Renovated Multifamily Property in Columbia
For Sale
$1,550,000
Pending
2514 13th Street Northwest, Washington, DC 20009
Four-unit property with strong rental income potential in a prime location.
Property Size3,696 SF
Days on Market202
Property Features for 2514 13th Street Northwest
General Information
Standard status
Pending
Size
3,696 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RA-2
Taxes and HOA fees
Annual Taxes
$14,509
Amenities
Dishwasher, Disposal, Dryer, Freezer, Intercom, Microwave, Refrigerator, Stainless Steel Appliances, Washer
Double Entry
Carpet, Ceiling Fan(s), Dining Area, Floor Plan - Traditional, Bathroom - Tub Shower, Walk-in Closet(s), Upgraded Countertops, Window Treatments
Exterior Cameras, Intercom, Main Entrance Lock
No Pool
Exterior Lighting, Street Lights
Building Details
Year Built
1900
Listing Agency:
Greysteel Company LLC
(202) 280-2722
Listed By:
Ari Firoozabadi · License #SP200205538
(202) 280-2722
Source:
Compass
Added: Feb 3
Changed: Aug 23
Last Checked: Jul 24 at 1:48PM
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 Greysteel Company LLC
Investment Insights
Based on property information with market context.
Located in the heart of Columbia Heights, this renovated 4-unit multifamily property offers an opportunity for owner-occupants or investors. The building features one 1-bedroom unit, two 2-bedroom units, and one 3-bedroom unit. Renovated in 2011, all units have spacious layouts, high-end finishes, and all-electric appliances. Each unit has an individual HVAC system and separately metered utilities, except for water. One 3-bedroom residence is currently vacant, previously rented for $3,145 per month. The property is situated blocks from the Columbia Heights and U Street Metro stops and the retail, dining, and entertainment options along 14th Street NW, and across the street from Cardozo High School. The location benefits from strong rental demand and long-term upside. The property has a bike score of 84, a walk score of 85, and a transit score of 82.
Key Highlights
- Prime Columbia Heights location near Columbia Heights and U Street Metro, 14th Street NW retail, dining, and entertainment.
- Strong income potential with solid market‑rate rents and immediate cash flow from vacant 3‑bedroom unit (previously $3,145/month).
- Fully renovated in 2011 with spacious layouts, high‑end finishes, and all‑electric appliances.
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
$71,924
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
4.64%
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%
$1,438,480
$1.4M
Cap Rate 7%
$1,027,486
$1.0M
Cap Rate 9%
$799,156
$799.2K
Market Conditions
NOI Build-Up for 3,696 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
$138.8K $37.56/SF
− Vacancy
−$8.1K −$2.18/SF
EGI
$130.8K $35.38/SF
− OpEx
−$58.8K −$15.92/SF
NOI
$71.9K $19.46/SF
Area
ZIP 20009
Vacancy
5.80%
Lease Rate
$37.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,438,480
Cap Rate 7%
$1,027,486
Cap Rate 9%
$799,156
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.1K – $1.20M
NOI $71,924 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,077 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,580
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Four-unit property with strong rental income potential in a prime location.
Where is this apartment building located?
The property is located at 2514 13th Street Northwest Washington, DC.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Prime Columbia Heights location near Columbia Heights and U Street Metro, 14th Street NW retail, dining, and entertainment.; Strong income potential with solid market‑rate rents and immediate cash flow from vacant 3‑bedroom unit (previously $3,145/month).; Fully renovated in 2011 with spacious layouts, high‑end finishes, and all‑electric appliances.
