Corner Property in North
For Sale
$2,100,000
2324 North Capitol St NW, Washington, DC 20002
All-brick property with high visibility and value-add potential.
Property Size3,960 SF
Price / SF$530.30
Days on Market162
Property Features for 2324 North Capitol St NW
General Information
Standard status
Active
Size
3,960 SF
Building Details
Year Built
1920
Listing Agency:
Compass
(202) 280-2060
Listed By:
Jennifer S Smira, KAUSHIK RATH · License #SP600505
Source:
Kandorre
Added: Mar 16
Changed: Aug 23
Last Checked: Aug 22 at 7:57AM
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 Compass
Investment Insights
Based on property information with market context.
Located in the North Capitol Street corridor, this all-brick corner property offers a value-add opportunity. The building features high ceilings and wrap-around windows. The versatile layout includes an expansive main level, a second-story unit with residential or office potential, and a substantial basement for storage or prep. It is positioned on a route that funnels commuters into Downtown D.C., providing high visibility. The property also includes private parking. It is suitable for a cafe, restaurant, or boutique retail space. The property is currently under construction.
Key Highlights
- High‑visibility corner location on a strategic route with heavy commuter traffic into Downtown D.C.
- Value‑add opportunity to customize a unique commercial space (café, restaurant, retail).
- Versatile layout with expansive main level, second‑story unit (residential/office potential), and substantial basement.
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
$71,815
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
3.42%
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%
$1,436,300
$1.4M
Cap Rate 7%
$1,025,929
$1.0M
Cap Rate 9%
$797,944
$797.9K
Market Conditions
NOI Build-Up for 3,960 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
$123.6K $31.20/SF
− Vacancy
−$8.6K −$2.18/SF
EGI
$114.9K $29.02/SF
− OpEx
−$43.1K −$10.88/SF
NOI
$71.8K $18.13/SF
Area
ZIP 20002
Vacancy
7.00%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,436,300
Cap Rate 7%
$1,025,929
Cap Rate 9%
$797,944
Alternative Uses
Best Use
Mixed Use
$1.03M
$897.7K – $1.20M
NOI $71,815 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.39M
NOI $143,119 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,377
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - All-brick property with high visibility and value-add potential.
Where is this mixed-use property located?
The property is located at 2324 North Capitol St NW Washington, DC.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: High‑visibility corner location on a strategic route with heavy commuter traffic into Downtown D.C.; Value‑add opportunity to customize a unique commercial space (café, restaurant, retail).; Versatile layout with expansive main level, second‑story unit (residential/office potential), and substantial basement.
