Studio Income
For Sale
$199,000
922 24TH STREET NW Unit 220, Washington, DC 20037
Open-concept studio with wood flooring, full bath, storage, and condominium amenities near major institutions and transit.
Property Size465 SF
Days on Market45
Property Features for 922 24TH STREET NW Unit 220
General Information
Standard status
Active
Size
465 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,872
Amenities
24-hour front desk
laundry facilities
outdoor swimming pool
Building Details
Building Size
465 SF
Year Built
1962
Listing Agency:
Washington Fine Properties ,LLC
(202) 380-7219
Listed By:
Daryl Judy · License #AB699875
(202) 380-7219
Source:
Kwcapitalproperties
Added: Jul 9
Changed: Aug 20
Last Checked: Aug 22 at 11:25AM
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 Washington Fine Properties ,LLC
Investment Insights
Based on property information with market context.
Unit 220 is a studio residential income property in Jefferson House, built in 1962. The interior features wood flooring, an open living and dining area, a connected kitchen, expansive windows, a full bathroom, and a large storage closet. The unit has been maintained as an income-producing property and may also serve as a pied-à-terre or primary residence, as supported by the existing layout and features.
Building amenities include a 24-hour front desk, laundry facilities, and an outdoor swimming pool. Monthly condominium fees cover electricity, gas, and water. The property is at 922 24th Street NW in Washington, DC, near George Washington University, GWU Hospital, the Foggy Bottom-GWU Metro, the State Department, World Bank, and IMF. Its setting also provides access to Georgetown, the West End, dining, cultural destinations, and waterfront recreation.
Building amenities include a 24-hour front desk, laundry facilities, and an outdoor swimming pool. Monthly condominium fees cover electricity, gas, and water. The property is at 922 24th Street NW in Washington, DC, near George Washington University, GWU Hospital, the Foggy Bottom-GWU Metro, the State Department, World Bank, and IMF. Its setting also provides access to Georgetown, the West End, dining, cultural destinations, and waterfront recreation.
Key Highlights
- Studio unit at Jefferson House, built in 1962
- Wood floors, open living and dining area, connected kitchen, and full bath
- Expansive windows and a spacious storage closet
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
$7,726
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
3.88%
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%
$154,520
$154.5K
Cap Rate 7%
$110,371
$110.4K
Cap Rate 9%
$85,844
$85.8K
Market Conditions
NOI Build-Up for 465 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
$14.8K $31.80/SF
− Vacancy
−$739 −$1.59/SF
EGI
$14.0K $30.21/SF
− OpEx
−$6.3K −$13.59/SF
NOI
$7.7K $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%
$154,520
Cap Rate 7%
$110,371
Cap Rate 9%
$85,844
Alternative Uses
Best Use
Apartment 5plus
$110.4K
$96.6K – $128.8K
NOI $7,726 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$239.2K
$209.3K – $279.1K
NOI $16,743 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open-concept studio with wood flooring, full bath, storage, and condominium amenities near major institutions and transit.
Where is this residential income property located?
The property is located at 922 24TH STREET NW Unit 220 Washington, DC.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Studio unit at Jefferson House, built in 1962; Wood floors, open living and dining area, connected kitchen, and full bath; Expansive windows and a spacious storage closet
