Two-Unit Duplex
For Sale
$1,099,900
1650 F Street NE, Washington, DC 20002
Well-maintained two-unit duplex with separate HVAC and hot water for each unit, built in 1975 and currently leased to Section 8 tenants.
Property Size2,461 SF
Price / SF$446.93
Days on Market220
Property Features for 1650 F Street NE
General Information
Standard status
Active
Size
2,461 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Building Details
Year Built
1975
Tenancy
Multi
Listing Agency:
Long & Foster Real Estate,Inc.
(888) 536-0216
Listed By:
Samuel R Davis · License #AB95309
Source:
Deepcreeklake
Added: Jan 16
Changed: Aug 24
Last Checked: Aug 24 at 6:24AM
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 Long & Foster Real Estate,Inc.
Investment Insights
Based on property information with market context.
Well-maintained two-unit duplex built in 1975, offering two 1-bath, self-contained units with separate HVAC systems and hot water heaters. The units are separately metered and arranged as full living spaces, including 2- to 4-bedroom layouts. The property is currently 100% leased to Section 8 tenants.
The property is located at 1650 F Street NE, Washington, DC 20002. A Taxicab? No—TOPA has not been issued. Leases, a Certificate of Occupancy (CofO), and P&L information are available within the study period. For showings, 24-hour notice is required.
With separately metered utilities and independent heating and hot water per unit, this configuration can support straightforward tenant operations and unit-by-unit management planning.
The property is located at 1650 F Street NE, Washington, DC 20002. A Taxicab? No—TOPA has not been issued. Leases, a Certificate of Occupancy (CofO), and P&L information are available within the study period. For showings, 24-hour notice is required.
With separately metered utilities and independent heating and hot water per unit, this configuration can support straightforward tenant operations and unit-by-unit management planning.
Key Highlights
- Two separately metered units, each fully self‑contained
- Each unit has its own HVAC and hot water heater
- 100% leased to Section 8 tenants
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
$46,885
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
4.26%
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%
$937,700
$937.7K
Cap Rate 7%
$669,786
$669.8K
Cap Rate 9%
$520,944
$520.9K
Market Conditions
NOI Build-Up for 2,461 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
$70.9K $28.80/SF
− Vacancy
−$3.9K −$1.58/SF
EGI
$67.0K $27.22/SF
− OpEx
−$20.1K −$8.16/SF
NOI
$46.9K $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%
$937,700
Cap Rate 7%
$669,786
Cap Rate 9%
$520,944
Alternative Uses
Best Use
Multifamily LT 5
$669.8K
$586.1K – $781.4K
NOI $46,885 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$598.5K
$523.7K – $698.3K
NOI $41,898 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,943 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,439
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?
Duplex - Well-maintained two-unit duplex with separate HVAC and hot water for each unit, built in 1975 and currently leased to Section 8 tenants.
Where is this duplex located?
The property is located at 1650 F Street NE Washington, DC.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: Two separately metered units, each fully self‑contained; Each unit has its own HVAC and hot water heater; 100% leased to Section 8 tenants
