Three-Level Office
For Sale
Contact for pricing
2002 Rhode Island Avenue Northeast, Washington, DC 20018
MU-4 office property delivered vacant, with separate egress from each level and nine electric meters.
Property Size6,383 SF
Price / SF$297.67
Days on Market14
Property Features for 2002 Rhode Island Avenue Northeast
General Information
Standard status
Active
Size
6,383 SF
Property subtype
Office, Special Purpose
Zoning
MU-4
Building Details
Year Built
1913
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Feldman Ruel
Listed By:
Adam Costanzo · License #DC 200201410
Source:
Crexi
Added: Jul 27
Changed: Aug 5
Last Checked: Aug 8 at 1:52PM
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 Feldman Ruel
Investment Insights
Based on property information with market context.
Located at 2002 Rhode Island Avenue Northeast in Washington, DC, this office property was built in 1913 and is zoned MU-4. The building is arranged across three levels, with independent egress serving each floor. It is currently used as a healthcare training facility and will be delivered vacant, allowing the next owner to establish a new occupancy plan.
The property sits at a signalized intersection and includes nine electric meters. Those meters may support separate utility accounting if the interior is configured for multiple commercial occupants. The three-level layout and individual points of egress also provide a physical foundation for multi-tenant office or mixed-use occupancy, subject to applicable approvals.
The property sits at a signalized intersection and includes nine electric meters. Those meters may support separate utility accounting if the interior is configured for multiple commercial occupants. The three-level layout and individual points of egress also provide a physical foundation for multi-tenant office or mixed-use occupancy, subject to applicable approvals.
Key Highlights
- Three‑level office property at a signalized intersection
- MU‑4 zoning
- Delivered vacant after use as a healthcare training facility
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
$105,320
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
5.54%
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%
$2,106,400
$2.1M
Cap Rate 7%
$1,504,571
$1.5M
Cap Rate 9%
$1,170,222
$1.2M
Market Conditions
NOI Build-Up for 6,383 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
$191.5K $30.00/SF
− Vacancy
−$23.0K −$3.60/SF
EGI
$168.5K $26.40/SF
− OpEx
−$63.2K −$9.90/SF
NOI
$105.3K $16.50/SF
Area
Washington, DC
Vacancy
12.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,106,400
Cap Rate 7%
$1,504,571
Cap Rate 9%
$1,170,222
Alternative Uses
Best Use
Office B
$2.90M
$2.53M – $3.38M
NOI $202,673 @ 7.0% cap · market cap 10.67%
Second Best
Mixed Use
$1.50M
$1.32M – $1.76M
NOI $105,320 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,825 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 20018, DC
20,646
Population
9,753
Households
2.1
Avg Household Size
39
Median Age
46%
College-Educated
89%
High-School Grad
3.0 sq mi
ZIP Area
6,882
Density / Sq Mi
$92,569
Median Household Income
$71,947
Median Earnings
$1,245
Median Rent
$672,100
Median Home Value
Market
Vacancy Rate% for Office in Washington, DC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - MU-4 office property delivered vacant, with separate egress from each level and nine electric meters.
Where is this office building located?
The property is located at 2002 Rhode Island Avenue Northeast Washington, DC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Three‑level office property at a signalized intersection; MU‑4 zoning; Delivered vacant after use as a healthcare training facility
