Studio Residential Income
For Sale
$210,000
922 24TH STREET NW Unit 718, Washington, DC 20037
Seventh-floor condominium studio steps from Metro, university, hospital, grocery, dining, shopping, and cultural destinations.
Property Size499 SF
Days on Market176
Property Features for 922 24TH STREET NW Unit 718
General Information
Standard status
Active
Size
499 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,968
Building Details
Building Size
499 SF
Year Built
1962
Listing Agency:
Compass
Listed By:
Robert Lizardi
(202) 327-1577
Source:
Kwcapitalproperties
Added: Mar 24
Changed: Sep 12
Last Checked: Sep 14 at 10:34AM
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 Compass
Investment Insights
Based on property information with market context.
This studio condominium is located on the seventh floor of Jefferson House Condominium, a residential property completed in 1962. The unit offers a compact residential layout within an established condominium setting.
The property is positioned near Metro service, George Washington University, GW Hospital, Whole Foods, and a range of dining, shopping, and cultural destinations. Its Washington, DC location places everyday services and major institutions within close reach.
The property is positioned near Metro service, George Washington University, GW Hospital, Whole Foods, and a range of dining, shopping, and cultural destinations. Its Washington, DC location places everyday services and major institutions within close reach.
Key Highlights
- Studio condominium on the 7th floor
- Located in Jefferson House Condominium
- Built in 1962
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
$8,291
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
3.95%
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%
$165,820
$165.8K
Cap Rate 7%
$118,443
$118.4K
Cap Rate 9%
$92,122
$92.1K
Market Conditions
NOI Build-Up for 499 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
$15.9K $31.80/SF
− Vacancy
−$793 −$1.59/SF
EGI
$15.1K $30.21/SF
− OpEx
−$6.8K −$13.59/SF
NOI
$8.3K $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%
$165,820
Cap Rate 7%
$118,443
Cap Rate 9%
$92,122
Alternative Uses
Best Use
Apartment 5plus
$118.4K
$103.6K – $138.2K
NOI $8,291 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$256.7K
$224.6K – $299.5K
NOI $17,967 @ 7.0% cap · market cap 8.56%
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
17,858
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 - Seventh-floor condominium studio steps from Metro, university, hospital, grocery, dining, shopping, and cultural destinations.
Where is this residential income property located?
The property is located at 922 24TH STREET NW Unit 718 Washington, DC.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Studio condominium on the 7th floor; Located in Jefferson House Condominium; Built in 1962
