Triplex Under
For Sale
$499,900
1933 P Street SE, Washington, DC 20020
Multi-Family, WASHINGTON, DC
Property Size1,664 SF
Lot Size0.03 Acres
Price / SF$300.42
Days on Market81
Property Features for 1933 P Street SE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Property condition
Under Construction
Parking
1
Parking features
Driveway
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Size
1,664 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
16870
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Building Details
Year built
1926
Number of units
1
Building materials
Brick
Architectural style
Other
Listing Agency:
Compass
(301) 298-1001
Listed By:
Andrew N Nelson · License #SP98375360
(202) 491-1275
Added: Jun 22
Changed: Aug 31
Last Checked: Sep 10 at 11:06AM
MLS# DCDC2269336
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This semi-detached brick triplex in Washington, DC, is currently under construction and configured with three residential units. Each unit is planned with three bedrooms and one full bath. The property is fully vacant, with approved plans, active permits, and substantial construction and systems work already underway. Built in 1926, the property includes hot water heating, central air, and a driveway. It is being offered strictly as-is, with no existing leases or tenant obligations. The property is located at 1933 P Street SE in Washington, DC 20020.
Key Highlights
- Three‑unit multifamily property with three bedrooms and one full bath planned per unit
- Approved plans and active permits in place
- Substantial construction and systems work underway
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
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Open Analytics
Current Use
Lease Details
3
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with active permits, approved plans, and construction 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 multifamily property with three bedrooms and one full bath planned per unit; Approved plans and active permits in place; Substantial construction and systems work underway
