Three-Unit Semi-Detached
For Sale
$499,900
1933 P STREET SE, Washington, DC 20020
Vacant multifamily property with approved plans, active permits, and construction and systems work underway.
Property Size1,664 SF
Days on Market49
Property Features for 1933 P STREET SE
General Information
Standard status
Active
Size
1,664 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$16,870
Building Details
Building Size
1,664 SF
Year Built
1926
Tenancy
Multi
Listing Agency:
Compass
(301) 580-8101
Listed By:
Andrew N Nelson · License #SP98375360
(301) 580-8101
Source:
Kwcapitalproperties
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 9 at 11:24AM
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 Compass
Investment Insights
Based on property information with market context.
This semi-detached triplex is configured as three units, each offering approximately 650 square feet with three bedrooms and one full bath. The property is delivered fully vacant, with no existing leases or tenant obligations. Approved plans, active permits, and substantial construction and systems work are already underway, while the property is being sold strictly as-is.
Built in 1926, the property requires completion of the build-out. Buyers are responsible for independently verifying the plans, permits, construction status, square footage, zoning, use, and other material property information.
Built in 1926, the property requires completion of the build-out. Buyers are responsible for independently verifying the plans, permits, construction status, square footage, zoning, use, and other material property information.
Key Highlights
- Three‑unit semi‑detached multifamily property
- Each unit is approximately 650 square feet
- Each unit includes three bedrooms and one full bath
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
$29,405
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
5.88%
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%
$588,100
$588.1K
Cap Rate 7%
$420,071
$420.1K
Cap Rate 9%
$326,722
$326.7K
Market Conditions
NOI Build-Up for 1,664 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
$44.9K $27.00/SF
− Vacancy
−$2.9K −$1.76/SF
EGI
$42.0K $25.25/SF
− OpEx
−$12.6K −$7.57/SF
NOI
$29.4K $17.67/SF
Area
ZIP 20020
Vacancy
6.50%
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%
$588,100
Cap Rate 7%
$420,071
Cap Rate 9%
$326,722
Alternative Uses
Best Use
Multifamily LT 5
$420.1K
$367.6K – $490.1K
NOI $29,405 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$375.3K
$328.4K – $437.8K
NOI $26,269 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$859.1K
$751.7K – $1.00M
NOI $60,139 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
923
Businesses Nearby
Explore this area
Business Placement
Demographics for 20020, DC
51,616
Population
26,376
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
89%
High-School Grad
4.6 sq mi
ZIP Area
11,221
Density / Sq Mi
$53,015
Median Household Income
$48,752
Median Earnings
$1,317
Median Rent
$442,500
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?
Triplex - Vacant multifamily property with approved plans, active permits, and construction and systems work underway.
Where is this triplex located?
The property is located at 1933 P STREET SE Washington, DC.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three‑unit semi‑detached multifamily property; Each unit is approximately 650 square feet; Each unit includes three bedrooms and one full bath
