Four-Unit Multifamily
For Sale
$1,100,000
1148 OWEN Place NE, Washington, DC 20002
Multi-Family, WASHINGTON, DC
Property Size4,200 SF
Lot Size0.05 Acres
Price / SF$261.90
Days on Market105
Property Features for 1148 OWEN Place NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Parking
4
Parking features
Fenced, On Street, Parking Lot
Subdivision
TRINIDAD
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
4,200 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
6523
Utilities
Heating system
Central, Forced Air
Cooling system
Central Air
Building Details
Year built
2025
Number of units
4
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Samson Properties
(571) 378-1346
Listed By:
Sofia A Pellegrino
(703) 593-6976
Added: May 18
Changed: Aug 19
Last Checked: Aug 30 at 4:06AM
MLS# DCDC2262604
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 for-sale four-unit multifamily property offers four separate 3-bedroom, 2-bath layouts. The building has been fully gutted and is ready for completion by the next owner. Major improvements already completed or nearly completed include framing, electrical, plumbing, and mechanical work, and HVAC/AC units have already been purchased. The nearly completed condo conversion is part of the current project status, with completion dependent on remaining interior finishes.
The property is located at 1148 Owen Place NE in Washington, DC 20002. It is being sold strictly AS-IS, and the listing indicates that buyers should complete their own due diligence regarding permits, condo conversion status, approvals, and projected outcomes.
For investors, builders, and developers, the asset is structured around a value-add renovation scope that can support either a completed condominium configuration (four condos) or a maintained multifamily use after completion. With core building trades already advanced, this offering is most suitable for a buyer prepared to finalize interior finishes, coordinate remaining construction work, and independently confirm the feasibility and timing of the planned condo conversion. The listing notes estimated remaining construction costs to complete interior finishes of approximately $450,000.
The property is located at 1148 Owen Place NE in Washington, DC 20002. It is being sold strictly AS-IS, and the listing indicates that buyers should complete their own due diligence regarding permits, condo conversion status, approvals, and projected outcomes.
For investors, builders, and developers, the asset is structured around a value-add renovation scope that can support either a completed condominium configuration (four condos) or a maintained multifamily use after completion. With core building trades already advanced, this offering is most suitable for a buyer prepared to finalize interior finishes, coordinate remaining construction work, and independently confirm the feasibility and timing of the planned condo conversion. The listing notes estimated remaining construction costs to complete interior finishes of approximately $450,000.
Key Highlights
- 4‑unit multifamily property with condo conversion nearly completed
- Fully gutted and under construction; ready for completion by the next owner
- Major work completed or nearly completed: framing, electrical, plumbing, and mechanical work
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
$80,015
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
7.27%
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%
$1,600,300
$1.6M
Cap Rate 7%
$1,143,071
$1.1M
Cap Rate 9%
$889,056
$889.1K
Market Conditions
NOI Build-Up for 4,200 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
$121.0K $28.80/SF
− Vacancy
−$6.7K −$1.58/SF
EGI
$114.3K $27.22/SF
− OpEx
−$34.3K −$8.16/SF
NOI
$80.0K $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 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%
$1,600,300
Cap Rate 7%
$1,143,071
Cap Rate 9%
$889,056
Alternative Uses
Best Use
Multifamily LT 5
$1.14M
$1.00M – $1.33M
NOI $80,015 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$1.02M
$893.8K – $1.19M
NOI $71,504 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,793 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,648
Businesses Nearby
Explore this area
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
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 spacious 3BR/2BA units with nearly completed condo conversion and major systems already gutted and underway.
Where is this quadplex located?
The property is located at 1148 OWEN Place NE Washington, DC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4‑unit multifamily property with condo conversion nearly completed; Fully gutted and under construction; ready for completion by the next owner; Major work completed or nearly completed: framing, electrical, plumbing, and mechanical work
