Vacant Four-Unit
For Sale
$829,900
2823 4TH Street NE, Washington, DC 20002
Multi-Family, WASHINGTON, DC
Property Size3,480 SF
Lot Size0.09 Acres
Price / SF$238.48
Days on Market59
Property Features for 2823 4TH Street NE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
On Street
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
3,480 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
8196
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1941
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
RE/MAX Advantage Realty · RE/MAX International
(410) 740-1200
Listed By:
Shurnell Cathey · License #SP100818
(202) 391-1199
Added: Jul 2
Changed: Aug 25
Last Checked: Aug 29 at 7:06AM
MLS# DCDC2269788
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 vacant quadplex contains four residential units and approximately 3,480 square feet of living area. Each unit includes a den, while the brick structure dates to 1941 and is served by hot water heating. The existing configuration provides a basis for renovation or reconfiguration, with any expansion or changes subject to zoning, permitting, and applicable approvals.
The property is situated in Brookland near The Catholic University of America, Trinity Washington University, MedStar Washington Hospital Center, the Washington VA Medical Center, and Children's National Hospital. Neighborhood amenities include Monroe Street Market, the Arts Walk, restaurants, coffee shops, grocery stores, parks, and the Metropolitan Branch Trail. Access to the Brookland-CUA Metro Station on the Red Line, Metrobus service, Rhode Island Avenue, Michigan Avenue, New York Avenue, South Dakota Avenue, and the Baltimore-Washington Parkway supports connections throughout Northeast Washington and the region.
The property is situated in Brookland near The Catholic University of America, Trinity Washington University, MedStar Washington Hospital Center, the Washington VA Medical Center, and Children's National Hospital. Neighborhood amenities include Monroe Street Market, the Arts Walk, restaurants, coffee shops, grocery stores, parks, and the Metropolitan Branch Trail. Access to the Brookland-CUA Metro Station on the Red Line, Metrobus service, Rhode Island Avenue, Michigan Avenue, New York Avenue, South Dakota Avenue, and the Baltimore-Washington Parkway supports connections throughout Northeast Washington and the region.
Key Highlights
- Four‑unit multifamily property offered vacant
- Approximately 3,480 square feet on 0.093 acres
- Each residential unit includes a den
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
$66,298
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
7.99%
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%
$1,325,960
$1.3M
Cap Rate 7%
$947,114
$947.1K
Cap Rate 9%
$736,644
$736.6K
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
$100.2K $28.80/SF
− Vacancy
−$5.5K −$1.58/SF
EGI
$94.7K $27.22/SF
− OpEx
−$28.4K −$8.16/SF
NOI
$66.3K $19.05/SF
Area
ZIP 20002
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,325,960
Cap Rate 7%
$947,114
Cap Rate 9%
$736,644
Alternative Uses
Best Use
Multifamily LT 5
$947.1K
$828.7K – $1.10M
NOI $66,298 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$846.4K
$740.6K – $987.4K
NOI $59,246 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,771 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Brick multifamily building with den-equipped units, vacant possession, and renovation flexibility in Brookland.
Where is this quadplex located?
The property is located at 2823 4TH Street NE Washington, DC.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: Four‑unit multifamily property offered vacant; Approximately 3,480 square feet on 0.093 acres; Each residential unit includes a den
