Detached Brick
For Sale
$1,675,000
2241 40TH Place NW, Washington, DC 20007
Multi-Family, WASHINGTON, DC
Property Size3,648 SF
Lot Size0.12 Acres
Price / SF$459.16
Days on Market93
Property Features for 2241 40TH Place NW
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
Alley
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Size
3,648 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
15358
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1933
Number of units
4
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Solutions Realty Group LLC
Listed By:
Ricardo S Bolanos · License #0225185191
(703) 750-1450
Added: Jun 5
Changed: Sep 4
Last Checked: Sep 5 at 11:06AM
MLS# DCDC2265748
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This detached brick quadplex contains four one-bedroom residences within 3,648 square feet. The building was remodeled in 2014, with renovated kitchens, refreshed baths, hardwood floors, upgraded systems, and efficient layouts. All four units are currently vacant. A new roof was installed in 2024, and the property includes central air, forced-air heating, Colonial architecture, and alley parking.
The property occupies a 5,274-square-foot corner lot at 2241 40th Place NW in Washington, DC 20007. Its 0.1211-acre site and four-unit configuration provide a clear residential income-property format, while the current vacancy allows the next owner to establish new leases or select a unit for personal use.
The property occupies a 5,274-square-foot corner lot at 2241 40th Place NW in Washington, DC 20007. Its 0.1211-acre site and four-unit configuration provide a clear residential income-property format, while the current vacancy allows the next owner to establish new leases or select a unit for personal use.
Key Highlights
- Four vacant one‑bedroom units in a detached quadplex
- 3,648 square feet on a 0.1211‑acre site
- Remodeled in 2014 with updated kitchens, baths, floors, and systems
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
$65,362
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
3.90%
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%
$1,307,240
$1.3M
Cap Rate 7%
$933,743
$933.7K
Cap Rate 9%
$726,244
$726.2K
Market Conditions
NOI Build-Up for 3,648 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
$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 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%
$1,307,240
Cap Rate 7%
$933,743
Cap Rate 9%
$726,244
Alternative Uses
Best Use
Multifamily LT 5
$933.7K
$817.0K – $1.09M
NOI $65,362 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$865.9K
$757.7K – $1.01M
NOI $60,613 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,349 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four vacant one-bedroom residences offer flexible leasing or owner-occupancy options.
Where is this quadplex located?
The property is located at 2241 40TH Place NW Washington, DC.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Four vacant one‑bedroom units in a detached quadplex; 3,648 square feet on a 0.1211‑acre site; Remodeled in 2014 with updated kitchens, baths, floors, and systems
