All-Brick Four-Unit
For Sale
$585,000
1704 West Virginia Ave NE, Washington, DC 20002
All-brick four-unit building with two 2-bedroom units and two 1-bedroom plus den units, sold as-is.
Property Size2,560 SF
Price / SF$228.52
Days on Market52
Property Features for 1704 West Virginia Ave NE
General Information
Standard status
Active
Size
2,560 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1931
Construction
brick
Tenancy
Multi
Listing Agency:
Thompson Premier Homes Group.
Listed By:
Eboneese M. Thompson
Source:
Themelaninteam
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 13 at 11:31AM
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 Thompson Premier Homes Group.
Investment Insights
Based on property information with market context.
This all-brick four-unit multifamily property includes two 2-bedroom units and two 1-bedroom plus den units. The building is being sold strictly as-is and requires renovation. This offering is being handled as a short sale and is subject to third-party approval.
The property is located at 1704 West Virginia Avenue NE in Washington, DC. Public remarks indicate the address is within minutes of Gallaudet University, Union Market, Ivy City, NoMa, and the H Street Corridor, with nearby points of interest including Trader Joe’s, Whole Foods Market, Atlas Brew Works, City Winery, the U.S. National Arboretum, the Metropolitan Branch Trail, and the NoMa-Gallaudet Metro Station.
The current unit mix provides straightforward configuration for an investor or owner looking to renovate and reimagine the property. Buyers should verify zoning, any condominium conversion requirements, and development potential with the appropriate governmental authorities.
The property is located at 1704 West Virginia Avenue NE in Washington, DC. Public remarks indicate the address is within minutes of Gallaudet University, Union Market, Ivy City, NoMa, and the H Street Corridor, with nearby points of interest including Trader Joe’s, Whole Foods Market, Atlas Brew Works, City Winery, the U.S. National Arboretum, the Metropolitan Branch Trail, and the NoMa-Gallaudet Metro Station.
The current unit mix provides straightforward configuration for an investor or owner looking to renovate and reimagine the property. Buyers should verify zoning, any condominium conversion requirements, and development potential with the appropriate governmental authorities.
Key Highlights
- All‑brick four‑unit multifamily building built in 1931, sold strictly as‑is.
- Unit mix: two 2‑bedroom units and two 1‑bedroom plus den units.
- Value‑add property requiring a complete renovation.
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
$48,771
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
8.34%
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%
$975,420
$975.4K
Cap Rate 7%
$696,729
$696.7K
Cap Rate 9%
$541,900
$541.9K
Market Conditions
NOI Build-Up for 2,560 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
$73.7K $28.80/SF
− Vacancy
−$4.1K −$1.58/SF
EGI
$69.7K $27.22/SF
− OpEx
−$20.9K −$8.16/SF
NOI
$48.8K $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%
$975,420
Cap Rate 7%
$696,729
Cap Rate 9%
$541,900
Alternative Uses
Best Use
Multifamily LT 5
$696.7K
$609.6K – $812.9K
NOI $48,771 @ 7.0% cap · market cap 8.34%
Second Best
Apartment 5plus
$622.6K
$544.8K – $726.4K
NOI $43,583 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,521 @ 7.0% cap · market cap 15.82%
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
4
Residential units
Multi-tenant
Tenancy
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
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?
Quadplex - All-brick four-unit building with two 2-bedroom units and two 1-bedroom plus den units, sold as-is.
Where is this quadplex located?
The property is located at 1704 West Virginia Ave NE Washington, DC.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: All‑brick four‑unit multifamily building built in 1931, sold strictly as‑is.; Unit mix: two 2‑bedroom units and two 1‑bedroom plus den units.; Value‑add property requiring a complete renovation.
