4-Unit Multifamily with Off-Street
For Sale
$1,400,000
1239 MEIGS PLACE NE, Washington, DC 20002
Four 1-bedroom units are fully vacant, with the building described as sound despite sustained fire damage and parking for up to 3–4 cars.
Property Size2,652 SF
Days on Market54
Property Features for 1239 MEIGS PLACE NE
General Information
Standard status
Active
Size
2,652 SF
Total Parking Spaces
4
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$36,293
Building Details
Building Size
2,652 SF
Year Built
1940
Tenancy
Multi
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Wendy A Gadson · License #SP101732
(202) 445-0226
Source:
Barnesrealestatecompany
Added: Jul 22
Changed: Sep 11
Last Checked: Sep 13 at 1:33PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This 4-unit multifamily property features four spacious 1-bedroom units that are fully vacant. The building has sustained fire damage but is described as sound. Off-street parking is available for up to 3–4 cars, making it useful for residents and renovation planning.
The property is located in Trinidad, with Union Market dining and shopping described as nearby. The area is also presented as convenient to local restaurants and grocery options, and to nearby universities. Metro access is described as nearby, with downtown DC and Capitol Hill reached in minutes.
The property is scored as very bikeable (BikeScore 87) and extremely walkable (WalkScore 94), with excellent transit (TransitScore 70). With all units vacant, the configuration allows flexibility to renovate on the owner’s timeline.
The property is located in Trinidad, with Union Market dining and shopping described as nearby. The area is also presented as convenient to local restaurants and grocery options, and to nearby universities. Metro access is described as nearby, with downtown DC and Capitol Hill reached in minutes.
The property is scored as very bikeable (BikeScore 87) and extremely walkable (WalkScore 94), with excellent transit (TransitScore 70). With all units vacant, the configuration allows flexibility to renovate on the owner’s timeline.
Key Highlights
- 4‑unit multifamily building (built 1940) with four spacious 1‑bedroom units
- All four units are fully vacant, offering flexibility for renovation timing
- Building is described as sound despite sustained fire damage
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
$50,524
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
3.61%
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%
$1,010,480
$1.0M
Cap Rate 7%
$721,771
$721.8K
Cap Rate 9%
$561,378
$561.4K
Market Conditions
NOI Build-Up for 2,652 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
$76.4K $28.80/SF
− Vacancy
−$4.2K −$1.58/SF
EGI
$72.2K $27.22/SF
− OpEx
−$21.7K −$8.16/SF
NOI
$50.5K $19.05/SF
Area
ZIP 20002
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,010,480
Cap Rate 7%
$721,771
Cap Rate 9%
$561,378
Alternative Uses
Best Use
Multifamily LT 5
$721.8K
$631.6K – $842.1K
NOI $50,524 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$645.0K
$564.4K – $752.5K
NOI $45,150 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,846 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,149
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four 1-bedroom units are fully vacant, with the building described as sound despite sustained fire damage and parking for up to 3–4 cars.
Where is this quadplex located?
The property is located at 1239 MEIGS PLACE NE Washington, DC.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 4‑unit multifamily building (built 1940) with four spacious 1‑bedroom units; All four units are fully vacant, offering flexibility for renovation timing; Building is described as sound despite sustained fire damage
