Four-Unit Apartment
New
For Sale
$1,350,000
220 3RD St SE, Washington, DC 20003
Four one-bedroom residences offer shorter-term leasing, rear off-street parking, and documented roof and masonry improvements.
Property Size3,560 SF
Days on Market2
Property Features for 220 3RD St SE
General Information
Standard status
Active
Size
3,560 SF
Total Parking Spaces
1
Property subtype
Investment
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,156
Building Details
Building Size
3,560 SF
Year Built
1857
Buildings
1
Units
4
Listing Agency:
Horvath & Tremblay MD, LLC
(202) 534-3003
Listed By:
Christian Barreiro · License #SP98373426
(202) 534-3003
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 3:06PM
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 Horvath & Tremblay MD, LLC
Investment Insights
Based on property information with market context.
This Capitol Hill quadplex contains four one-bedroom apartments, with a rear off-street parking space serving the property. Units 1 and 2 are currently operated as shorter-term rentals, with typical stays ranging from 2 to 4 months. A buyer may be able to receive one or both of those apartments vacant, subject to the applicable arrangements.
Building upgrades include a TPO roof completed in 2017 and front brick repointing completed in 2022. The property is near the U.S. Capitol Campus and Capitol South Metro, with access to Capitol Hill dining, retail, and transit amenities. The building carries Rent Control and TOPA exemptions. Additional location metrics include a Walk Score of 94, a Bike Score of 87, and a Transit Score of 70.
Building upgrades include a TPO roof completed in 2017 and front brick repointing completed in 2022. The property is near the U.S. Capitol Campus and Capitol South Metro, with access to Capitol Hill dining, retail, and transit amenities. The building carries Rent Control and TOPA exemptions. Additional location metrics include a Walk Score of 94, a Bike Score of 87, and a Transit Score of 70.
Key Highlights
- Four one‑bedroom apartments within a quadplex property
- Units 1 and 2 operate as shorter‑term rentals with stays averaging 2 to 4 months
- Rear off‑street parking space
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
$63,785
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
4.72%
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%
$1,275,700
$1.3M
Cap Rate 7%
$911,214
$911.2K
Cap Rate 9%
$708,722
$708.7K
Market Conditions
NOI Build-Up for 3,560 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
$96.1K $27.00/SF
− Vacancy
−$5.0K −$1.40/SF
EGI
$91.1K $25.60/SF
− OpEx
−$27.3K −$7.68/SF
NOI
$63.8K $17.92/SF
Area
Washington, DC
Vacancy
5.20%
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%
$1,275,700
Cap Rate 7%
$911,214
Cap Rate 9%
$708,722
Alternative Uses
Best Use
Multifamily LT 5
$911.2K
$797.3K – $1.06M
NOI $63,785 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$845.0K
$739.4K – $985.9K
NOI $59,151 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,181 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,397
Businesses Nearby
Explore this area
Business Placement
Demographics for 20003, DC
36,501
Population
20,817
Households
1.8
Avg Household Size
35
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
15,870
Density / Sq Mi
$159,604
Median Household Income
$107,846
Median Earnings
$2,630
Median Rent
$954,200
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?
Quadplex - Four one-bedroom residences offer shorter-term leasing, rear off-street parking, and documented roof and masonry improvements.
Where is this quadplex located?
The property is located at 220 3RD St SE Washington, DC.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Four one‑bedroom apartments within a quadplex property; Units 1 and 2 operate as shorter‑term rentals with stays averaging 2 to 4 months; Rear off‑street parking space
