Two-Story Brick
For Sale
$499,999
2303 S St SE, Washington, DC 20020
Two-story brick quadplex with four one-bedroom units, offering a value-add setup for an income-focused buyer.
Property Size2,592 SF
Days on Market137
Property Features for 2303 S St SE
General Information
Standard status
Active
Size
2,592 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,279
Building Details
Building Size
2,592 SF
Year Built
1956
Stories
2
Units
4
Construction
brick
Listing Agency:
LPT Realty, LLC
(202) 870-0407
Listed By:
Edward Slavis · License #0225213482
(202) 870-0407
Source:
Elliman
Added: Mar 31
Changed: Aug 13
Last Checked: Aug 13 at 8:24AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This classic two-story brick quadplex offers four one-bedroom units. The property is presented as a value-add opportunity, positioned for improvements that can enhance its income-producing use.
The building is located at 2303 S St SE in Washington, DC. Public remarks note convenient access to Navy Yard and downtown Washington, DC, with proximity to Pennsylvania Avenue SE and the Sousa Bridge.
For buyers seeking a small multifamily asset with four separate one-bedroom units, this quadplex provides a straightforward configuration designed to support rental income and long-term ownership.
The building is located at 2303 S St SE in Washington, DC. Public remarks note convenient access to Navy Yard and downtown Washington, DC, with proximity to Pennsylvania Avenue SE and the Sousa Bridge.
For buyers seeking a small multifamily asset with four separate one-bedroom units, this quadplex provides a straightforward configuration designed to support rental income and long-term ownership.
Key Highlights
- Two‑story brick quadplex built in 1956
- Four one‑bedroom units—ideal for an income‑focused, value‑add setup
- Located at 2303 S St SE with access to Navy Yard and downtown Washington, DC
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
$45,805
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
9.16%
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%
$916,100
$916.1K
Cap Rate 7%
$654,357
$654.4K
Cap Rate 9%
$508,944
$508.9K
Market Conditions
NOI Build-Up for 2,592 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
$70.0K $27.00/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$65.4K $25.25/SF
− OpEx
−$19.6K −$7.57/SF
NOI
$45.8K $17.67/SF
Area
ZIP 20020
Vacancy
6.50%
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%
$916,100
Cap Rate 7%
$654,357
Cap Rate 9%
$508,944
Alternative Uses
Best Use
Multifamily LT 5
$654.4K
$572.6K – $763.4K
NOI $45,805 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$584.6K
$511.5K – $682.0K
NOI $40,919 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,678 @ 7.0% cap · market cap 18.74%
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
847
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?
Quadplex - Two-story brick quadplex with four one-bedroom units, offering a value-add setup for an income-focused buyer.
Where is this quadplex located?
The property is located at 2303 S St SE Washington, DC.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: Two‑story brick quadplex built in 1956; Four one‑bedroom units—ideal for an income‑focused, value‑add setup; Located at 2303 S St SE with access to Navy Yard and downtown Washington, DC
