1148 OWEN Place NE Washington, DC 20002
MULTI_FAMILY - Colonial - WASHINGTON, DC
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
- Parking Lot, Fenced, On Street
- 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 agent Sofia A Pellegrino (703) 593-6976
Listing office Samson Properties 8521 Leesburg Pike unit: 300, Chantilly, DC (571) 378-1346
Listing date May 18, 2026
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.
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $121.0k | $28.80 |
| − Vacancy | −$6.7k | −$1.58 |
| EGI | $114.3k | $27.22 |
| − OpEx | −$34.3k | −$8.16 |
| NOI | $80.0k | $19.05 |
