4-Unit Quadplex With Renovation
For Sale
$825,000
1508 NEAL STREET NE, Washington, DC 20002
Vacant multifamily property with a two-bedroom and one-bedroom unit mix, positioned for renovation and future rental use.
Property Size3,368 SF
Price / SF$244.95
Days on Market17
Property Features for 1508 NEAL STREET NE
General Information
Standard status
Active
Size
3,368 SF
Property subtype
Duplex
Property Condition
Severity
Major Repairs Needed
Evidence
full gut renovation
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
4
Additional Details
Road Access
Yes
Building Details
Year Built
1935
Listing Agency:
District Realty INC
(202) 492-6323
Listed By:
Sophie Adem · License #SP98369853
(202) 492-6323
Source:
Cummingsrealtors
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 9:57AM
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 District Realty INC
Investment Insights
Based on property information with market context.
This 3,368-square-foot quadplex contains four residential units: two two-bedroom apartments and two one-bedroom apartments. The building is fully vacant and presents a renovation project, with flexibility for a comprehensive interior overhaul or more limited updates. Constructed in 1935, the property occupies a corner position on a residential street surrounded by a mix of single-family and multifamily homes.
The property is located at 1508 NEAL STREET NE in Washington, DC, near Florida Ave and the H Street corridor. Union Market dining and shopping, universities, restaurants, and grocery stores are identified nearby, while downtown DC and Capitol Hill are minutes away. The existing unit mix and vacancy provide a clear basis for repositioning the property as a rental asset or renovated residential offering.
The property is located at 1508 NEAL STREET NE in Washington, DC, near Florida Ave and the H Street corridor. Union Market dining and shopping, universities, restaurants, and grocery stores are identified nearby, while downtown DC and Capitol Hill are minutes away. The existing unit mix and vacancy provide a clear basis for repositioning the property as a rental asset or renovated residential offering.
Key Highlights
- Four‑unit building with two two‑bedroom units and two one‑bedroom units
- 3,368 square feet of residential space
- Fully vacant, allowing renovation work to begin without tenant relocation
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
$64,164
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
7.78%
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%
$1,283,280
$1.3M
Cap Rate 7%
$916,629
$916.6K
Cap Rate 9%
$712,933
$712.9K
Market Conditions
NOI Build-Up for 3,368 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
$97.0K $28.80/SF
− Vacancy
−$5.3K −$1.58/SF
EGI
$91.7K $27.22/SF
− OpEx
−$27.5K −$8.16/SF
NOI
$64.2K $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%
$1,283,280
Cap Rate 7%
$916,629
Cap Rate 9%
$712,933
Alternative Uses
Best Use
Multifamily LT 5
$916.6K
$802.1K – $1.07M
NOI $64,164 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$819.1K
$716.7K – $955.7K
NOI $57,339 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,723 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,667
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Vacant multifamily property with a two-bedroom and one-bedroom unit mix, positioned for renovation and future rental use.
Where is this quadplex located?
The property is located at 1508 NEAL STREET NE Washington, DC.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Four‑unit building with two two‑bedroom units and two one‑bedroom units; 3,368 square feet of residential space; Fully vacant, allowing renovation work to begin without tenant relocation
