Renovated 6-Unit Apartment
For Sale
$1,500,000
Pending
2822 28th Street Southeast, Washington, DC 20020
Vacant multifamily property with dedicated parking and in-unit laundry hookups.
Property Size4,862 SF
Lot Size0.10 Acres
Days on Market159
Property Features for 2822 28th Street Southeast
General Information
Standard status
Pending
Size
4,862 SF
Total Parking Spaces
3
Lot size
0.10 Acres
Property subtype
Multi-Family / Fee Simple
Additional Details
Multifamily Units
6
Amenities
Washer/Dryer Hookups Only
Washer In Unit, Hookup, Dryer In Unit
Building Details
Year Built
1943
Buildings
1
Listing Agency:
Compass
(202) 577-5508
Listed By:
Bianca Sancio · License #SP200203770
(202) 577-5508
Source:
Compass
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 1:03AM
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 Compass
Investment Insights
Based on property information with market context.
This renovated six-unit apartment building at 2822 28th Street Southeast includes 10 bedrooms and 6 bathrooms. The property was built in 1943 and is currently vacant, offering a multifamily configuration with washer and dryer hookups, including in-unit connections. Three dedicated parking spaces are available on site and may be leased separately.
The property is located in Washington, DC, near Dupont Park, Hillcrest Garden, the George Washington Carver Nature Trail, and Anacostia Neighborhood Library. It is served by District Of Columbia Public Schools. The building provides an established residential income property format with multiple units, parking, and outdoor and community amenities nearby.
The property is located in Washington, DC, near Dupont Park, Hillcrest Garden, the George Washington Carver Nature Trail, and Anacostia Neighborhood Library. It is served by District Of Columbia Public Schools. The building provides an established residential income property format with multiple units, parking, and outdoor and community amenities nearby.
Key Highlights
- 6‑unit renovated multifamily building
- 10 bedrooms and 6 bathrooms
- Currently vacant
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
$76,754
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
5.12%
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%
$1,535,080
$1.5M
Cap Rate 7%
$1,096,486
$1.1M
Cap Rate 9%
$852,822
$852.8K
Market Conditions
NOI Build-Up for 4,862 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
$148.8K $30.60/SF
− Vacancy
−$9.2K −$1.90/SF
EGI
$139.6K $28.70/SF
− OpEx
−$62.8K −$12.92/SF
NOI
$76.8K $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%
$1,535,080
Cap Rate 7%
$1,096,486
Cap Rate 9%
$852,822
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$959.4K – $1.28M
NOI $76,754 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $175,718 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
620
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 - Vacant multifamily property with dedicated parking and in-unit laundry hookups.
Where is this apartment building located?
The property is located at 2822 28th Street Southeast Washington, DC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6‑unit renovated multifamily building; 10 bedrooms and 6 bathrooms; Currently vacant
