Multifamily
For Sale
$859,888
Pending
2823 4TH STREET NE, Washington, DC 20002
Traditional multifamily property with gas-fired hot water service and on-street parking.
Property Size3,480 SF
Days on Market52
Property Features for 2823 4TH STREET NE
General Information
Standard status
Pending
Size
3,480 SF
Property subtype
Residential Income
Zoning
RF-1
Taxes and HOA fees
Annual Taxes
$8,196
Amenities
Natural Gas, Hot Water
Gas Water Heater
On Street
Traditional
Building Details
Building Size
3,480 SF
Year Built
1941
Listing Agency:
(202) 391-1199
Listed By:
Shawn Cathey · License #sp100818
(202) 391-1199
Source:
Evrealestate
Added: Jul 3
Changed: Aug 2
Last Checked: Aug 2 at 6:30AM
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 Shawn Cathey
Investment Insights
Based on property information with market context.
This multifamily property offers 3,480 square feet within a traditional building constructed in 1941. The property includes natural gas service, hot water, and a gas water heater, with on-street parking identified among the exterior features.
The property is located at 2823 4th Street NE in Washington, DC 20002, within RF-1 zoning. Its established construction date and straightforward building systems provide a defined physical profile for multifamily ownership or evaluation.
The property is located at 2823 4th Street NE in Washington, DC 20002, within RF-1 zoning. Its established construction date and straightforward building systems provide a defined physical profile for multifamily ownership or evaluation.
Key Highlights
- 3,480‑square‑foot multifamily property
- RF‑1 zoning
- Built in 1941
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
$59,246
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
6.89%
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%
$1,184,920
$1.2M
Cap Rate 7%
$846,371
$846.4K
Cap Rate 9%
$658,289
$658.3K
Market Conditions
NOI Build-Up for 3,480 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
$114.8K $33.00/SF
− Vacancy
−$7.1K −$2.05/SF
EGI
$107.7K $30.95/SF
− OpEx
−$48.5K −$13.93/SF
NOI
$59.2K $17.02/SF
Area
ZIP 20002
Vacancy
6.20%
Lease Rate
$33.00 /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%
$1,184,920
Cap Rate 7%
$846,371
Cap Rate 9%
$658,289
Alternative Uses
Best Use
Apartment 5plus
$846.4K
$740.6K – $987.4K
NOI $59,246 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,771 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,813
Businesses Nearby
Explore this area
Business Placement
Demographics for 20002, DC
69,422
Population
38,459
Households
1.8
Avg Household Size
33
Median Age
70%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
13,612
Density / Sq Mi
$114,482
Median Household Income
$82,909
Median Earnings
$2,140
Median Rent
$813,700
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?
Multifamily property - Traditional multifamily property with gas-fired hot water service and on-street parking.
Where is this multifamily property located?
The property is located at 2823 4TH STREET NE Washington, DC.
What is the asking price?
The asking price for this property is $859,888.
What are key features of this property?
This property features: 3,480‑square‑foot multifamily property; RF‑1 zoning; Built in 1941
