3-Unit Triplex with Assumable FHA
For Sale
$599,000
16 GALVESTON SW, Washington, DC 20032
The layout combines one three-bedroom residence with two additional two-bedroom residences.
Property Size2,800 SF
Days on Market78
Property Features for 16 GALVESTON SW
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR, 2 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,192
Building Details
Building Size
2,800 SF
Year Built
1944
Units
3
Listing Agency:
Samson Properties
Listed By:
NWABUEZE KENNETH OKWODU · License #674735
(301) 559-2872
Source:
Elliman
Added: Jun 23
Changed: Sep 3
Last Checked: Sep 7 at 8:24AM
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 Samson Properties
Investment Insights
Based on property information with market context.
This three-unit residential property, built in 1944, includes one larger residence with three bedrooms and two additional residences configured with two bedrooms each. The arrangement supports both owner-occupancy and rental use, subject to applicable licensing, occupancy, and regulatory requirements. The property is offered strictly as-is.
An existing FHA loan carries a 2.375% interest rate, originated in December 2021, with a January 2052 maturity date. The financing may be assumable, subject to lender review, eligibility, and approval. Buyers must independently verify the loan terms and assumption process, along with the Certificate of Occupancy, Basic Business License, rental compliance, zoning, and other applicable requirements.
The property is located at 16 GALVESTON SW in Washington, DC. Walk Score is 66, Transit Score is 55, and Bike Score is 29.
An existing FHA loan carries a 2.375% interest rate, originated in December 2021, with a January 2052 maturity date. The financing may be assumable, subject to lender review, eligibility, and approval. Buyers must independently verify the loan terms and assumption process, along with the Certificate of Occupancy, Basic Business License, rental compliance, zoning, and other applicable requirements.
The property is located at 16 GALVESTON SW in Washington, DC. Walk Score is 66, Transit Score is 55, and Bike Score is 29.
Key Highlights
- Three‑unit property with one 3‑bedroom residence and two 2‑bedroom residences
- Existing FHA loan at 2.375%, originated in December 2021
- Loan maturity date of January 2052
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
$50,168
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
8.38%
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%
$1,003,360
$1.0M
Cap Rate 7%
$716,686
$716.7K
Cap Rate 9%
$557,422
$557.4K
Market Conditions
NOI Build-Up for 2,800 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
$75.6K $27.00/SF
− Vacancy
−$3.9K −$1.40/SF
EGI
$71.7K $25.60/SF
− OpEx
−$21.5K −$7.68/SF
NOI
$50.2K $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%
$1,003,360
Cap Rate 7%
$716,686
Cap Rate 9%
$557,422
Alternative Uses
Best Use
Multifamily LT 5
$716.7K
$627.1K – $836.1K
NOI $50,168 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$664.6K
$581.5K – $775.4K
NOI $46,523 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,816 @ 7.0% cap · market cap 16.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
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 - The layout combines one three-bedroom residence with two additional two-bedroom residences.
Where is this triplex located?
The property is located at 16 GALVESTON SW Washington, DC.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three‑unit property with one 3‑bedroom residence and two 2‑bedroom residences; Existing FHA loan at 2.375%, originated in December 2021; Loan maturity date of January 2052
