Vacant Four-Unit
For Sale
$1,050,000
2915 Pennsylvania Ave SE, Washington, DC 20020
Fully vacant quadplex with rear parking and basement work underway toward a possible additional unit.
Property Size3,398 SF
Price / SF$309.01
Days on Market8
Property Features for 2915 Pennsylvania Ave SE
General Information
Standard status
Active
Size
3,398 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1937
Listing Agency:
Craig Fauver Real Estate
Listed By:
Craig Fauver
Source:
Belegacyre
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 25 at 4:05AM
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 Craig Fauver Real Estate
Investment Insights
Based on property information with market context.
2915 Pennsylvania Avenue SE is a legally configured quadplex built in 1937, offering four existing units and a fully vacant delivery. The building includes purpose-built bedrooms, rather than enclosed porch conversions, while plumbing, electrical, and finish work has begun in the basement toward creating a possible fifth unit. Central air installation is also underway in Units 1 and 2.
Four off-street parking spaces are located behind the building. A bus stop is positioned immediately near the front entrance, and the property sits beside the Southeast White House and DC Dream Center in Southeast Washington, DC. The building is not currently subject to rent control, giving a new owner flexibility to renovate, occupy, or reposition the property without existing tenants in place.
Four off-street parking spaces are located behind the building. A bus stop is positioned immediately near the front entrance, and the property sits beside the Southeast White House and DC Dream Center in Southeast Washington, DC. The building is not currently subject to rent control, giving a new owner flexibility to renovate, occupy, or reposition the property without existing tenants in place.
Key Highlights
- Four legally configured units delivered fully vacant
- Basement plumbing, electrical, and finish work started toward a possible fifth unit
- Four off‑street parking spaces at the rear
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
$60,048
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
5.72%
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%
$1,200,960
$1.2M
Cap Rate 7%
$857,829
$857.8K
Cap Rate 9%
$667,200
$667.2K
Market Conditions
NOI Build-Up for 3,398 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
$91.7K $27.00/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$85.8K $25.25/SF
− OpEx
−$25.7K −$7.57/SF
NOI
$60.0K $17.67/SF
Area
ZIP 20020
Vacancy
6.50%
Lease Rate
$27.00 /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%
$1,200,960
Cap Rate 7%
$857,829
Cap Rate 9%
$667,200
Alternative Uses
Best Use
Multifamily LT 5
$857.8K
$750.6K – $1.00M
NOI $60,048 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$766.3K
$670.5K – $894.1K
NOI $53,643 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$1.75M
$1.54M – $2.05M
NOI $122,808 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
672
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?
Quadplex - Fully vacant quadplex with rear parking and basement work underway toward a possible additional unit.
Where is this quadplex located?
The property is located at 2915 Pennsylvania Ave SE Washington, DC.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Four legally configured units delivered fully vacant; Basement plumbing, electrical, and finish work started toward a possible fifth unit; Four off‑street parking spaces at the rear
