Multifamily Property Near
For Sale
$950,000
1840 INDEPENDENCE Ave SE, Washington, DC 20003
Four well-maintained units, one block from Metro.
Property Size2,946 SF
Lot Size0.06 Acres
Days on Market275
Property Features for 1840 INDEPENDENCE Ave SE
General Information
Standard status
Active
Size
2,946 SF
Lot size
0.06 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,350
Building Details
Building Size
2,946 SF
Year Built
1936
Units
4
Listing Agency:
Z Realtor LLC
(703) 539-5596
Listed By:
Zemede Bezuneh
(703) 539-5596
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 24
Last Checked: Aug 29 at 8:48AM
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 Z Realtor LLC
Investment Insights
Based on property information with market context.
This multifamily property features four well-maintained units. The building is located one block from the Metro station. Note that only units 2 and 3 are available for viewing, and they are identical.
Key Highlights
- Prime location: just 1 block from Metro
- Four well‑maintained units
- Units 2 and 3 are available for viewing
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
$52,784
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
5.56%
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%
$1,055,680
$1.1M
Cap Rate 7%
$754,057
$754.1K
Cap Rate 9%
$586,489
$586.5K
Market Conditions
NOI Build-Up for 2,946 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
$79.5K $27.00/SF
− Vacancy
−$4.1K −$1.40/SF
EGI
$75.4K $25.60/SF
− OpEx
−$22.6K −$7.68/SF
NOI
$52.8K $17.92/SF
Area
Washington, DC
Vacancy
5.20%
Lease Rate
$27.00 /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%
$1,055,680
Cap Rate 7%
$754,057
Cap Rate 9%
$586,489
Alternative Uses
Best Use
Multifamily LT 5
$754.1K
$659.8K – $879.7K
NOI $52,784 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$699.3K
$611.9K – $815.8K
NOI $48,949 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,073 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
Explore this area
Business Placement
Demographics for 20003, DC
36,501
Population
20,817
Households
1.8
Avg Household Size
35
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
15,870
Density / Sq Mi
$159,604
Median Household Income
$107,846
Median Earnings
$2,630
Median Rent
$954,200
Median Home Value
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 - Four well-maintained units, one block from Metro.
Where is this quadplex located?
The property is located at 1840 INDEPENDENCE Ave SE Washington, DC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Prime location: just 1 block from Metro; Four well‑maintained units; Units 2 and 3 are available for viewing
