Licensed Apartments and Rooming
For Sale
$1,000,000
2809 GAINESVILLE STREET SE, Washington, DC 20020
Eight-unit property with apartments and rooming house near transit.
Property Size4,200 SF
Price / SF$238.10
Days on Market122
Property Features for 2809 GAINESVILLE STREET SE
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,410
Building Details
Building Size
4,200 SF
Year Built
1945
Listing Agency:
Houwzer, LLC
(252) 903-3616
Listed By:
Pamela Debnam · License #SP200200774
(252) 903-3616
Source:
Kerishull
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 23 at 8:14AM
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 Houwzer, LLC
Investment Insights
Based on property information with market context.
This property features a combination of licensed apartments and a rooming house, totaling eight units. The apartments, of which there are four, and the four rooms in the rooming house are carpeted and equipped with window air conditioning units and ceiling fans. Kitchens and bathrooms feature ceramic tile. The property benefits from ample natural light due to numerous windows. Heating is provided by baseboard heaters, and gas is used for cooking. Recent upgrades include new hallway carpeting and fresh paint on the front and rear of the building. Security is enhanced by high-definition cameras with 1TB storage, a fully fenced perimeter, and time-controlled lighting. Two parking spaces are available in the rear, supplemented by ample street parking. The apartments are self-contained, with tenants responsible for gas and electric. The rooming house includes all utilities, high-speed internet, and basic cable TV, with separate refrigerators, ceiling fans, and A/C window units in each of the four rooms. It has separate access to the rear of the building. A static IP address modem supports live viewing and downloading of security camera footage. The rooftop offers views, as the property is located at the top of a hill. It is situated one block from the 7th District Police Station and a Metro bus stop, with three Metro Rail stops within 10 minutes. The new Skyland Shopping Center and Good Hope Safeway are a short three-block walk away. The property includes 14 bedrooms and 5 baths, comprising two 2-bedroom units, two 3-bedroom units, and four single rooms. It is licensed with a Certificate of Occupancy. The property has easy access to major routes in the DMV area. The bike score is 34, the walk score is 66, and the transit score is 72.
Key Highlights
- Licensed for 8 units (4 apartments & 4 rooming house units) with Certificate of Occupancy, offering immediate rental income potential.
- Excellent Transit Score (72) with 3 Metro Rail stops within 10 minutes and a Metro bus stop one block away.
- Prime location near the 7th District Police Station, NEW SKYLAND Shopping Center, and Good Hope Safeway.
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
$66,303
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
6.63%
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%
$1,326,060
$1.3M
Cap Rate 7%
$947,186
$947.2K
Cap Rate 9%
$736,700
$736.7K
Market Conditions
NOI Build-Up for 4,200 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
$128.5K $30.60/SF
− Vacancy
−$8.0K −$1.90/SF
EGI
$120.6K $28.70/SF
− OpEx
−$54.2K −$12.92/SF
NOI
$66.3K $15.79/SF
Area
ZIP 20020
Vacancy
6.20%
Lease Rate
$30.60 /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%
$1,326,060
Cap Rate 7%
$947,186
Cap Rate 9%
$736,700
Alternative Uses
Best Use
Apartment 5plus
$947.2K
$828.8K – $1.11M
NOI $66,303 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,793 @ 7.0% cap · market cap 15.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
637
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit property with apartments and rooming house near transit.
Where is this apartment building located?
The property is located at 2809 GAINESVILLE STREET SE Washington, DC.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Licensed for 8 units (4 apartments & 4 rooming house units) with Certificate of Occupancy, offering immediate rental income potential.; Excellent Transit Score (72) with 3 Metro Rail stops within 10 minutes and a Metro bus stop one block away.; Prime location near the 7th District Police Station, NEW SKYLAND Shopping Center, and Good Hope Safeway.
