Vacant Multifamily Building in
For Sale
$599,000
3317 15TH St SE, Washington, DC 20032
Four-unit building in Southeast DC with income potential.
Property Size2,520 SF
Days on Market150
Property Features for 3317 15TH St SE
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,603
Building Details
Building Size
2,520 SF
Year Built
1945
Units
4
Listing Agency:
RE/MAX Allegiance
(202) 262-8819
Listed By:
Nathaniel Tate · License #SP96896
(202) 262-8819
Source:
Elliman
Added: Apr 3
Changed: Aug 22
Last Checked: Aug 29 at 9:37AM
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 RE/MAX Allegiance
Investment Insights
Based on property information with market context.
Located in Southeast DC, this vacant four-unit building at 3317 15th St SE presents an investment opportunity. The property comprises two one-bedroom units and two two-bedroom units. The location offers convenient access to the Anacostia Metro Station and Congress Heights Metro Station. Anacostia Park, with its trails and riverfront views, and the Frederick Douglass National Historic Site are nearby. Neighborhood amenities include dining and retail options along Martin Luther King Jr Ave SE, such as Busboys and Poets and Turning Natural. The property also provides access to Downtown Washington DC, Nationals Park, and major commuter routes. The building is suitable for investors seeking to generate income or owner-occupants looking to offset their mortgage with rental income. The location has a walk score of 79, indicating it is very walkable, and a transit score of 79, indicating excellent transit options. The bike score is 43, indicating it is somewhat bikeable.
Key Highlights
- Fully vacant 4‑unit building: Set your own rents from day one.
- Strong cash flow potential: Estimated rental income approaching $6,000/month.
- Ideal for live‑in investor: Live in one unit and rent the others to cover your mortgage.
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
$45,151
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
7.54%
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%
$903,020
$903.0K
Cap Rate 7%
$645,014
$645.0K
Cap Rate 9%
$501,678
$501.7K
Market Conditions
NOI Build-Up for 2,520 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
$68.0K $27.00/SF
− Vacancy
−$3.5K −$1.40/SF
EGI
$64.5K $25.60/SF
− OpEx
−$19.4K −$7.68/SF
NOI
$45.2K $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%
$903,020
Cap Rate 7%
$645,014
Cap Rate 9%
$501,678
Alternative Uses
Best Use
Multifamily LT 5
$645.0K
$564.4K – $752.5K
NOI $45,151 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$598.2K
$523.4K – $697.9K
NOI $41,871 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,735 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 20032, DC
38,904
Population
19,708
Households
2
Avg Household Size
33
Median Age
23%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
7,482
Density / Sq Mi
$48,146
Median Household Income
$44,487
Median Earnings
$1,285
Median Rent
$391,400
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 - Four-unit building in Southeast DC with income potential.
Where is this quadplex located?
The property is located at 3317 15TH St SE Washington, DC.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Fully vacant 4‑unit building: Set your own rents from day one.; Strong cash flow potential: Estimated rental income approaching $6,000/month.; Ideal for live‑in investor: Live in one unit and rent the others to cover your mortgage.
