Four-Unit Multifamily Condo Conversion
1148 Owen Place Northeast Washington, DC 20002
1148 Owen Place Northeast, Washington, DC, 20002
$1,100,000
For Sale
$1,100,000
Rare multifamily property ready for condo conversion or rental investment.
Property Size4,200 SF
Price / SF$261.90
Days on Market83
Property Features for 1148 Owen Place Northeast
General Information
- Standard status
- Active
- Size
- 4,200 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 2025
Listing Agency
Samson Properties
(703) 593-6976
Listed by
Sofia A Pellegrino
(703) 593-6976
Source
Compass
Added: Apr 25 Checked: Jul 16 at 7:19 am
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 Samson Properties
Investment Insights
Based on property information with market context.
This is a rare four-unit multifamily property presenting an investor/developer opportunity with condo conversion nearly completed and exceptional upside potential. Each unit features a spacious 3BR/2BA layout. The property 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, with HVAC/AC units already purchased. The estimated remaining construction costs to complete interior finishes are approximately $450K. This property offers an excellent opportunity to create four condominium units or a strong cash-flowing multifamily investment. It is ideal for investors, builders, or developers seeking value-add potential and strong future resale or rental income. The property size is 4200 square feet.
Key Highlights
- Rare 4‑unit multifamily property with condo conversion nearly completed.
- Spacious 3BR/2BA layout in each unit.
- Major improvements 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 - Rare multifamily property ready for condo conversion or rental investment.
Where is this quadplex located?
The property is located at 1148 Owen Place Northeast 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: Rare 4‑unit multifamily property with condo conversion nearly completed.; Spacious 3BR/2BA layout in each unit.; Major improvements completed: framing, electrical, plumbing, and mechanical work.
