Four-Unit Multifamily
1148 OWEN Place NE Washington, DC 20002
1148 OWEN Place NE, Washington, DC, 20002
$1,100,000
For Sale
$1,100,000
MULTI_FAMILY - Colonial - WASHINGTON, DC
Property Size4,200 SF
Lot Size0.05 Acres
Price / SF$261.90
Days on Market60
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 Agency
Samson Properties
(571) 378-1346
8521 Leesburg Pike unit: 300, Chantilly, DC
Listed by
Sofia A Pellegrino
(703) 593-6976
Added: May 18 Checked: Jul 16 at 4:06 pm
MLS# DCDC2262604
Listing URL
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
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 |
4,200 SF · lease $28.80/SF/yr · vacancy 5.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
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
