21-Unit Cooperative Multifamily
For Sale
$10,000,000
1848 Columbia Road, Washington, DC 20009
Well-maintained cooperative with separately metered utilities, central heating and air-conditioning support, and a partially vacant delivery option.
Property Size20,905 SF
Lot Size0.16 Acres
Price / SF$478.35
Days on Market95
Property Features for 1848 Columbia Road
General Information
Standard status
Active
Size
20,905 SF
Lot size
0.16 Acres
Property subtype
Multi-Family
Zoning
MU-5
Additional Details
Multifamily Units
21
Taxes and HOA fees
Annual Taxes
$31,303
Amenities
Wall Air Conditioning
3
MU-5A
Parking.
On Street.
Building Details
Year Built
1912
Year Renovated
2004
Tenancy
Multi
Listing Agency:
Long & Foster Real Estate, Inc.
(202) 256-7039
Listed By:
Samuel Davis · License #AB95309
(202) 256-7039
Source:
Xome
Added: May 28
Changed: Aug 25
Last Checked: Aug 30 at 2:21PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
The Convington Family Association Cooperative is a 21-unit cooperative building with a major renovation completed in 2004. The building has units that are fully separately metered for gas and electricity. Heating is provided by a central heating system with radiator heat, along with wall units supplying air conditioning. Hot water is supported by two hot water heaters serving the entire building, and the property is described as having no deferred maintenance issues outstanding.
The building sits on a 7,170 square foot, well-landscaped lot. The property is exempt from TOPA and can be delivered partially vacant. Zoning is MU-5, a mixed-use district that permits a broad range of commercial, institutional, and multiple dwelling unit residential development at varying densities, consistent with the Comprehensive Plan. The building standards include a maximum height and density limits specified for the residential and residential (IZ) categories.
This offering may fit buyers looking for a multifamily cooperative structure with separately metered utility billing and established building systems, including central heating and air-conditioning units. With a maintained exterior and interior improvements dating to the 2004 renovation, the property is positioned for operators seeking a managed, cooperative-style residential asset with a flexible delivery timeline.
The building sits on a 7,170 square foot, well-landscaped lot. The property is exempt from TOPA and can be delivered partially vacant. Zoning is MU-5, a mixed-use district that permits a broad range of commercial, institutional, and multiple dwelling unit residential development at varying densities, consistent with the Comprehensive Plan. The building standards include a maximum height and density limits specified for the residential and residential (IZ) categories.
This offering may fit buyers looking for a multifamily cooperative structure with separately metered utility billing and established building systems, including central heating and air-conditioning units. With a maintained exterior and interior improvements dating to the 2004 renovation, the property is positioned for operators seeking a managed, cooperative-style residential asset with a flexible delivery timeline.
Key Highlights
- 21‑unit cooperative building built in 1912 in Kalorama/Adams Morgan
- Units are fully separately metered for gas and electricity after major renovation in 2004
- Central heating with radiator heat plus wall units that supply air conditioning
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
$406,808
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
4.07%
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%
$8,136,160
$8.1M
Cap Rate 7%
$5,811,543
$5.8M
Cap Rate 9%
$4,520,089
$4.5M
Market Conditions
NOI Build-Up for 20,905 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
$785.2K $37.56/SF
− Vacancy
−$45.5K −$2.18/SF
EGI
$739.7K $35.38/SF
− OpEx
−$332.8K −$15.92/SF
NOI
$406.8K $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%
$8,136,160
Cap Rate 7%
$5,811,543
Cap Rate 9%
$4,520,089
Alternative Uses
Best Use
Apartment 5plus
$5.81M
$5.09M – $6.78M
NOI $406,808 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.75M
$9.41M – $12.55M
NOI $752,700 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,060
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 - Well-maintained cooperative with separately metered utilities, central heating and air-conditioning support, and a partially vacant delivery option.
Where is this apartment building located?
The property is located at 1848 Columbia Road Washington, DC.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: 21‑unit cooperative building built in 1912 in Kalorama/Adams Morgan; Units are fully separately metered for gas and electricity after major renovation in 2004; Central heating with radiator heat plus wall units that supply air conditioning
