Multifamily Property with Detached
For Sale
$899,990
4037 22ND STREET NE, Washington, DC 20018
1927 property with central air, a finished lower level, and off-street parking.
Property Size3,399 SF
Price / SF$264.78
Days on Market57
Property Features for 4037 22ND STREET NE
General Information
Standard status
Active
Size
3,399 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
RESIDENTIAL
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,880
Amenities
Sidewalks, Street Lights
Central Air, Electric
Exhaust Fan, Natural Gas, Central
Finished, Exterior Entry, Walk-Out Access, Daylight, Full
Oven, Gas Range, Gas Oven, Gas Water Heater, Dishwasher, Disposal, Exhaust Fan, Refrigerator, Stainless Steel Appliance(s), Water Heater, Microwave
Kitchen Island, Walk-In Closet(s), Open Floorplan, Soaking Tub
Trees/Woods
Asphalt, Off Street, Driveway, Detached Carport, Detached
Balcony, Lighting, Rain Gutters
Colonial
Building Details
Building Size
3,399 SF
Year Built
1927
Listing Agency:
Keller Williams Capital Prop.
(301) 613-6070
Listed By:
Yvonne T Lee · License #644794
(301) 613-6070
Source:
Evrealestate
Added: Jul 6
Changed: Aug 28
Last Checked: Aug 30 at 3:56PM
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 Keller Williams Capital Prop.
Investment Insights
Based on property information with market context.
This multifamily property was built in 1927 and includes central air, electric service, natural gas, and a finished lower level with exterior entry, daylight, and walk-out access. The interior includes an open floorplan, kitchen island, walk-in closet, soaking tub, and a kitchen equipped with a gas range, gas oven, dishwasher, disposal, refrigerator, and microwave.
Exterior features include a detached carport, driveway, off-street parking, balcony, lighting, rain gutters, and an asphalt surface. The property is zoned RESIDENTIAL and is located at 4037 22nd Street NE in Washington, DC, near shops, Metro access, and dining in Brookland.
Exterior features include a detached carport, driveway, off-street parking, balcony, lighting, rain gutters, and an asphalt surface. The property is zoned RESIDENTIAL and is located at 4037 22nd Street NE in Washington, DC, near shops, Metro access, and dining in Brookland.
Key Highlights
- Multifamily property at 4037 22ND STREET NE, WASHINGTON, DC 20018
- Built in 1927 with RESIDENTIAL zoning
- Finished lower level with exterior entry, daylight, and walk‑out access
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
$56,476
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
6.28%
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%
$1,129,520
$1.1M
Cap Rate 7%
$806,800
$806.8K
Cap Rate 9%
$627,511
$627.5K
Market Conditions
NOI Build-Up for 3,399 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
$108.1K $31.80/SF
− Vacancy
−$5.4K −$1.59/SF
EGI
$102.7K $30.21/SF
− OpEx
−$46.2K −$13.59/SF
NOI
$56.5K $16.62/SF
Area
Washington, DC
Vacancy
5.00%
Lease Rate
$31.80 /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%
$1,129,520
Cap Rate 7%
$806,800
Cap Rate 9%
$627,511
Alternative Uses
Best Use
Apartment 5plus
$806.8K
$706.0K – $941.3K
NOI $56,476 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,384 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
Explore this area
Business Placement
Demographics for 20018, DC
20,646
Population
9,753
Households
2.1
Avg Household Size
39
Median Age
46%
College-Educated
89%
High-School Grad
3.0 sq mi
ZIP Area
6,882
Density / Sq Mi
$92,569
Median Household Income
$71,947
Median Earnings
$1,245
Median Rent
$672,100
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?
Multifamily property - 1927 property with central air, a finished lower level, and off-street parking.
Where is this multifamily property located?
The property is located at 4037 22ND STREET NE Washington, DC.
What is the asking price?
The asking price for this property is $899,990.
What are key features of this property?
This property features: Multifamily property at 4037 22ND STREET NE, WASHINGTON, DC 20018; Built in 1927 with RESIDENTIAL zoning; Finished lower level with exterior entry, daylight, and walk‑out access
