Building Details

Building Size 2,946 SF

Year Built 1936

Units 4

Listing Agency: Z Realtor LLC

Listed By: Zemede Bezuneh Show Phone

Source: Elliman

Added: Nov 28, 2025 Changed: Oct 11 Last Checked: Oct 14 at 11:26PM

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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

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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 / Yr

$52,784

Cap Rate

5.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,055,680 $1.1M

Cap Rate 7%

$754,057 $754.1K

Cap Rate 9%

$586,489 $586.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,946 SF

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 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 (±1% cap)

NOI $52,784 @ 7.0% cap · market cap 5.56%

Second Best

Apartment 5plus

$699.3K

$611.9K – $815.8K (±1% cap)

NOI $48,949 @ 7.0% cap · market cap 5.15%

Theoretical Best

Office A

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,073 @ 7.0% cap · market cap 11.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Building Supply Spa & Massage Center Skin Care Clinic Law Firm Hair Salon Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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