Renovated Two-Unit Income
For Sale
$600,000
1334 28TH Street SE, Washington, DC 20020
MULTI_FAMILY - Colonial - WASHINGTON, DC
Property Size1,760 SF
Lot Size0.07 Acres
Price / SF$340.91
Days on Market58
Property Features for 1334 28TH Street SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Basement
Parking features
Assigned, On Street
Interior features
Additional Stairway, Attic, Bathroom - Tub Shower, Breakfast Area, Ceiling Fan(s), Combination Dining/Living, Entry Level Bedroom, Floor Plan - Traditional, Kitchen - Galley
Appliances
Washer/Dryer Stacked, Exhaust Fan, Oven/Range - Gas, Refrigerator, Built-In Microwave, Microwave, Stainless Steel Appliances, Washer, WaterHeater, Dryer
Subdivision
HILL CREST
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Size
1,760 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3614
Utilities
Heating system
Other (Heating)
Cooling system
Central Air
Building Details
Year built
1939
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Keller Williams Preferred Properties · Keller Williams Realty
(240) 737-5000
Listed By:
Angel S. Saules · License #600657
(240) 342-6435
Added: Jun 18
Changed: Jul 13
Last Checked: Aug 14 at 10:06AM
MLS# DCDC2267016
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 renovated two-unit duplex offers a move-in-ready setup for either owner-occupancy or full rental operations. The property features restored original hardwood floors, fresh paint, and renovated bathroom(s). Recent work includes servicing of major systems such as HVAC and hot water tanks, along with improvements to the roof, rear stairwell, brick and mortar, retention wall, and fencing. Each unit is equipped with a full kitchen including stainless-steel appliances and a gas stove, rear access, ample natural lighting, washer/dryer, ceiling fans, and both central air and efficient radiator heat.
The building includes a fenced rear yard suitable for outdoor entertaining. Unit 1 is configured as a 2-bedroom layout with a living room and dining/table space off the kitchen. Unit 2 includes a 3-bedroom configuration at the front of the unit that can also function as a living room area. The basement is described as expandable, with rear walk-up stair access for additional income potential.
Located close to major commuter routes and public transportation, the property provides easy access across the MD/DC line and toward VA. It is also described as being near Anacostia Park and Eastern Market, supporting a range of tenant preferences and lifestyle needs while giving owners the flexibility to live in one unit and rent the other, or rent both.
The building includes a fenced rear yard suitable for outdoor entertaining. Unit 1 is configured as a 2-bedroom layout with a living room and dining/table space off the kitchen. Unit 2 includes a 3-bedroom configuration at the front of the unit that can also function as a living room area. The basement is described as expandable, with rear walk-up stair access for additional income potential.
Located close to major commuter routes and public transportation, the property provides easy access across the MD/DC line and toward VA. It is also described as being near Anacostia Park and Eastern Market, supporting a range of tenant preferences and lifestyle needs while giving owners the flexibility to live in one unit and rent the other, or rent both.
Key Highlights
- Renovated 2‑unit colonial brick building (built 1939) with move‑in ready updates
- Unit 1: 2 bedrooms with living room and table space off the kitchen; features rear access and in‑unit washer/dryer
- Unit 2: includes a 3rd bedroom at the front of the unit (can be used as a living room area); rear access and in‑unit washer/dryer
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
$31,102
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
5.18%
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%
$622,040
$622.0K
Cap Rate 7%
$444,314
$444.3K
Cap Rate 9%
$345,578
$345.6K
Market Conditions
NOI Build-Up for 1,760 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
$47.5K $27.00/SF
− Vacancy
−$3.1K −$1.76/SF
EGI
$44.4K $25.25/SF
− OpEx
−$13.3K −$7.57/SF
NOI
$31.1K $17.67/SF
Area
ZIP 20020
Vacancy
6.50%
Lease Rate
$27.00 /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%
$622,040
Cap Rate 7%
$444,314
Cap Rate 9%
$345,578
Alternative Uses
Best Use
Multifamily LT 5
$444.3K
$388.8K – $518.4K
NOI $31,102 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$396.9K
$347.3K – $463.1K
NOI $27,784 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$908.7K
$795.1K – $1.06M
NOI $63,608 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
Explore this area
Business Placement
Demographics for 20020, DC
51,616
Population
26,376
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
89%
High-School Grad
4.6 sq mi
ZIP Area
11,221
Density / Sq Mi
$53,015
Median Household Income
$48,752
Median Earnings
$1,317
Median Rent
$442,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated 2-unit duplex with central air, in-unit laundry, and rear access, positioned for flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 1334 28TH Street SE Washington, DC.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Renovated 2‑unit colonial brick building (built 1939) with move‑in ready updates; Unit 1: 2 bedrooms with living room and table space off the kitchen; features rear access and in‑unit washer/dryer; Unit 2: includes a 3rd bedroom at the front of the unit (can be used as a living room area); rear access and in‑unit washer/dryer
