Four-Unit Residential Income
For Sale
$1,295,000
1923 35TH Place NW, Washington, DC 20007
MULTI_FAMILY - Other - WASHINGTON, DC
Property Size2,500 SF
Lot Size0.04 Acres
Price / SF$518
Days on Market141
Property Features for 1923 35TH Place NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Interior features
Floor Plan - Traditional, Wood Floors, Ceiling Fan(s)
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Size
2,500 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
13916
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1915
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Chatel Real Estate, Inc.
(202) 338-0500
Listed By:
John T Taylor · License #BR89427
(202) 338-0500
Added: Apr 12
Changed: Jul 15
Last Checked: Aug 30 at 3:06PM
MLS# DCDC2251286
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit residential income building features four self-contained units with 1 bedroom plus den layouts. Two units include patio areas, and there is a laundry and storage room in the basement. Unit 1 is a two-level layout and is currently vacant, while the remaining three units are occupied.
The property is located on a quiet residential street in the Burleith area, just a few blocks north of Georgetown. It is positioned around the corner from a Georgetown-area Safeway, Trader Joe’s, and retail and dining along Wisconsin Ave.
Tenants pay for their own unit electricity, gas, and water/sewer. Financials provided indicate income based on the last rent roll with baseline expenses excluding repairs, including real estate taxes, insurance, and multiple operating items.
The property is located on a quiet residential street in the Burleith area, just a few blocks north of Georgetown. It is positioned around the corner from a Georgetown-area Safeway, Trader Joe’s, and retail and dining along Wisconsin Ave.
Tenants pay for their own unit electricity, gas, and water/sewer. Financials provided indicate income based on the last rent roll with baseline expenses excluding repairs, including real estate taxes, insurance, and multiple operating items.
Key Highlights
- Multi‑unit building built in 1915 with brick construction
- 4 self‑contained units with 1 bedroom + den layouts
- Unit 1 (largest, 2‑level) is vacant and designed for owner‑occupant use
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
$44,793
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
3.46%
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%
$895,860
$895.9K
Cap Rate 7%
$639,900
$639.9K
Cap Rate 9%
$497,700
$497.7K
Market Conditions
NOI Build-Up for 2,500 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
$67.5K $27.00/SF
− Vacancy
−$3.5K −$1.40/SF
EGI
$64.0K $25.60/SF
− OpEx
−$19.2K −$7.68/SF
NOI
$44.8K $17.92/SF
Area
Washington, DC
Vacancy
5.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$895,860
Cap Rate 7%
$639,900
Cap Rate 9%
$497,700
Alternative Uses
Best Use
Multifamily LT 5
$639.9K
$559.9K – $746.6K
NOI $44,793 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$593.4K
$519.2K – $692.3K
NOI $41,539 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,014 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,870
Businesses Nearby
Explore this area
Business Placement
Demographics for 20007, DC
26,827
Population
13,583
Households
2
Avg Household Size
35
Median Age
87%
College-Educated
98%
High-School Grad
3.1 sq mi
ZIP Area
8,654
Density / Sq Mi
$142,783
Median Household Income
$93,107
Median Earnings
$2,066
Median Rent
$1,202,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four self-contained 1-bedroom + den units, including two with patios and shared basement laundry/storage.
Where is this quadplex located?
The property is located at 1923 35TH Place NW Washington, DC.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Multi‑unit building built in 1915 with brick construction; 4 self‑contained units with 1 bedroom + den layouts; Unit 1 (largest, 2‑level) is vacant and designed for owner‑occupant use
