Updated Two-Unit
For Sale
$509,900
1946 I Street NE, Washington, DC 20002
Turnkey 2-unit interior townhouse with modern finishes, offering flexible use as an income property or live-in investment.
Property Size1,400 SF
Price / SF$364.21
Days on Market313
Property Features for 1946 I Street NE
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Multi-Family
Zoning
RESIDENTIAL
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$28,843
Amenities
Yes
No
Assessor
No Pool
Public
0.03
Off Street
Other
333910.00
Building Details
Building Size
1,400 SF
Year Built
1942
Tenancy
Multi
Listing Agency:
Hampton Preferred Real Estate Inc
(609) 304-2314
Listed By:
Christopher Twardy · License #1540241
(609) 304-2314
Source:
Thetristaterealestategroup
Added: Oct 16, 2025
Changed: Aug 15
Last Checked: Aug 24 at 3:31AM
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 Hampton Preferred Real Estate Inc
Investment Insights
Based on property information with market context.
This updated interior townhouse is configured as a two-unit property, presented as a well-maintained, turnkey offering. Both units feature modern finishes and well-appointed living spaces designed to blend contemporary comfort with classic Washington, D.C. character. Virtual furnishings may have been added to listing photos to help visualize the floor plan and intended layout.
Located in Washington, D.C. in the Trinidad community, the property places residents close to the U.S. National Arboretum and within easy reach of the H Street Corridor and Union Market. The surrounding Northeast District area provides access to dining, shopping, and entertainment options.
For investors or owner-occupants, the two separate units provide flexibility to pursue either a live-in arrangement or a rental-focused strategy within a maintained, updated duplex-style residence. The listing is also identified as a foreclosure, which may be of interest to qualified buyers seeking an actively marketed multi-unit home. If you’re looking for a straightforward two-unit setup with contemporary interior finishes and a convenient Northeast location, this property is worth reviewing.
Located in Washington, D.C. in the Trinidad community, the property places residents close to the U.S. National Arboretum and within easy reach of the H Street Corridor and Union Market. The surrounding Northeast District area provides access to dining, shopping, and entertainment options.
For investors or owner-occupants, the two separate units provide flexibility to pursue either a live-in arrangement or a rental-focused strategy within a maintained, updated duplex-style residence. The listing is also identified as a foreclosure, which may be of interest to qualified buyers seeking an actively marketed multi-unit home. If you’re looking for a straightforward two-unit setup with contemporary interior finishes and a convenient Northeast location, this property is worth reviewing.
Key Highlights
- 2‑unit interior townhouse at 1946 I St NE
- Year built 1942
- Each unit features modern finishes and well‑appointed living spaces
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
$26,672
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
5.23%
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%
$533,440
$533.4K
Cap Rate 7%
$381,029
$381.0K
Cap Rate 9%
$296,356
$296.4K
Market Conditions
NOI Build-Up for 1,400 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
$40.3K $28.80/SF
− Vacancy
−$2.2K −$1.58/SF
EGI
$38.1K $27.22/SF
− OpEx
−$11.4K −$8.16/SF
NOI
$26.7K $19.05/SF
Area
ZIP 20002
Vacancy
5.50%
Lease Rate
$28.80 /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%
$533,440
Cap Rate 7%
$381,029
Cap Rate 9%
$296,356
Alternative Uses
Best Use
Multifamily LT 5
$381.0K
$333.4K – $444.5K
NOI $26,672 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$340.5K
$297.9K – $397.3K
NOI $23,835 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$722.8K
$632.5K – $843.3K
NOI $50,598 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 20002, DC
69,422
Population
38,459
Households
1.8
Avg Household Size
33
Median Age
70%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
13,612
Density / Sq Mi
$114,482
Median Household Income
$82,909
Median Earnings
$2,140
Median Rent
$813,700
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?
Duplex - Turnkey 2-unit interior townhouse with modern finishes, offering flexible use as an income property or live-in investment.
Where is this duplex located?
The property is located at 1946 I Street NE Washington, DC.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: 2‑unit interior townhouse at 1946 I St NE; Year built 1942; Each unit features modern finishes and well‑appointed living spaces
