$41.7K $30.21/SF
− OpEx
−$18.8K −$13.59/SF
NOI
$22.9K $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%
$458,920
Cap Rate 7%
$327,800
Cap Rate 9%
$254,956
Alternative Uses
Best Use
Apartment 5plus
$327.8K
$286.8K – $382.4K
NOI $22,946 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$710.3K
$621.6K – $828.7K
NOI $49,724 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
9,876
Businesses Nearby
Explore this area
Business Placement
Demographics for 20037, DC
14,945
Population
8,828
Households
1.7
Avg Household Size
29
Median Age
90%
College-Educated
99%
High-School Grad
0.7 sq mi
ZIP Area
21,350
Density / Sq Mi
$98,917
Median Household Income
$69,480
Median Earnings
$2,420
Median Rent
$743,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence with river views, balcony access, upgraded finishes, and building services near Metro, Georgetown, and the Kennedy Center.
Where is this residential income property located?
The property is located at 700 NEW HAMPSHIRE AVENUE NW Unit 510 Washington, DC.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 1,381 SF unit with two bedrooms and two full baths; Potomac River and sunset views from the balcony; One underground garage space included
