Renovated Triplex with Basement
For Sale
$699,990
15 GALVESTON Place SW, Washington, DC 20032
Multi-Family, WASHINGTON, DC
Property Size2,720 SF
Lot Size0.09 Acres
Price / SF$257.35
Days on Market139
Property Features for 15 GALVESTON Place SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Appliances
Stove, Microwave, Refrigerator, Disposal
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
2,720 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
3683
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Building Details
Year built
1943
Number of units
3
Building materials
Brick
Architectural style
Federal
Listing Agency:
Samson Properties
(301) 755-5613
Listed By:
Dagmawi Alemayehu · License #SP200201930
(202) 222-5704
Added: Apr 14
Changed: Aug 19
Last Checked: Aug 30 at 3:06PM
MLS# DCDC2250174
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 triplex includes two upper units, each offering 5 bedrooms and 2 full bathrooms. The building was renovated in 2022 with updated cabinetry, stainless steel appliances, and quartz countertops throughout. A third unit is located in the basement and is currently unfinished but already set up as a 1-bedroom, 1-bath layout, with all plumbing and egress windows in place. The basement also has a ceiling height exceeding 7 feet, supporting completion as a functional residential unit.
The property is located at 15 Galveston Place SW in Washington, DC 20032. According to the current offering remarks, it is generating $8,400 per month in cash flow from the two existing units.
From a tenant or buyer perspective, the configuration provides two fully established, larger-format apartments, plus a basement unit plan that may support added income after completion. The existing plumbing rough-ins, egress windows, and height are documented, which can help streamline the path to finishing the third unit. The listing also notes that the buyer may qualify for financing and closing cost assistance, which could be relevant for eligible purchasers planning their acquisition timeline.
The property is located at 15 Galveston Place SW in Washington, DC 20032. According to the current offering remarks, it is generating $8,400 per month in cash flow from the two existing units.
From a tenant or buyer perspective, the configuration provides two fully established, larger-format apartments, plus a basement unit plan that may support added income after completion. The existing plumbing rough-ins, egress windows, and height are documented, which can help streamline the path to finishing the third unit. The listing also notes that the buyer may qualify for financing and closing cost assistance, which could be relevant for eligible purchasers planning their acquisition timeline.
Key Highlights
- High Cash Flow: Generating $8,400/month from two renovated units.
- Value‑Add Opportunity: Unfinished basement configured for a 1‑bedroom, 1‑bathroom apartment.
- Fully Renovated: Triplex renovated in 2022 with updated cabinetry, stainless steel appliances, and quartz countertops.
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
$48,735
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
6.96%
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%
$974,700
$974.7K
Cap Rate 7%
$696,214
$696.2K
Cap Rate 9%
$541,500
$541.5K
Market Conditions
NOI Build-Up for 2,720 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
$73.4K $27.00/SF
− Vacancy
−$3.8K −$1.40/SF
EGI
$69.6K $25.60/SF
− OpEx
−$20.9K −$7.68/SF
NOI
$48.7K $17.92/SF
Area
Washington, DC
Vacancy
5.20%
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%
$974,700
Cap Rate 7%
$696,214
Cap Rate 9%
$541,500
Alternative Uses
Best Use
Multifamily LT 5
$696.2K
$609.2K – $812.3K
NOI $48,735 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$645.6K
$564.9K – $753.2K
NOI $45,194 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,936 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7 ft
Clear height
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Explore this area
Business Placement
Demographics for 20032, DC
38,904
Population
19,708
Households
2
Avg Household Size
33
Median Age
23%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
7,482
Density / Sq Mi
$48,146
Median Household Income
$44,487
Median Earnings
$1,285
Median Rent
$391,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with two renovated 5-bedroom units and a basement space configured for a finished 1-bedroom apartment.
Where is this triplex located?
The property is located at 15 GALVESTON Place SW Washington, DC.
What is the asking price?
The asking price for this property is $699,990.
What are key features of this property?
This property features: High Cash Flow: Generating $8,400/month from two renovated units.; Value‑Add Opportunity: Unfinished basement configured for a 1‑bedroom, 1‑bathroom apartment.; Fully Renovated: Triplex renovated in 2022 with updated cabinetry, stainless steel appliances, and quartz countertops.
