Adams Morgan Mixed-Use
For Sale
$2,695,000
2307 18TH St NW, Washington, DC 20009
Five-level mixed-use building in the heart of Adams Morgan.
Property Size4,612 SF
Lot Size0.04 Acres
Days on Market151
Property Features for 2307 18TH St NW
General Information
Standard status
Active
Size
4,612 SF
Lot size
0.04 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$44,535
Building Details
Building Size
4,612 SF
Year Built
1900
Units
4
Listing Agency:
MCM Realty Company
(703) 328-4040
Listed By:
Julie M Mariotti · License #SP98373000
(703) 328-4040
Source:
Elliman
Added: Mar 25
Changed: Aug 14
Last Checked: Aug 22 at 11:25AM
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 MCM Realty Company
Investment Insights
Based on property information with market context.
This five-level mixed-use building is located in the Adams Morgan neighborhood. The building was fully gutted and renovated in 2007, which included the addition of a fourth floor and the habilitation of the basement. The property features three 2-bedroom units, each approximately 900 square feet. The street level includes retail space, with an improved walk-out basement also currently used as retail. The property will be sold fully leased. Two parking spaces are included at the rear of the building.
Key Highlights
- Prime Adams Morgan location
- Fully leased investment property
- Three spacious 2‑bedroom units (approx 900 sf each)
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
$93,125
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
3.46%
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%
$1,862,500
$1.9M
Cap Rate 7%
$1,330,357
$1.3M
Cap Rate 9%
$1,034,722
$1.0M
Market Conditions
NOI Build-Up for 4,612 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
$161.6K $35.04/SF
− Vacancy
−$12.6K −$2.73/SF
EGI
$149.0K $32.31/SF
− OpEx
−$55.9K −$12.12/SF
NOI
$93.1K $20.19/SF
Area
ZIP 20009
Vacancy
7.80%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
37.50%
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%
$1,862,500
Cap Rate 7%
$1,330,357
Cap Rate 9%
$1,034,722
Alternative Uses
Best Use
Mixed Use
$1.33M
$1.16M – $1.55M
NOI $93,125 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,749 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,059 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,984
Businesses Nearby
Explore this area
Business Placement
Demographics for 20009, DC
53,357
Population
31,824
Households
1.7
Avg Household Size
34
Median Age
84%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
41,044
Density / Sq Mi
$140,555
Median Household Income
$99,606
Median Earnings
$2,346
Median Rent
$727,800
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?
Mixed-use property - Five-level mixed-use building in the heart of Adams Morgan.
Where is this mixed-use property located?
The property is located at 2307 18TH St NW Washington, DC.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: Prime Adams Morgan location; Fully leased investment property; Three spacious 2‑bedroom units (approx 900 sf each)
