Renovated Victorian Mixed-Use
New
For Sale
$1,800,000
303 Massachusetts Ave NE, Washington, DC 20002
Three-story commercial property with retail, office, restaurant, and patio components in a renovated historic building.
Property Size2,243 SF
Price / SF$802.50
Days on Market3
Property Features for 303 Massachusetts Ave NE
General Information
Standard status
Active
Size
2,243 SF
Zoning
MU-4/CAP/CHC
Amenities
large patio
Building Details
Year Built
1910
Buildings
1
Stories
3
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Samuel R Davis · License #AB95309
(888) 536-0216
Source:
Lgagne
Added: Sep 20
Last Checked: Sep 21 at 11:37AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This 1910 three-story Victorian townhome contains approximately 2,243 SF of commercial space arranged for two units. The configuration includes a main-level retail area with office space above, while the property is currently occupied by a restaurant and cafe. Original architectural elements include decorative moldings, period woodwork, and stone mantels. A substantial front patio provides additional outdoor space for gatherings or customer use.
The property is located on Massachusetts Avenue NE near Union Station, the Supreme Court, and the Capitol. MU-4/CAP/CHC zoning supports retail, office, restaurant, and other retail uses. The layout and existing improvements accommodate a range of commercial applications, including professional, nonprofit, and headquarters users.
The property is located on Massachusetts Avenue NE near Union Station, the Supreme Court, and the Capitol. MU-4/CAP/CHC zoning supports retail, office, restaurant, and other retail uses. The layout and existing improvements accommodate a range of commercial applications, including professional, nonprofit, and headquarters users.
Key Highlights
- Approximately 2,243 SF of commercial space in a three‑story 1910 building
- MU‑4/CAP/CHC zoning allows retail, office, restaurant, and other retail uses
- Layout accommodates two units with main‑level retail and upper‑level office space
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
$57,836
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
3.21%
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%
$1,156,720
$1.2M
Cap Rate 7%
$826,229
$826.2K
Cap Rate 9%
$642,622
$642.6K
Market Conditions
NOI Build-Up for 2,243 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
$80.7K $36.00/SF
− Vacancy
−$3.6K −$1.62/SF
EGI
$77.1K $34.38/SF
− OpEx
−$19.3K −$8.59/SF
NOI
$57.8K $25.78/SF
Area
ZIP 20002
Vacancy
4.50%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,156,720
Cap Rate 7%
$826,229
Cap Rate 9%
$642,622
Alternative Uses
Best Use
Specialty Retail
$826.2K
$723.0K – $963.9K
NOI $57,836 @ 7.0% cap · market cap 3.21%
Second Best
Retail
$717.5K
$627.8K – $837.1K
NOI $50,223 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,065 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,052
Businesses Nearby
26k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Hotels & Casinos 32%
Dining 22%
Exxon
Shops & Services
8,720 visits/mo
0.0 miles
Kimpton George Hotel
Hotels & Casinos
8,357 visits/mo
0.4 miles
Truist
Shops & Services
3,507 visits/mo
0.4 miles
CAVA
Dining
2,845 visits/mo
0.4 miles
Nando's PERi-PERi
Dining
2,838 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Washington, DC
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story commercial property with retail, office, restaurant, and patio components in a renovated historic building.
Where is this mixed-use property located?
The property is located at 303 Massachusetts Ave NE Washington, DC.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Approximately 2,243 SF of commercial space in a three‑story 1910 building; MU‑4/CAP/CHC zoning allows retail, office, restaurant, and other retail uses; Layout accommodates two units with main‑level retail and upper‑level office space
