Vacant Turnkey Four-Unit
For Sale
$550,000
Pending
1608 17th Place Southeast, Washington, DC 20020
Four updated, vacant units ready for immediate occupancy or investment.
Property Size2,720 SF
Days on Market136
Property Features for 1608 17th Place Southeast
General Information
Standard status
Pending
Size
2,720 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RA-2
Taxes and HOA fees
Annual Taxes
$4,830
Amenities
No
No Pool
Building Details
Year Built
1938
Listing Agency:
Keller Williams Capital Properties
(202) 601-0160
Listed By:
Abel M Gebremichael · License #SP98377913
(202) 601-0160
Source:
Compass
Added: Apr 17
Changed: Aug 23
Last Checked: Jul 24 at 4:14PM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This four-unit building offers a unique opportunity with four large, two-bedroom units that are 100% vacant and freshly updated. This property is presented as a turnkey asset, ready for immediate occupancy. The building has been updated with modern flooring and updated kitchens. This allows for new tenants to move in on Day 1. For owner-occupiers, one unit can be occupied while the other three units cover the mortgage. For investors, the property offers a total reset, allowing for tenant screening and lease term setting, with the potential to capture market-rate rents. The building is located in Washington, DC.
Key Highlights
- 100% Vacant 4‑Unit Building: Immediate occupancy and income potential.
- Freshly Updated: No upfront capital required.
- Large 2‑Bedroom Units: All four units are spacious and desirable.
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
$48,066
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
8.74%
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%
$961,320
$961.3K
Cap Rate 7%
$686,657
$686.7K
Cap Rate 9%
$534,067
$534.1K
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
−$4.8K −$1.76/SF
EGI
$68.7K $25.25/SF
− OpEx
−$20.6K −$7.57/SF
NOI
$48.1K $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%
$961,320
Cap Rate 7%
$686,657
Cap Rate 9%
$534,067
Alternative Uses
Best Use
Multifamily LT 5
$686.7K
$600.8K – $801.1K
NOI $48,066 @ 7.0% cap · market cap 8.74%
Second Best
Apartment 5plus
$613.4K
$536.7K – $715.7K
NOI $42,939 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,304 @ 7.0% cap · market cap 17.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,247
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four updated, vacant units ready for immediate occupancy or investment.
Where is this quadplex located?
The property is located at 1608 17th Place Southeast Washington, DC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 100% Vacant 4‑Unit Building: Immediate occupancy and income potential.; Freshly Updated: No upfront capital required.; Large 2‑Bedroom Units: All four units are spacious and desirable.
