Four-Unit Multifamily Investment
For Sale
$749,950
1633 West Virginia Avenue NE, Washington, DC 20002
Four units, ideal for investors or owner-occupants.
Property Size2,782 SF
Price / SF$269.57
Days on Market713
Property Features for 1633 West Virginia Avenue NE
General Information
Standard status
Active
Size
2,782 SF
Property subtype
Multi-Family
Zoning
WARD 5
Taxes and HOA fees
Annual Taxes
$7,213
Amenities
Natural Gas
Yes
No
Assessor
No Pool
Urban Land-Sassafras-Chillum
Public
0.12
Alley,Off Street
Crawl Space,Block,Brick/Mortar
554270.00
Building Details
Building Size
2,782 SF
Year Built
1931
Listing Agency:
Canaan Realty Services INC
(856) 222-0077
Listed By:
Gary Cook · License #BR200201693
Source:
Thetristaterealestategroup
Added: Sep 17, 2024
Changed: Aug 28
Last Checked: Aug 29 at 6:45AM
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 Canaan Realty Services INC
Investment Insights
Based on property information with market context.
This four-unit building presents an opportunity for investors or owner-occupants. The property comprises two two-bedroom, one-bathroom units and two one-bedroom, one-bathroom units. Currently, two units are vacant and available for showings, while the other two are occupied on a month-to-month basis with recently increased rents. The roof has been replaced, and several other improvements have been made. The building's location offers convenient access to stores and other amenities.
Key Highlights
- Four‑unit building: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units.
- Opportunity for owner‑occupancy and rental income.
- Two vacant units available for immediate occupancy or rental.**
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
$53,000
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
7.07%
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%
$1,060,000
$1.1M
Cap Rate 7%
$757,143
$757.1K
Cap Rate 9%
$588,889
$588.9K
Market Conditions
NOI Build-Up for 2,782 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
$80.1K $28.80/SF
− Vacancy
−$4.4K −$1.58/SF
EGI
$75.7K $27.22/SF
− OpEx
−$22.7K −$8.16/SF
NOI
$53.0K $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%
$1,060,000
Cap Rate 7%
$757,143
Cap Rate 9%
$588,889
Alternative Uses
Best Use
Multifamily LT 5
$757.1K
$662.5K – $883.3K
NOI $53,000 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$676.6K
$592.0K – $789.4K
NOI $47,363 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,545 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,499
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four units, ideal for investors or owner-occupants.
Where is this quadplex located?
The property is located at 1633 West Virginia Avenue NE Washington, DC.
What is the asking price?
The asking price for this property is $749,950.
What are key features of this property?
This property features: Four‑unit building: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units.; Opportunity for owner‑occupancy and rental income.; Two vacant units available for immediate occupancy or rental.**
