Updated Residential Income
For Sale
$289,999
922 24TH STREET NW Unit 713, Washington, DC 20037
A bright studio combines refreshed finishes, an efficient open plan, and included utilities in Washington, DC.
Property Size518 SF
Price / SF$559.84
Days on Market88
Property Features for 922 24TH STREET NW Unit 713
General Information
Standard status
Active
Size
518 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,021
Building Details
Building Size
518 SF
Year Built
1962
Listing Agency:
Fairfax Realty Select
(703) 559-5255
Listed By:
Tina Alvi
(703) 559-5255
Source:
Kwcapitalproperties
Added: May 27
Changed: Aug 21
Last Checked: Aug 21 at 11:26AM
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 Fairfax Realty Select
Investment Insights
Based on property information with market context.
This 518 sq ft studio at 922 24th Street NW, Unit 713, offers an updated residential layout with refreshed flooring and finishes. The open arrangement connects the kitchen and living areas, while large windows bring natural light throughout the space. Utilities are included, and the unit was built in 1962.
The property is positioned in Washington, DC, with access to Georgetown, Foggy Bottom, George Washington University, Metro, restaurants, shopping, and major commuter routes. Its compact configuration provides a practical city residence with a central Northwest DC setting.
The property is positioned in Washington, DC, with access to Georgetown, Foggy Bottom, George Washington University, Metro, restaurants, shopping, and major commuter routes. Its compact configuration provides a practical city residence with a central Northwest DC setting.
Key Highlights
- 518 sq ft studio with an open kitchen and living area
- Updated flooring and refreshed interior finishes
- Large windows provide abundant natural light
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
$8,607
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
2.97%
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%
$172,140
$172.1K
Cap Rate 7%
$122,957
$123.0K
Cap Rate 9%
$95,633
$95.6K
Market Conditions
NOI Build-Up for 518 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
$16.5K $31.80/SF
− Vacancy
−$824 −$1.59/SF
EGI
$15.6K $30.21/SF
− OpEx
−$7.0K −$13.59/SF
NOI
$8.6K $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%
$172,140
Cap Rate 7%
$122,957
Cap Rate 9%
$95,633
Alternative Uses
Best Use
Apartment 5plus
$123.0K
$107.6K – $143.5K
NOI $8,607 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$266.4K
$233.1K – $310.9K
NOI $18,651 @ 7.0% cap · market cap 6.43%
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 - A bright studio combines refreshed finishes, an efficient open plan, and included utilities in Washington, DC.
Where is this residential income property located?
The property is located at 922 24TH STREET NW Unit 713 Washington, DC.
What is the asking price?
The asking price for this property is $289,999.
What are key features of this property?
This property features: 518 sq ft studio with an open kitchen and living area; Updated flooring and refreshed interior finishes; Large windows provide abundant natural light
