Updated Two-Unit Residential
For Sale
Under Contract
$799,997
32 BATES Street NW, Washington, DC 20001
MULTI_FAMILY - Colonial - WASHINGTON, DC
Property Size2,012 SF
Lot Size0.03 Acres
Price / SF$397.61
Days on Market87
Property Features for 32 BATES Street NW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Subdivision
TRUXTON CIRCLE
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 Under Contract
Size
2,012 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
6883
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1924
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Keller Williams Capital Properties · Keller Williams Realty
(202) 243-7700
Listed By:
Cedric R Stewart · License #SP98363005
(301) 251-1221
Added: Jun 5
Changed: Jul 17
Last Checked: Aug 30 at 9:06PM
MLS# DCDC2266742
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.
32 Bates Street NW is an updated two-unit residential income property with Unit B on the main/walkout level and Unit A on the upper level. Each residence offers 2 bedrooms and 1 full bath, along with hardwood floors, stainless steel appliances, washer/dryer, and central air for year-round comfort. The full basement is accessed from inside each unit, and each portion also includes an additional half bath, providing separation and practical storage options.
The home sits on a small lot and includes a private backyard. The rear of the property may offer potential for off-street parking, consistent with other nearby properties. From Bates Street, the Shaw-Howard University Metro stop on the Green/Yellow Line is approximately 0.4 miles away, and the NoMa-Gallaudet/U-New York Ave Metro stop on the Red Line is approximately 0.6 miles away, with Metrobus service just steps away for convenient access throughout downtown Washington, DC.
This layout supports a range of owner and tenant scenarios, including living in one unit while renting the other, or leasing both units. One unit is projected to rent for approximately $2,000 per month. With two updated residences, divided basement access, central air, and in-unit laundry, the building is designed to accommodate multiple lifestyles and operating approaches while maintaining day-to-day usability.
The home sits on a small lot and includes a private backyard. The rear of the property may offer potential for off-street parking, consistent with other nearby properties. From Bates Street, the Shaw-Howard University Metro stop on the Green/Yellow Line is approximately 0.4 miles away, and the NoMa-Gallaudet/U-New York Ave Metro stop on the Red Line is approximately 0.6 miles away, with Metrobus service just steps away for convenient access throughout downtown Washington, DC.
This layout supports a range of owner and tenant scenarios, including living in one unit while renting the other, or leasing both units. One unit is projected to rent for approximately $2,000 per month. With two updated residences, divided basement access, central air, and in-unit laundry, the building is designed to accommodate multiple lifestyles and operating approaches while maintaining day-to-day usability.
Key Highlights
- Updated 1924 brick Colonial, offering an entire building as a 2‑unit property (Unit B main/walkout, Unit A upper level).
- Each unit features 2 bedrooms and 1 full bath, plus hardwood floors, stainless steel appliances, and an in‑unit washer/dryer.
- Both units have central heating and central air conditioning, with interior stair access to their own section of the full basement.
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
$36,049
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
4.51%
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%
$720,980
$721.0K
Cap Rate 7%
$514,986
$515.0K
Cap Rate 9%
$400,544
$400.5K
Market Conditions
NOI Build-Up for 2,012 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
$54.3K $27.00/SF
− Vacancy
−$2.8K −$1.40/SF
EGI
$51.5K $25.60/SF
− OpEx
−$15.4K −$7.68/SF
NOI
$36.0K $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%
$720,980
Cap Rate 7%
$514,986
Cap Rate 9%
$400,544
Alternative Uses
Best Use
Multifamily LT 5
$515.0K
$450.6K – $600.8K
NOI $36,049 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$477.6K
$417.9K – $557.2K
NOI $33,430 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$1.03M
$905.6K – $1.21M
NOI $72,444 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,537
Businesses Nearby
Explore this area
Business Placement
Demographics for 20001, DC
49,040
Population
26,728
Households
1.8
Avg Household Size
32
Median Age
78%
College-Educated
95%
High-School Grad
2.0 sq mi
ZIP Area
24,520
Density / Sq Mi
$138,730
Median Household Income
$94,675
Median Earnings
$2,464
Median Rent
$844,500
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?
Duplex - Updated two-unit building with in-unit laundry and central air, offering flexible living or rental use.
Where is this duplex located?
The property is located at 32 BATES Street NW Washington, DC.
What is the asking price?
The asking price for this property is $799,997.
What are key features of this property?
This property features: Updated 1924 brick Colonial, offering an entire building as a 2‑unit property (Unit B main/walkout, Unit A upper level).; Each unit features 2 bedrooms and 1 full bath, plus hardwood floors, stainless steel appliances, and an in‑unit washer/dryer.; Both units have central heating and central air conditioning, with interior stair access to their own section of the full basement.
