Building Details

Year Built 1933

Tenancy Multi

Listing Agency: Solutions Realty Group LLC

Listed By: Ricardo S Bolanos · License #0225185191 Show Phone

Source: Fulcrum-residential

Added: Jul 20 Changed: Oct 7 Last Checked: Oct 4 at 12:52PM

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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 Solutions Realty Group LLC

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Investment Insights

Based on property information with market context.

This fully updated fourplex features four spacious 1-bedroom residences. Each unit has been modernized with renovated kitchens, refreshed baths, hardwood floors, and upgraded systems, all supported by efficient layouts designed to maximize livability. The building is described as exceptionally maintained, creating a low-maintenance option for an income-focused buyer.

The property is located at 2241 40TH Place NW in Washington, DC, on a 5,274 sq ft corner lot. The public remarks cite proximity to Wisconsin Ave, Stoddert Elementary, parks, retail, and transit.

Sale is subject to a 1031 Tax Exchange. The buyer is responsible for verifying any redevelopment possibilities referenced in the remarks.

Key Highlights

• 1933‑built, fully updated 4‑unit fourplex with four spacious 1‑bedroom residences
• Renovated kitchens and refreshed baths across all units, with hardwood floors and efficient layouts
• 5,274 sq ft corner lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$65,362

Cap Rate

3.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,307,240 $1.3M

Cap Rate 7%

$933,743 $933.7K

Cap Rate 9%

$726,244 $726.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,648 SF

Gross rent

$98.5K $27.00/SF

− Vacancy

−$5.1K −$1.40/SF

EGI

$93.4K $25.60/SF

− OpEx

−$28.0K −$7.68/SF

NOI

$65.4K $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 Rate 5%

$1,307,240

Cap Rate 7%

$933,743

Cap Rate 9%

$726,244

Alternative Uses

Best Use

Multifamily LT 5

$933.7K

$817.0K – $1.09M (±1% cap)

NOI $65,362 @ 7.0% cap · market cap 3.97%

Second Best

Apartment 5plus

$865.9K

$757.7K – $1.01M (±1% cap)

NOI $60,613 @ 7.0% cap · market cap 3.68%

Theoretical Best

Office A

$1.88M

$1.64M – $2.19M (±1% cap)

NOI $131,349 @ 7.0% cap · market cap 7.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Auto Repair Shop Nail Salon Barber Shop Hair Salon Big Box & Wholesale Store Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,104

Businesses Nearby

Explore this area Business Placement

Demographics for 20007, DC

26,827

Population

13,583

Households

2

Avg Household Size

35

Median Age

87%

College-Educated

98%

High-School Grad

3.1 sq mi

ZIP Area

8,654

Density / Sq Mi

$142,783

Median Household Income

$93,107

Median Earnings

$2,066

Median Rent

$1,202,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Four fully updated 1-bedroom units in a well-maintained fourplex on a corner lot.

Where is this quadplex located?

The property is located at 2241 40th Pl NW Washington, DC.

What is the asking price?

The asking price for this property is $1,645,000.

What are key features of this property?

This property features: 1933‑built, fully updated 4‑unit fourplex with four spacious 1‑bedroom residences; Renovated kitchens and refreshed baths across all units, with hardwood floors and efficient layouts; 5,274 sq ft corner lot