4-Unit Quadplex with Patio
For Sale
$1,295,000
1923 35TH PL NW, Washington, DC 20007
Four independent residences feature bedroom-and-den layouts, with shared laundry and storage below grade.
Property Size2,500 SF
Price / SF$518
Days on Market41
Property Features for 1923 35TH PL NW
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR+den
Multifamily Units
4
Additional Details
Gross Income
$75,132
Amenities
patio areas
laundry/storage room
Building Details
Buildings
1
Listing Agency:
Chatel Real Estate, Inc.
(202) 338-0500
Listed By:
John T Taylor · License #BR89427
(202) 338-0500
Source:
Imanirealtors
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 9:19AM
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 Chatel Real Estate, Inc.
Investment Insights
Based on property information with market context.
Built in 1915, this 2,500-square-foot quadplex contains four self-contained residences with one-bedroom-plus-den layouts. The largest residence spans two levels and is currently vacant, while two units include patio areas. A basement provides laundry and storage space, and residents pay their own electricity, gas, and water/sewer service.
The property is located at 1923 35th Pl NW in Washington, DC’s Burleith area, one block from a quiet residential street setting. Georgetown is a few blocks south, while Safeway, Trader Joe’s, restaurants, and Wisconsin Avenue shops are located around the corner.
The property is located at 1923 35th Pl NW in Washington, DC’s Burleith area, one block from a quiet residential street setting. Georgetown is a few blocks south, while Safeway, Trader Joe’s, restaurants, and Wisconsin Avenue shops are located around the corner.
Key Highlights
- Four self‑contained units with one‑bedroom‑plus‑den layouts
- 2,500‑square‑foot quadplex built in 1915
- Largest residence spans two levels and is currently vacant
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
$44,793
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
3.46%
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%
$895,860
$895.9K
Cap Rate 7%
$639,900
$639.9K
Cap Rate 9%
$497,700
$497.7K
Market Conditions
NOI Build-Up for 2,500 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
$67.5K $27.00/SF
− Vacancy
−$3.5K −$1.40/SF
EGI
$64.0K $25.60/SF
− OpEx
−$19.2K −$7.68/SF
NOI
$44.8K $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%
$895,860
Cap Rate 7%
$639,900
Cap Rate 9%
$497,700
Alternative Uses
Best Use
Multifamily LT 5
$639.9K
$559.9K – $746.6K
NOI $44,793 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$593.4K
$519.2K – $692.3K
NOI $41,539 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,014 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,870
Businesses Nearby
Explore this area
Business Placement
Demographics for 20007, DC
26,827
Population
13,583
Households
2
Avg Household Size
35
Median Age
87%
College-Educated
98%
High-School Grad
3.1 sq mi
ZIP Area
8,654
Density / Sq Mi
$142,783
Median Household Income
$93,107
Median Earnings
$2,066
Median Rent
$1,202,900
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?
Quadplex - Four independent residences feature bedroom-and-den layouts, with shared laundry and storage below grade.
Where is this quadplex located?
The property is located at 1923 35TH PL NW Washington, DC.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Four self‑contained units with one‑bedroom‑plus‑den layouts; 2,500‑square‑foot quadplex built in 1915; Largest residence spans two levels and is currently vacant
