Renovated Two-Unit
New
For Sale
$1,399,000
17 Rhode Island Ave NE, Washington, DC 20002
Fully leased duplex with updated interiors, private laundry, and two-level residential layouts.
Property Size3,097 SF
Price / SF$451.73
Days on Market5
Property Features for 17 Rhode Island Ave NE
General Information
Standard status
Active
Size
3,097 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 4BR/3BA, 1 x 4BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
modern stainless-steel appliances
open concept living/kitchen
in-unit laundry
Building Details
Year Built
1909
Year Renovated
2023
Buildings
1
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Diedra V Alexander · License #SP98375682
(301) 292-0700
Source:
Hargreaveshomesales
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 12 at 2:38PM
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 1909 duplex contains two fully renovated 2-level units totaling 3,097 square feet. Each residence offers 4 bedrooms, an open living and kitchen arrangement, stainless-steel appliances, and in-unit laundry. One unit includes 3 full bathrooms, while the other provides 2 full bathrooms. The renovation was completed in 2023.
The property is located at 17 Rhode Island Ave NE in Washington, DC, with access to Rhode Island Avenue and North Capitol Street. The Rhode Island Avenue Metro station is east of the property, and Union Market, Eckington Dog Park, and Alethia Tanner Park are nearby. Both units are currently fully leased.
The property is located at 17 Rhode Island Ave NE in Washington, DC, with access to Rhode Island Avenue and North Capitol Street. The Rhode Island Avenue Metro station is east of the property, and Union Market, Eckington Dog Park, and Alethia Tanner Park are nearby. Both units are currently fully leased.
Key Highlights
- Two 2‑level units with 4 bedrooms each
- 3,097 square feet total
- Fully renovated in 2023
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - Fully leased duplex with updated interiors, private laundry, and two-level residential layouts.
Where is this duplex located?
The property is located at 17 Rhode Island Ave 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 with 4 bedrooms each; 3,097 square feet total; Fully renovated in 2023
