Renovated 9-Unit Apartment
New
For Sale
$3,399,000
1821 T Street NW, Washington, DC 20009
Multi-Family, WASHINGTON, DC
Property Size5,025 SF
Lot Size0.05 Acres
Price / SF$676.42
Days on Market3
Property Features for 1821 T Street NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Assigned, Alley
Subdivision
DUPONT
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Size
5,025 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
14319
Utilities
Heating system
Other (Heating)
Cooling system
Wall Unit(s)
Amenities
communal laundry facilities
Building Details
Year built
1940
Number of units
4
Building materials
Brick
Architectural style
Federal
Listing Agency:
Washington Fine Properties, LLC
(202) 944-5000
Listed By:
Jordan H Rich · License #SP98373538
(240) 338-9740
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 6 at 7:06AM
MLS# DCDC2281840
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The 5,025-square-foot apartment building at 1821 T Street NW contains nine residences: three studios, five one-bedroom units, and one two-bedroom unit. Renovated in 2020, the brick property includes updated building systems, separately metered electric service, communal laundry facilities, wall-unit cooling, and one private rear parking space. The building dates to 1940 and features Federal architectural styling.
Located in Washington, DC 20009, the property sits near Adams Morgan, U Street, and Meridian Hill Park. The surrounding area offers access to dining, shopping, entertainment, and transportation options. Parking also includes assigned, on-street, and alley access, while the current unit mix includes both occupied and vacant residences.
Located in Washington, DC 20009, the property sits near Adams Morgan, U Street, and Meridian Hill Park. The surrounding area offers access to dining, shopping, entertainment, and transportation options. Parking also includes assigned, on-street, and alley access, while the current unit mix includes both occupied and vacant residences.
Key Highlights
- Nine‑unit apartment building with 3 studios, 5 one‑bedroom units, and 1 two‑bedroom unit
- 5,025 square feet on 0.0529 acres
- Renovated in 2020 with updated building systems
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
$97,786
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
2.88%
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%
$1,955,720
$2.0M
Cap Rate 7%
$1,396,943
$1.4M
Cap Rate 9%
$1,086,511
$1.1M
Market Conditions
NOI Build-Up for 5,025 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
$188.7K $37.56/SF
− Vacancy
−$10.9K −$2.18/SF
EGI
$177.8K $35.38/SF
− OpEx
−$80.0K −$15.92/SF
NOI
$97.8K $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%
$1,955,720
Cap Rate 7%
$1,396,943
Cap Rate 9%
$1,086,511
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,786 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.02M
NOI $180,929 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
7,539
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Federal-style multifamily property with updated systems, individual electric metering, communal laundry, and rear parking.
Where is this apartment building located?
The property is located at 1821 T Street NW Washington, DC.
What is the asking price?
The asking price for this property is $3,399,000.
What are key features of this property?
This property features: Nine‑unit apartment building with 3 studios, 5 one‑bedroom units, and 1 two‑bedroom unit; 5,025 square feet on 0.0529 acres; Renovated in 2020 with updated building systems
