One-Bedroom Residential Income
For Sale
$315,000
730 24TH STREET NW #309, Washington, DC 20037
Private balcony and western-facing exposure complement an open living area with hardwood floors.
Property Size730 SF
Price / SF$431.51
Days on Market101
Property Features for 730 24TH STREET NW #309
General Information
Standard status
Active
Size
730 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
floor-to-ceiling windows
hardwood floors
private balcony
large walk-in closet
coat closets
Central A/C
Forced Air
Building Details
Year Built
1961
Listed By:
Austin Harvey · License #98754321
(678) 790-5651
Source:
Kw
Added: Jun 6
Changed: Sep 13
Last Checked: Sep 13 at 11:09AM
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 Austin Harvey
Investment Insights
Based on property information with market context.
This residential income property at 730 24th Street NW #309 provides approximately 730 square feet with one bedroom and one bathroom. The interior includes hardwood flooring, central A/C, forced air, an open living area, and substantial storage. A large walk-in closet, additional closets, and a private balcony add practical functionality. The property was built in 1961.
The residence is positioned one block from the Foggy Bottom-GWU Metro in Washington, DC. George Washington University, Whole Foods, Georgetown, the C&O Canal, the Kennedy Center, and a range of dining and shopping destinations are nearby. Western-facing views from the balcony provide sunset exposure.
The residence is positioned one block from the Foggy Bottom-GWU Metro in Washington, DC. George Washington University, Whole Foods, Georgetown, the C&O Canal, the Kennedy Center, and a range of dining and shopping destinations are nearby. Western-facing views from the balcony provide sunset exposure.
Key Highlights
- Approximately 730 square feet with 1 bedroom and 1 bathroom
- Private balcony with western‑facing views
- One block from the Foggy Bottom‑GWU Metro
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
$12,129
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%
$242,580
$242.6K
Cap Rate 7%
$173,271
$173.3K
Cap Rate 9%
$134,767
$134.8K
Market Conditions
NOI Build-Up for 730 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
$23.2K $31.80/SF
− Vacancy
−$1.2K −$1.59/SF
EGI
$22.1K $30.21/SF
− OpEx
−$9.9K −$13.59/SF
NOI
$12.1K $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%
$242,580
Cap Rate 7%
$173,271
Cap Rate 9%
$134,767
Alternative Uses
Best Use
Apartment 5plus
$173.3K
$151.6K – $202.2K
NOI $12,129 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$375.5K
$328.6K – $438.1K
NOI $26,284 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
840
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Private balcony and western-facing exposure complement an open living area with hardwood floors.
Where is this residential income property located?
The property is located at 730 24TH STREET NW #309 Washington, DC.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Approximately 730 square feet with 1 bedroom and 1 bathroom; Private balcony with western‑facing views; One block from the Foggy Bottom‑GWU Metro
