Vacant Quadplex with 1-Bed
For Sale
$825,000
1123 PENN STREET NE, Washington, DC 20002
Four fully vacant 1-bedroom units in a quadplex, ready for renovation or portfolio addition.
Property Size2,784 SF
Price / SF$296.34
Days on Market100
Property Features for 1123 PENN STREET NE
General Information
Standard status
Active
Size
2,784 SF
Property subtype
Quadruplex
Site & Location
Neighborhood
Trinidad
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$39,421
Building Details
Building Size
2,784 SF
Year Built
1930
Tenancy
Multi
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Wendy A Gadson · License #SP101732
(202) 445-0226
Source:
Kerishull
Added: Jul 22
Changed: Oct 25
Last Checked: Oct 28 at 4:56PM
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 Long & Foster Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This for-sale quadplex offers four spacious 1-bedroom residential units. All units are fully vacant and presented as ready for a renovation, whether a full scope update or an investor refresh to prepare for new occupancy.
The property is located in Trinidad, with access to Union Market’s dining and shopping options nearby. Public remarks also note easy access to nearby universities, local restaurants and grocery stores, and Metro access for commuting. BikeScore is listed as 87 (Very Bikeable), walkScore as 94 (Walker’s Paradise), and transitScore as 70 (Excellent Transit).
With the entire building vacant, the configuration provides flexibility for an owner to renovate on their preferred timeline and manage each unit as part of the overall four-unit portfolio.
The property is located in Trinidad, with access to Union Market’s dining and shopping options nearby. Public remarks also note easy access to nearby universities, local restaurants and grocery stores, and Metro access for commuting. BikeScore is listed as 87 (Very Bikeable), walkScore as 94 (Walker’s Paradise), and transitScore as 70 (Excellent Transit).
With the entire building vacant, the configuration provides flexibility for an owner to renovate on their preferred timeline and manage each unit as part of the overall four-unit portfolio.
Key Highlights
- 4‑unit multifamily (quadplex) built in 1930
- Four fully vacant 1‑bedroom units, ready for renovation or portfolio addition
- Convenient Trinidad location near Union Market dining and shopping
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,039
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,060,780
$1.1M
Cap Rate 7%
$757,700
$757.7K
Cap Rate 9%
$589,322
$589.3K
Market Conditions
NOI Build-Up for 2,784 SF
Gross rent
$80.2K $28.80/SF
− Vacancy
−$4.4K −$1.58/SF
EGI
$75.8K $27.22/SF
− OpEx
−$22.7K −$8.16/SF
NOI
$53.0K $19.05/SF
Area
ZIP 20002
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,060,780
Cap Rate 7%
$757,700
Cap Rate 9%
$589,322
Alternative Uses
Best Use
Multifamily LT 5
$757.7K
$663.0K – $884.0K
NOI $53,039 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$677.1K
$592.5K – $790.0K
NOI $47,397 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,617 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,648
Businesses Nearby
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Business Placement
Demographics for 20002, DC
69,422
Population
38,459
Households
1.8
Avg Household Size
33
Median Age
70%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
13,612
Density / Sq Mi
$114,482
Median Household Income
$82,909
Median Earnings
$2,140
Median Rent
$813,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four fully vacant 1-bedroom units in a quadplex, ready for renovation or portfolio addition.
Where is this quadplex located?
The property is located at 1123 PENN STREET NE Washington, DC.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 4‑unit multifamily (quadplex) built in 1930; Four fully vacant 1‑bedroom units, ready for renovation or portfolio addition; Convenient Trinidad location near Union Market dining and shopping
