Eight-Unit Victorian Apartment
New
For Sale
$2,900,000
1765 R STREET NW, Washington, DC 20009
Furnished apartments are supported by updated building systems and a rear parking area.
Property Size6,204 SF
Price / SF$467.44
Days on Market5
Property Features for 1765 R STREET NW
General Information
Standard status
Active
Size
6,204 SF
Property subtype
Five Or More Units
Units
Unit Mix
4 x studio, 1 x 1BR, 3 x 2BR
Multifamily Units
8
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$24,142
Building Details
Building Size
6,204 SF
Year Built
1891
Buildings
1
Stories
3
Construction
Victorian
Listing Agency:
Horvath & Tremblay MD, LLC
Listed By:
Christian Barreiro · License #SP98373426
(202) 534-3003
Source:
Kerishull
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 4 at 4:04PM
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 Horvath & Tremblay MD, LLC
Investment Insights
Based on property information with market context.
Built in 1891, this three-story Victorian apartment property includes a basement and eight units totaling approximately 6,204 SF. The mix comprises four studios, one one-bedroom apartment, and three two-bedroom apartments, with bay windows and period detailing. Improvements completed since 2020 include a replacement roof, building-wide window upgrades, HVAC installed in all eight units, and a new bathroom in Unit 201. Furnishings, fixtures, and equipment are available to convey.
The apartments are currently furnished and operated as stays of 30 nights or longer through Sojourn. The property is approximately 0.3 miles from Dupont Circle Metro Station, with restaurants, retail, fitness, nightlife, and daily conveniences in the surrounding area. The sale includes the building and two rear parcels used for parking; the parking area has a new concrete slab and two bump stops.
The apartments are currently furnished and operated as stays of 30 nights or longer through Sojourn. The property is approximately 0.3 miles from Dupont Circle Metro Station, with restaurants, retail, fitness, nightlife, and daily conveniences in the surrounding area. The sale includes the building and two rear parcels used for parking; the parking area has a new concrete slab and two bump stops.
Key Highlights
- Eight apartments: four studios, one one‑bedroom, and three two‑bedroom units
- Approximately 6,204 SF across three stories and a basement
- Built in 1891 with Victorian detailing and bay windows
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
$120,729
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
4.16%
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%
$2,414,580
$2.4M
Cap Rate 7%
$1,724,700
$1.7M
Cap Rate 9%
$1,341,433
$1.3M
Market Conditions
NOI Build-Up for 6,204 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
$233.0K $37.56/SF
− Vacancy
−$13.5K −$2.18/SF
EGI
$219.5K $35.38/SF
− OpEx
−$98.8K −$15.92/SF
NOI
$120.7K $19.46/SF
Area
ZIP 20009
Vacancy
5.80%
Lease Rate
$37.56 /SF/Yr
Expense Ratio
45.00%
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%
$2,414,580
Cap Rate 7%
$1,724,700
Cap Rate 9%
$1,341,433
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.51M – $2.01M
NOI $120,729 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.79M – $3.72M
NOI $223,380 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
16,003
Businesses Nearby
Explore this area
Business Placement
Demographics for 20009, DC
53,357
Population
31,824
Households
1.7
Avg Household Size
34
Median Age
84%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
41,044
Density / Sq Mi
$140,555
Median Household Income
$99,606
Median Earnings
$2,346
Median Rent
$727,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Furnished apartments are supported by updated building systems and a rear parking area.
Where is this apartment building located?
The property is located at 1765 R STREET NW Washington, DC.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Eight apartments: four studios, one one‑bedroom, and three two‑bedroom units; Approximately 6,204 SF across three stories and a basement; Built in 1891 with Victorian detailing and bay windows
