Renovated Duplex with Two
New
For Sale
$1,399,000
17 RHODE ISLAND AVENUE NE, Washington, DC 20002
Fully leased duplex with updated interiors, stainless-steel appliances, and in-unit laundry.
Property Size3,097 SF
Price / SF$451.73
Days on Market3
Property Features for 17 RHODE ISLAND AVENUE NE
General Information
Standard status
Active
Size
3,097 SF
Property subtype
Duplex
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 4BR/3BA, 1 x 4BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,244
Amenities
stainless-steel appliances
open concept living/kitchen
in-unit laundry
Building Details
Building Size
3,097 SF
Year Built
1909
Year Renovated
2023
Buildings
1
Construction
brownstone
Listing Agency:
Long & Foster Real Estate, Inc.
(301) 643-5194
Listed By:
Diedra V Alexander · License #SP98375682
(301) 643-5194
Source:
Kerishull
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 14 at 1:18PM
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.
This duplex contains two separately configured, two-level residences within a 3,097-square-foot building originally constructed in 1909 and fully renovated in 2023. Each unit includes four bedrooms, an open living and kitchen arrangement, stainless-steel appliances, and in-unit laundry. One residence has three full bathrooms, while the other has two.
The property is located at 17 Rhode Island Avenue NE in Washington, DC, with access to downtown via Rhode Island Avenue and North Capitol Street. The Rhode Island Avenue Metro station is east of the property, and Union Market, neighborhood restaurants, coffee shops, bakeries, Eckington Dog Park, and Alethia Tanner Park are nearby. Both units are currently leased, and showings are available by appointment with 24-hour notice Monday through Friday from 10am to 3pm.
The property is located at 17 Rhode Island Avenue NE in Washington, DC, with access to downtown via Rhode Island Avenue and North Capitol Street. The Rhode Island Avenue Metro station is east of the property, and Union Market, neighborhood restaurants, coffee shops, bakeries, Eckington Dog Park, and Alethia Tanner Park are nearby. Both units are currently leased, and showings are available by appointment with 24-hour notice Monday through Friday from 10am to 3pm.
Key Highlights
- Two 2‑level units, each with 4 bedrooms
- Fully renovated in 2023
- 3,097 square feet; built in 1909
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
$59,002
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
4.22%
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%
$1,180,040
$1.2M
Cap Rate 7%
$842,886
$842.9K
Cap Rate 9%
$655,578
$655.6K
Market Conditions
NOI Build-Up for 3,097 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
$89.2K $28.80/SF
− Vacancy
−$4.9K −$1.58/SF
EGI
$84.3K $27.22/SF
− OpEx
−$25.3K −$8.16/SF
NOI
$59.0K $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%
$1,180,040
Cap Rate 7%
$842,886
Cap Rate 9%
$655,578
Alternative Uses
Best Use
Multifamily LT 5
$842.9K
$737.5K – $983.4K
NOI $59,002 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$753.2K
$659.1K – $878.8K
NOI $52,725 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $111,929 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,005
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 - Fully leased duplex with updated interiors, stainless-steel appliances, and in-unit laundry.
Where is this duplex located?
The property is located at 17 RHODE ISLAND AVENUE NE Washington, DC.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Two 2‑level units, each with 4 bedrooms; Fully renovated in 2023; 3,097 square feet; built in 1909
