Mixed-Use Building with Medical
For Sale
$2,495,000
4123 CONNECTICUT Avenue NW, Washington, DC 20008
Multi-Family, WASHINGTON, DC
Property Size3,504 SF
Lot Size0.05 Acres
Price / SF$712.04
Days on Market54
Property Features for 4123 CONNECTICUT Avenue NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Parking Lot, Driveway
Fireplace
1
Subdivision
VAN NESS
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
3,504 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
8886
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1923
Number of units
4
Building materials
Brick
Architectural style
Federal
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(703) 281-8500
Listed By:
Stacie Hatziyannis · License #SP101472
(301) 928-7465
Added: Jul 13
Changed: Aug 19
Last Checked: Sep 4 at 4:06PM
MLS# DCDC2273216
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.
Built in 1923, this 3,504-square-foot Federal-style brick building combines three residential apartments with an established medical office. The apartments retain original woodwork, transom windows, hardwood flooring, and updated kitchens and bathrooms, while newer windows and separately controlled HVAC systems support current occupancy needs. One apartment is vacant, allowing the next owner to occupy it or lease it. The office includes five exam rooms, a reception area, and a private office.
The property occupies a 0.0505-acre corner site along Connecticut Avenue in Van Ness, with signage potential and a rear parking area accommodating approximately five tandem spaces. The Van Ness-UDC Metro station on the Red Line is one block away. Nearby conveniences include grocery stores, restaurants, cafes, fitness centers, pharmacies, and neighborhood retail, while Rock Creek Park and area embassies and educational institutions are also in the surrounding context.
The property occupies a 0.0505-acre corner site along Connecticut Avenue in Van Ness, with signage potential and a rear parking area accommodating approximately five tandem spaces. The Van Ness-UDC Metro station on the Red Line is one block away. Nearby conveniences include grocery stores, restaurants, cafes, fitness centers, pharmacies, and neighborhood retail, while Rock Creek Park and area embassies and educational institutions are also in the surrounding context.
Key Highlights
- 3,504‑square‑foot mixed‑use building with three apartments and an established medical office
- Medical office includes five exam rooms, reception area, and private office
- One residential apartment is vacant for owner occupancy or leasing flexibility
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
$111,259
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
4.46%
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%
$2,225,180
$2.2M
Cap Rate 7%
$1,589,414
$1.6M
Cap Rate 9%
$1,236,211
$1.2M
Market Conditions
NOI Build-Up for 3,504 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
$176.6K $50.40/SF
− Vacancy
−$28.3K −$8.06/SF
EGI
$148.3K $42.34/SF
− OpEx
−$37.1K −$10.58/SF
NOI
$111.3K $31.75/SF
Area
Washington, DC
Vacancy
16.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,225,180
Cap Rate 7%
$1,589,414
Cap Rate 9%
$1,236,211
Alternative Uses
Best Use
Office B
$1.59M
$1.39M – $1.85M
NOI $111,259 @ 7.0% cap · market cap 4.46%
Second Best
Healthcare Medical
$928.4K
$812.4K – $1.08M
NOI $64,989 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,164 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 20008, DC
30,143
Population
18,083
Households
1.7
Avg Household Size
38
Median Age
89%
College-Educated
98%
High-School Grad
3.1 sq mi
ZIP Area
9,724
Density / Sq Mi
$123,653
Median Household Income
$87,607
Median Earnings
$2,202
Median Rent
$894,100
Median Home Value
Market
Vacancy Rate% for Office in Washington, DC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic brick property combines residential apartments with an established medical office and separately controlled HVAC.
Where is this mixed-use property located?
The property is located at 4123 CONNECTICUT Avenue NW Washington, DC.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 3,504‑square‑foot mixed‑use building with three apartments and an established medical office; Medical office includes five exam rooms, reception area, and private office; One residential apartment is vacant for owner occupancy or leasing flexibility
