Licensed 8-Unit Apartment
For Sale
$1,000,000
2809 GAINESVILLE Street SE, Washington, DC 20020
Multi-Family, WASHINGTON, DC
Property Size4,200 SF
Lot Size0.11 Acres
Price / SF$238.10
Days on Market132
Property Features for 2809 GAINESVILLE Street SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room
Parking features
On Street
Interior features
Kitchen - Eat-In, Combination Dining/Living
Appliances
Disposal, Refrigerator, Oven/Range - Gas, Oven/Range - Electric
Subdivision
RANDLE HEIGHTS
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Size
4,200 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
5410
Utilities
Heating system
Hot Water(Heating)
Cooling system
Ceiling Fan(s), Wall Unit(s), Window Unit(s)
Building Details
Year built
1945
Number of units
4
Building materials
Brick, Aluminum Siding
Listing Agency:
Houwzer, LLC
(202) 866-8787
Listed By:
Pamela Debnam · License #SP200200774
(252) 903-3616
Added: Apr 14
Changed: Aug 19
Last Checked: Aug 23 at 7:06PM
MLS# DCDC2255740
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This licensed multifamily property features 8 units total, made up of 4 apartments and 4 rooming house rooms. Units include wall-to-wall carpeting, window A/C units, ceiling fans, and baseboard heating, with gas cooking. Kitchens and baths have ceramic tile finishes. The hallway has been upgraded with new carpeting and fresh paint, and the exterior is secured with an entire fenced perimeter and high-definition security cameras with on-site storage. Two parking spaces are provided in the rear, along with ample street parking.
The apartments are self-contained with residents paying gas and electric. The rooming house includes all utilities plus high-speed internet and basic cable TV, and it has separate access at the rear of the building. Additional rooming house amenities include separate refrigerators, ceiling fans, and A/C window units for each of the four rooms. A time-controlled exterior lighting feature is described as well.
With separate apartment and rooming house configurations, the property can fit tenants looking for traditional apartments as well as those seeking individually accessed rooms within the same fenced, camera-monitored setting. The listing also notes a rooftop with views and easy access to major routes in the DMV, with nearby transit options including a Metro bus stop and multiple Metro Rail stops within 10 minutes.
The apartments are self-contained with residents paying gas and electric. The rooming house includes all utilities plus high-speed internet and basic cable TV, and it has separate access at the rear of the building. Additional rooming house amenities include separate refrigerators, ceiling fans, and A/C window units for each of the four rooms. A time-controlled exterior lighting feature is described as well.
With separate apartment and rooming house configurations, the property can fit tenants looking for traditional apartments as well as those seeking individually accessed rooms within the same fenced, camera-monitored setting. The listing also notes a rooftop with views and easy access to major routes in the DMV, with nearby transit options including a Metro bus stop and multiple Metro Rail stops within 10 minutes.
Key Highlights
- 8 total licensed units: 4 licensed apartments and 4‑rooming house units (14 bedrooms, 5 baths).
- Separate utilities by unit type: apartments are self‑contained and pay gas and electric; rooming house includes all utilities plus high‑speed internet and basic cable TV.
- Property updates include recently upgraded hallway carpet and painted front and rear of the building.
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
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Income property with self-contained apartments and a separately accessed rooming house, enhanced by fenced grounds and security cameras.
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: 8 total licensed units: 4 licensed apartments and 4‑rooming house units (14 bedrooms, 5 baths).; Separate utilities by unit type: apartments are self‑contained and pay gas and electric; rooming house includes all utilities plus high‑speed internet and basic cable TV.; Property updates include recently upgraded hallway carpet and painted front and rear of the building.
