Large Studio Residential Income
For Sale
$210,000
922 24TH STREET NW Unit 115, Washington, DC 20037
Second-floor studio with an updated kitchen, dishwasher, generous storage, and a full wall of windows.
Property Size499 SF
Days on Market136
Property Features for 922 24TH STREET NW Unit 115
General Information
Standard status
Active
Size
499 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x studio
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,968
Amenities
24hr front desk
outdoor pool
laundry room
dishwasher
Building Details
Building Size
499 SF
Year Built
1962
Tenancy
Single
Listing Agency:
Long & Foster Real Estate, Inc.
(301) 404-7678
Listed By:
Oyingtare A Youdeowei · License #SP98359059
(301) 404-7678
Source:
Kwcapitalproperties
Added: Apr 10
Changed: Aug 20
Last Checked: Aug 23 at 9:17AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This residential income property is a large studio apartment of almost 500 sq. ft. on the second floor of Jefferson House, one level above the lobby. The east-facing residence looks toward 24th Street and combines an updated kitchen with a dishwasher, ample closet space, and a wall of windows that brings in abundant natural light. Flooring was updated within the past couple of years, and the layout accommodates substantial furnishings while retaining open space.
Jefferson House is located behind GW Hospital and the GW Medical School, with the Foggy Bottom Metro nearby. Building amenities include a 24hr front desk, an outdoor pool, and a first-floor laundry room. Condo fees include electricity, water, and gas. Whole Foods and restaurants are one block away, while the Kennedy Center, State Department, World Bank, Georgetown shopping, and additional dining are nearby. The Circulator Bus provides access to Downtown, and the building has a walk score of 98.
Jefferson House is located behind GW Hospital and the GW Medical School, with the Foggy Bottom Metro nearby. Building amenities include a 24hr front desk, an outdoor pool, and a first-floor laundry room. Condo fees include electricity, water, and gas. Whole Foods and restaurants are one block away, while the Kennedy Center, State Department, World Bank, Georgetown shopping, and additional dining are nearby. The Circulator Bus provides access to Downtown, and the building has a walk score of 98.
Key Highlights
- Almost 500 sq. ft. studio on the second floor of Jefferson House
- Updated kitchen with dishwasher, ample closets, and a wall of windows
- East‑facing apartment overlooking 24th Street
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
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor studio with an updated kitchen, dishwasher, generous storage, and a full wall of windows.
Where is this residential income property located?
The property is located at 922 24TH STREET NW Unit 115 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: Almost 500 sq. ft. studio on the second floor of Jefferson House; Updated kitchen with dishwasher, ample closets, and a wall of windows; East‑facing apartment overlooking 24th Street
