Adams Morgan Multi-Unit
For Sale
$1,795,000
Pending
1944 Calvert Street Northwest, Washington, DC 20009
Income-producing property near Rock Creek Park and Woodley Park Metro.
Property Size3,939 SF
Days on Market144
Property Features for 1944 Calvert Street Northwest
General Information
Standard status
Pending
Size
3,939 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Net Operating Income
$92,000
Taxes and HOA fees
Annual Taxes
$15,214
Amenities
No
Has Laundry, Washer In Unit, Dryer In Unit
Doors - Swing In
https://jaren-drew-photography.aryeo.com/videos/019d7383-c250-72ab-b7c0-3471777fa107?v=288
No Pool
Building Details
Year Built
1900
Listing Agency:
Brian Logan Real Estate
(202) 321-2540
Listed By:
Matthew E Vilardo · License #SP98357875
(202) 321-2540
Source:
Compass
Added: Apr 9
Changed: Aug 23
Last Checked: Jul 24 at 2:19PM
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 Brian Logan Real Estate
Investment Insights
Based on property information with market context.
Located in Adams Morgan among historic homes built around 1900, this multi-unit property at 1944 Calvert Street NW offers income potential. The building contains four separately metered units. Unit #1 is a duplex with approximately 1,750 square feet, featuring 3 bedrooms and 2 bathrooms, spanning the second and third floors. It includes natural light, oversized front windows, skylights, cathedral ceilings in the living and dining areas, central A/C, in-unit washer/dryer, a private roof deck, an additional deck off the third bedroom, and rear parking for two small cars. Unit #2 is a 2-bedroom, 1-bath unit with approximately 750 square feet, featuring hardwood floors, high ceilings, central A/C, in-unit washer/dryer, a fresh coat of paint, and a private rear deck. Unit #3 is a front-facing studio with approximately 300 square feet, featuring ceiling height and a fresh coat of paint and access to W/D. Unit #4 is a 1-bedroom, 1-bath unit with approximately 400 square feet, featuring a private rear entrance, dedicated outdoor space, and access to additional storage and W/D. The property is located moments from Rock Creek Park and across the Duke Ellington Bridge from Woodley Park Metro Station. The walk score is 86, indicating it is very walkable, the transit score is 60, indicating good transit, and the bike score is 49, indicating it is somewhat bikeable. This property is suitable for investors or owner-occupants.
Key Highlights
- Income‑producing multi‑unit property with four separately metered units
- Prime Adams Morgan location, moments from Rock Creek Park and Woodley Park Metro Station
- Spacious 3BR/2BA duplex with private roof deck, additional deck, central A/C, in‑unit washer/dryer, and rear parking
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
$85,986
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
4.79%
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%
$1,719,720
$1.7M
Cap Rate 7%
$1,228,371
$1.2M
Cap Rate 9%
$955,400
$955.4K
Market Conditions
NOI Build-Up for 3,939 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
$130.0K $33.00/SF
− Vacancy
−$7.1K −$1.82/SF
EGI
$122.8K $31.19/SF
− OpEx
−$36.9K −$9.36/SF
NOI
$86.0K $21.83/SF
Area
ZIP 20009
Vacancy
5.50%
Lease Rate
$33.00 /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%
$1,719,720
Cap Rate 7%
$1,228,371
Cap Rate 9%
$955,400
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,986 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$1.10M
$958.2K – $1.28M
NOI $76,652 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$2.03M
$1.77M – $2.36M
NOI $141,827 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,155
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing property near Rock Creek Park and Woodley Park Metro.
Where is this quadplex located?
The property is located at 1944 Calvert Street Northwest Washington, DC.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Income‑producing multi‑unit property with four separately metered units; Prime Adams Morgan location, moments from Rock Creek Park and Woodley Park Metro Station; Spacious 3BR/2BA duplex with private roof deck, additional deck, central A/C, in‑unit washer/dryer, and rear parking
