Woodridge Multifamily Value-Add
For Sale
$800,000
2513-15 22ND Street NE, Washington, DC 20018
MULTI_FAMILY - Other - WASHINGTON, DC
Property Size2,640 SF
Lot Size0.09 Acres
Price / SF$303.03
Days on Market96
Property Features for 2513-15 22ND Street NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
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
2,640 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
5526
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1941
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Capital Properties · Keller Williams Realty
(202) 243-7700
Listed By:
Stefan Rosu · License #SP98377007
(703) 297-2730
Added: May 6
Changed: Jun 9
Last Checked: Aug 9 at 1:06AM
MLS# DCDC2260216
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.
Located in Woodridge, this offering presents a value-add opportunity. The sale includes two properties: 2513 22nd St NE, containing two units, and 2515 22nd St NE, which features four units. The combined listing price for both is $800,000. Each of the six units is configured as a one-bedroom plus den and one-bath apartment. There is potential to add bedrooms to all units. The properties include large, unfinished basements that could be converted into additional living space. Currently, two units are vacant, while the remaining four are occupied. In-place rents range from $1,000 to $1,384 per month. The units are in good condition but have dated finishes. Electric and gas are separately metered for each unit. The combined lot size is 7,500 square feet. The zoning for both parcels is R-1B.
Key Highlights
- Two‑building package at 2513 and 2515 22nd St NE: total of 6 units (sold together)
- 6 units configured as 1 bedroom + den, 1 bath; potential to add bedrooms in all units
- Two vacant units currently; four units occupied with in‑place rents ranging from $1,000/month to $1,384/month
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
$47,301
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
5.91%
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%
$946,020
$946.0K
Cap Rate 7%
$675,729
$675.7K
Cap Rate 9%
$525,567
$525.6K
Market Conditions
NOI Build-Up for 2,640 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
$71.3K $27.00/SF
− Vacancy
−$3.7K −$1.40/SF
EGI
$67.6K $25.60/SF
− OpEx
−$20.3K −$7.68/SF
NOI
$47.3K $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%
$946,020
Cap Rate 7%
$675,729
Cap Rate 9%
$525,567
Alternative Uses
Best Use
Multifamily LT 5
$675.7K
$591.3K – $788.4K
NOI $47,301 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$626.6K
$548.3K – $731.1K
NOI $43,865 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $95,055 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
66.7%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,481
Businesses Nearby
Explore this area
Business Placement
Demographics for 20018, DC
20,646
Population
9,753
Households
2.1
Avg Household Size
39
Median Age
46%
College-Educated
89%
High-School Grad
3.0 sq mi
ZIP Area
6,882
Density / Sq Mi
$92,569
Median Household Income
$71,947
Median Earnings
$1,245
Median Rent
$672,100
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?
Apartment building - Two multifamily properties with six units, value-add potential in Woodridge.
Where is this apartment building located?
The property is located at 2513-15 22ND Street NE Washington, DC.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Two‑building package at 2513 and 2515 22nd St NE: total of 6 units (sold together); 6 units configured as 1 bedroom + den, 1 bath; potential to add bedrooms in all units; Two vacant units currently; four units occupied with in‑place rents ranging from $1,000/month to $1,384/month
