Turnkey Fourplex Income
For Sale
$1,797,000
2241 40TH NW, Washington, DC 20007
Fully updated fourplex with four renovated 1-bedroom units on a corner lot near transit and neighborhood amenities.
Property Size3,648 SF
Lot Size0.12 Acres
Days on Market76
Property Features for 2241 40TH NW
General Information
Standard status
Active
Size
3,648 SF
Lot size
0.12 Acres
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,358
Building Details
Building Size
3,648 SF
Year Built
1933
Units
4
Tenancy
Multi
Listing Agency:
Solutions Realty Group LLC
(703) 750-1450
Listed By:
Ricardo S Bolanos · License #0225185191
(703) 750-1450
Source:
Elliman
Added: Jun 16
Changed: Aug 21
Last Checked: Aug 29 at 9:19AM
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
Investment Insights
Based on property information with market context.
This fully updated fourplex features four spacious 1-bedroom residences, each with renovated kitchens, refreshed baths, hardwood floors, and efficient layouts designed to maximize usability. The property has also had upgraded systems and has been exceptionally maintained, supporting a low-maintenance ownership experience for an investor or owner-occupant. The building sits on a 5,274 sq ft corner lot, providing flexibility for future site planning subject to applicable approvals.
Located at 2241 40th NW in Washington, DC, the property benefits from a highly walkable setting, with a Walk Score of 95 and a Transit Score of 71. The Bike Score is listed at 76, indicating strong cycling connectivity. The public remarks also cite proximity to Wisconsin Ave, Stoddert Elementary, parks, retail, and transit.
This offering is well suited for buyers seeking stabilized rental income through a turnkey, maintained multifamily asset, with the added option to explore future expansion, reconfiguration, or redevelopment under favorable zoning characteristics (buyer to verify). Please note the sale is subject to a 1031 Tax Exchange.
Located at 2241 40th NW in Washington, DC, the property benefits from a highly walkable setting, with a Walk Score of 95 and a Transit Score of 71. The Bike Score is listed at 76, indicating strong cycling connectivity. The public remarks also cite proximity to Wisconsin Ave, Stoddert Elementary, parks, retail, and transit.
This offering is well suited for buyers seeking stabilized rental income through a turnkey, maintained multifamily asset, with the added option to explore future expansion, reconfiguration, or redevelopment under favorable zoning characteristics (buyer to verify). Please note the sale is subject to a 1031 Tax Exchange.
Key Highlights
- Fully updated 4‑unit building built in 1933, offering four 1‑bedroom residences
- Renovated kitchens and refreshed baths across all units, with hardwood floors
- Upgraded systems and efficient layouts designed to maximize rentability
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
3.64%
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%
$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 3.64%
Second Best
Apartment 5plus
$865.9K
$757.7K – $1.01M
NOI $60,613 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,349 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,295
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 - Fully updated fourplex with four renovated 1-bedroom units on a corner lot near transit and neighborhood amenities.
Where is this quadplex located?
The property is located at 2241 40TH NW Washington, DC.
What is the asking price?
The asking price for this property is $1,797,000.
What are key features of this property?
This property features: Fully updated 4‑unit building built in 1933, offering four 1‑bedroom residences; Renovated kitchens and refreshed baths across all units, with hardwood floors; Upgraded systems and efficient layouts designed to maximize rentability
