Historic Condo Apartment
For Sale
$1,995,000
323 Maryland Avenue NE, Washington, DC 20002
Nearly 4,500 sq. ft. residential building with six individually titled units in Washington, DC’s Capitol Hill Historic District.
Property Size4,420 SF
Price / SF$451.36
Days on Market209
Property Features for 323 Maryland Avenue NE
General Information
Standard status
Active
Size
4,420 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
6
Building Details
Year Built
1900
Stories
3
Listing Agency:
TTR Sotheby's International Realty
(202) 263-9200
Listed By:
Brent E Jackson · License #AB98368556
Source:
Deepcreeklake
Added: Feb 3
Changed: Aug 27
Last Checked: Aug 30 at 6:45PM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
323 Maryland Avenue NE is a three-story masonry residential building with a basement, constructed of red pressed brick and originally built circa 1900. The property contains six separately titled condominium units, including four one-bedroom residences and two studio apartments, creating a flexible mix for residents or future tenant rollovers. Exterior preservation guidelines apply as a contributing structure within the Capitol Hill Historic District, while the structure remains positioned for thoughtful interior updates.
The building is located in the heart of Capitol Hill, just moments from the U.S. Capitol, Supreme Court, and House and Senate Office Buildings. Access to regional and daily transportation is supported by the property’s proximity to Union Station and nearby Metro, along with shopping and dining options.
This offering is best suited for buyers seeking a small-scale, multi-unit residential asset with multiple condo titles within a landmark district. The combination of historic exterior features, a basement level, and an apartment mix that includes both studios and one-bedroom units can support a practical operating strategy for a range of household types.
The building is located in the heart of Capitol Hill, just moments from the U.S. Capitol, Supreme Court, and House and Senate Office Buildings. Access to regional and daily transportation is supported by the property’s proximity to Union Station and nearby Metro, along with shopping and dining options.
This offering is best suited for buyers seeking a small-scale, multi-unit residential asset with multiple condo titles within a landmark district. The combination of historic exterior features, a basement level, and an apartment mix that includes both studios and one-bedroom units can support a practical operating strategy for a range of household types.
Key Highlights
- Nearly 4,500 sq. ft. residential building with six separately titled condominium units
- Unit mix: four 1‑bedroom residences and two studio apartments
- Contributing structure in Washington, DC’s Capitol Hill Historic District with exterior preserved per historic guidelines
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
$75,249
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
3.77%
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%
$1,504,980
$1.5M
Cap Rate 7%
$1,074,986
$1.1M
Cap Rate 9%
$836,100
$836.1K
Market Conditions
NOI Build-Up for 4,420 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
$145.9K $33.00/SF
− Vacancy
−$9.0K −$2.05/SF
EGI
$136.8K $30.95/SF
− OpEx
−$61.6K −$13.93/SF
NOI
$75.2K $17.02/SF
Area
ZIP 20002
Vacancy
6.20%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,504,980
Cap Rate 7%
$1,074,986
Cap Rate 9%
$836,100
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$940.6K – $1.25M
NOI $75,249 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,744 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
6,416
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?
Apartment building - Nearly 4,500 sq. ft. residential building with six individually titled units in Washington, DC’s Capitol Hill Historic District.
Where is this apartment building located?
The property is located at 323 Maryland Avenue NE Washington, DC.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Nearly 4,500 sq. ft. residential building with six separately titled condominium units; Unit mix: four 1‑bedroom residences and two studio apartments; Contributing structure in Washington, DC’s Capitol Hill Historic District with exterior preserved per historic guidelines
