Vacant Four-Unit
1238 PENN NE STREET, Washington, DC 20002
Four 2-bedroom units, vacant, ready for new owner.
Type:Multi Family
Property size:
3,164 SFLot size:
0.06 AcresPrice / SF:
$284/SF- Added:
- Mar 24, 2026
- Days on Market:
- 69
- Last Refresh:
- Apr 6 at 3:38 am
Property Features for 1238 PENN NE STREET
General Information
- Standard status
- Active
- Size
- 3,164 SF
- Lot size
- 0.06 Acres
- Property subtype
- Multi Family
Building Details
- Year Built
- 1939
Listing agent Chris M Sartwell
Listing office RLAH @properties (301) 652-0643
Listing date Mar 24, 2026
Source Exitrealty
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 RLAH @properties
HighLights
- Significant Price Drop: $90,000 reduction makes this a compelling investment opportunity.
- Vacant Building: Ready for immediate occupancy or renovation.
- Four Separate Units: Each featuring 2 bedrooms and 1 bathroom.
- Separately Metered Utilities: Electric and water are individually metered.
- In‑Unit Laundry: Each unit includes a washer and dryer.
- Prime Location: Easy access to Gallaudet University, H Street Corridor, Union Market, Capitol Hill, major roads/highways, and public transportation.
Overview
This vacant building features four units, each with two bedrooms and one bathroom. Each unit is separately metered for electric and water. The units include a washer and dryer. A fenced, shared yard is located at the rear of the property. The property offers potential for buy and hold investment or condo conversion. The location provides easy access to Gallaudet University, the H Street Corridor, Union Market, Capitol Hill, and major local roads and highways. A bus route is located at the bottom of the street.
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 | $91.1k | $28.80 |
| − Vacancy | −$5.0k | −$1.58 |
| EGI | $86.1k | $27.22 |
| − OpEx | −$25.8k | −$8.16 |
| NOI | $60.3k | $19.05 |
3,164 SF · lease $28.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$861.1K
$753.5K – $1.00M
NOI $60,278 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$769.5K
$673.3K – $897.8K
NOI $53,866 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$1.63M
$1.43M – $1.91M
NOI $114,351 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Map
- City
- Washington
- County
- District of Columbia
- State
- District of Columbia
- Longitude
- -76.9862454
- Latitude
- 38.9061727
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four 2-bedroom units, vacant, ready for new owner.
Where is this quadplex located?
The property is located at 1238 PENN NE STREET Washington, DC.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Significant Price Drop: $90,000 reduction makes this a compelling investment opportunity.; Vacant Building: Ready for immediate occupancy or renovation.; Four Separate Units: Each featuring 2 bedrooms and 1 bathroom.
