Renovated 15-Unit Apartment
New
For Sale
$3,400,000
2100 15TH STREET SE, Washington, DC 20020
Vacant two-story apartment property with a renovated unit mix, basement apartment, and on-site laundry room.
Property Size14,300 SF
Lot Size0.21 Acres
Price / SF$237.76
Days on Market4
Property Features for 2100 15TH STREET SE
General Information
Standard status
Active
Size
14,300 SF
Lot size
0.21 Acres
Property subtype
Five Or More Units
Zoning
R-3
Units
Unit Mix
14 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
15
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,761
Amenities
laundry room
Building Details
Building Size
14,300 SF
Year Built
1937
Buildings
1
Stories
2
Listing Agency:
RE/MAX Realty Services
(240) 286-1678
Listed By:
Ellerson Spurlock IV · License #SP98363031
(240) 286-1678
Source:
Kerishull
Added: Aug 20
Changed: Aug 22
Last Checked: Aug 23 at 8:37AM
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 RE/MAX Realty Services
Investment Insights
Based on property information with market context.
This vacant two-story apartment building contains 15 units, including 14 three-bedroom, one-bath apartments and a one-bedroom, one-bath basement unit. The property offers 14,300 square feet of gross building area plus a basement level, with a laundry room included in the building. Originally built in 1937, the property underwent a complete renovation in 2026 and is described as being delivered in move-in condition.
The asset occupies a 9,360-square-foot lot at 2100 15th Street SE in Washington, DC. It is zoned R-3 and represents an established multifamily use. The unit configuration combines a predominantly three-bedroom layout with a smaller basement apartment, while the on-site laundry room provides an additional building feature.
The asset occupies a 9,360-square-foot lot at 2100 15th Street SE in Washington, DC. It is zoned R-3 and represents an established multifamily use. The unit configuration combines a predominantly three-bedroom layout with a smaller basement apartment, while the on-site laundry room provides an additional building feature.
Key Highlights
- 15 total units: 14 three‑bedroom/one‑bath apartments and one 1BR/1BA basement unit
- 14,300 square feet of gross building area plus a basement level
- Complete renovation in 2026; built in 1937
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
$225,748
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
6.64%
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%
$4,514,960
$4.5M
Cap Rate 7%
$3,224,971
$3.2M
Cap Rate 9%
$2,508,311
$2.5M
Market Conditions
NOI Build-Up for 14,300 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
$437.6K $30.60/SF
− Vacancy
−$27.1K −$1.90/SF
EGI
$410.5K $28.70/SF
− OpEx
−$184.7K −$12.92/SF
NOI
$225.7K $15.79/SF
Area
ZIP 20020
Vacancy
6.20%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
45.00%
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%
$4,514,960
Cap Rate 7%
$3,224,971
Cap Rate 9%
$2,508,311
Alternative Uses
Best Use
Apartment 5plus
$3.22M
$2.82M – $3.76M
NOI $225,748 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.38M
$6.46M – $8.61M
NOI $516,818 @ 7.0% cap · market cap 15.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
1,132
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?
Apartment building - Vacant two-story apartment property with a renovated unit mix, basement apartment, and on-site laundry room.
Where is this apartment building located?
The property is located at 2100 15TH STREET SE Washington, DC.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 15 total units: 14 three‑bedroom/one‑bath apartments and one 1BR/1BA basement unit; 14,300 square feet of gross building area plus a basement level; Complete renovation in 2026; built in 1937
