Renovated 4-Unit Apartment
For Sale
$875,000
Pending
2916 8th Street Northeast, Washington, DC 20017
Renovated fourplex with three-bedroom, one-bath layouts and a projected path to near-term leasing flexibility at closing.
Property Size3,296 SF
Days on Market164
Property Features for 2916 8th Street Northeast
General Information
Standard status
Pending
Size
3,296 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
RF-1
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,471
Amenities
Other
No Pool
Building Details
Year Built
1941
Listing Agency:
HomeSmart
Listed By:
So Tayebi · License #SP200201631
(571) 594-6262
Source:
Compass
Added: Mar 31
Changed: Sep 3
Last Checked: Sep 9 at 7:50PM
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 HomeSmart
Investment Insights
Based on property information with market context.
This is a four-unit apartment building with renovations completed approximately four years ago. Each unit is configured as a three-bedroom, one-bath layout. The property is being offered with delivery of up to 75% vacant at closing, which may allow an investor to lease three units immediately while maintaining the existing in-place tenant.
For rent-up and underwriting purposes, projected rents are approximately $12,128 per month at stabilization, with expenses managed at roughly 10% of gross income, with financials available for verification. An FHA buyer may also have the opportunity to occupy one unit while leasing the remaining units, including the current tenant, with projected rental income of approximately $8,537 per month. Showings are available by appointment.
For rent-up and underwriting purposes, projected rents are approximately $12,128 per month at stabilization, with expenses managed at roughly 10% of gross income, with financials available for verification. An FHA buyer may also have the opportunity to occupy one unit while leasing the remaining units, including the current tenant, with projected rental income of approximately $8,537 per month. Showings are available by appointment.
Key Highlights
- 4‑unit apartment building built in 1941 in Washington, D.C.’s Brookland neighborhood
- All four units renovated approximately four years ago; each unit is configured as 3‑bedroom, 1‑bath
- Can be delivered up to 75% vacant at closing—new owner can lease vacant units while keeping the in‑place tenant
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
$59,055
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
6.75%
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%
$1,181,100
$1.2M
Cap Rate 7%
$843,643
$843.6K
Cap Rate 9%
$656,167
$656.2K
Market Conditions
NOI Build-Up for 3,296 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
$89.0K $27.00/SF
− Vacancy
−$4.6K −$1.40/SF
EGI
$84.4K $25.60/SF
− OpEx
−$25.3K −$7.68/SF
NOI
$59.1K $17.92/SF
Area
Washington, DC
Vacancy
5.20%
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%
$1,181,100
Cap Rate 7%
$843,643
Cap Rate 9%
$656,167
Alternative Uses
Best Use
Multifamily LT 5
$843.6K
$738.2K – $984.3K
NOI $59,055 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$782.4K
$684.6K – $912.8K
NOI $54,765 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,675 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,681
Businesses Nearby
Explore this area
Business Placement
Demographics for 20017, DC
20,293
Population
9,252
Households
2.2
Avg Household Size
37
Median Age
59%
College-Educated
92%
High-School Grad
2.2 sq mi
ZIP Area
9,224
Density / Sq Mi
$101,543
Median Household Income
$74,399
Median Earnings
$1,793
Median Rent
$686,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Renovated fourplex with three-bedroom, one-bath layouts and a projected path to near-term leasing flexibility at closing.
Where is this quadplex located?
The property is located at 2916 8th Street Northeast Washington, DC.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 4‑unit apartment building built in 1941 in Washington, D.C.’s Brookland neighborhood; All four units renovated approximately four years ago; each unit is configured as 3‑bedroom, 1‑bath; Can be delivered up to 75% vacant at closing—new owner can lease vacant units while keeping the in‑place tenant
