Six-Unit Multifamily
For Sale
$800,000
2513-15 22ND STREET NE, Washington, DC 20018
Two buildings offer one-bedroom-plus-den apartments with separate electric and gas metering.
Property Size2,640 SF
Lot Size0.17 Acres
Price / SF$303.03
Days on Market116
Property Features for 2513-15 22ND STREET NE
General Information
Standard status
Active
Size
2,640 SF
Lot size
0.17 Acres
Property subtype
Duplex
Zoning
R-1B
Property Condition
Severity
Repairs Needed
Evidence
good condition but dated
Units
Unit Mix
6 x 1BR+den/1BA
Multifamily Units
6
Additional Details
Asking Price
$800,000
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,526
Building Details
Building Size
2,640 SF
Year Built
1941
Buildings
2
Listing Agency:
Keller Williams Capital Properties
(703) 297-2730
Listed By:
Stefan Rosu · License #SP98377007
(703) 297-2730
Source:
Kerishull
Added: May 6
Changed: Aug 28
Last Checked: Aug 26 at 1:16PM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This multifamily offering combines 2513 and 2515 22nd Street NE into two residential buildings with six total apartments. Each unit is configured with one bedroom, a den, and one bathroom. The buildings were constructed in 1941 and are described as being in good condition with dated finishes. Large unfinished basements provide additional space that may be converted into living areas, and the units have separately metered electric and gas service.
The property includes four occupied apartments and two vacant units. The buildings sit on a deep 7,500 SF lot and carry R-1B zoning. The six-unit configuration is divided between two units at one address and four units at the other, offering a consolidated multifamily asset across both parcels.
The property includes four occupied apartments and two vacant units. The buildings sit on a deep 7,500 SF lot and carry R-1B zoning. The six-unit configuration is divided between two units at one address and four units at the other, offering a consolidated multifamily asset across both parcels.
Key Highlights
- Six apartments across two buildings: 2 units at 2513 22nd Street NE and 4 units at 2515 22nd Street NE
- All 6 units feature one bedroom, a den, and one bathroom
- Two vacant units; four units are occupied
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
$47,301
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
5.91%
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%
$946,020
$946.0K
Cap Rate 7%
$675,729
$675.7K
Cap Rate 9%
$525,567
$525.6K
Market Conditions
NOI Build-Up for 2,640 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
$71.3K $27.00/SF
− Vacancy
−$3.7K −$1.40/SF
EGI
$67.6K $25.60/SF
− OpEx
−$20.3K −$7.68/SF
NOI
$47.3K $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%
$946,020
Cap Rate 7%
$675,729
Cap Rate 9%
$525,567
Alternative Uses
Best Use
Multifamily LT 5
$675.7K
$591.3K – $788.4K
NOI $47,301 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$626.6K
$548.3K – $731.1K
NOI $43,865 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $95,055 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,481
Businesses Nearby
Explore this area
Business Placement
Demographics for 20018, DC
20,646
Population
9,753
Households
2.1
Avg Household Size
39
Median Age
46%
College-Educated
89%
High-School Grad
3.0 sq mi
ZIP Area
6,882
Density / Sq Mi
$92,569
Median Household Income
$71,947
Median Earnings
$1,245
Median Rent
$672,100
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?
Multifamily property - Two buildings offer one-bedroom-plus-den apartments with separate electric and gas metering.
Where is this multifamily property located?
The property is located at 2513-15 22ND STREET NE Washington, DC.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Six apartments across two buildings: 2 units at 2513 22nd Street NE and 4 units at 2515 22nd Street NE; All 6 units feature one bedroom, a den, and one bathroom; Two vacant units; four units are occupied
