Remodeled Two-Unit
For Sale
$639,995
404 MELLON Street SE, Washington, DC 20032
MULTI_FAMILY - Other - WASHINGTON, DC
Property Size2,812 SF
Lot Size0.09 Acres
Price / SF$227.59
Days on Market81
Property Features for 404 MELLON Street SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
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
Size
2,812 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
4990
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1943
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Pearson Smith Realty LLC
(571) 386-1075
Listed By:
Joseph Hai Nguyen · License #0225247806
(703) 543-9999
Added: May 27
Changed: Aug 6
Last Checked: Aug 15 at 12:06AM
MLS# DCDC2264382
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.
This brick duplex contains two updated residential units, each with over 1,400 finished square feet, three bedrooms, and two full bathrooms. Interior improvements include white shaker cabinetry, quartz countertops, stainless steel appliances, luxury vinyl plank flooring, new bedroom carpeting, refreshed lighting and electrical fixtures, and renovated bathrooms. Each unit also offers a primary bedroom with a walk-in closet.
The property has a 2,812-square-foot footprint on a 0.0899-acre lot and was built in 1943. Major improvements include a replaced roof completed in 2024, upgraded wiring and electrical meter equipment serving both units, and a new HVAC system for the lower-level unit installed in 2024. Central heating and central air conditioning are provided.
The home includes a large backyard and on-street parking. It is located approximately 10 minutes from Nationals Park and Navy Yard, 15 minutes from The Wharf, and 20 minutes from MGM National Harbor.
The property has a 2,812-square-foot footprint on a 0.0899-acre lot and was built in 1943. Major improvements include a replaced roof completed in 2024, upgraded wiring and electrical meter equipment serving both units, and a new HVAC system for the lower-level unit installed in 2024. Central heating and central air conditioning are provided.
The home includes a large backyard and on-street parking. It is located approximately 10 minutes from Nationals Park and Navy Yard, 15 minutes from The Wharf, and 20 minutes from MGM National Harbor.
Key Highlights
- Two‑unit duplex with each residence offering over 1,400 finished square feet, 3 bedrooms, and 2 full bathrooms
- 2,812‑square‑foot property on a 0.0899‑acre lot
- Roof replaced in 2024; lower‑level HVAC system installed in 2024
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
$50,383
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
7.87%
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%
$1,007,660
$1.0M
Cap Rate 7%
$719,757
$719.8K
Cap Rate 9%
$559,811
$559.8K
Market Conditions
NOI Build-Up for 2,812 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
$75.9K $27.00/SF
− Vacancy
−$3.9K −$1.40/SF
EGI
$72.0K $25.60/SF
− OpEx
−$21.6K −$7.68/SF
NOI
$50.4K $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%
$1,007,660
Cap Rate 7%
$719,757
Cap Rate 9%
$559,811
Alternative Uses
Best Use
Multifamily LT 5
$719.8K
$629.8K – $839.7K
NOI $50,383 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$667.5K
$584.0K – $778.7K
NOI $46,723 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,248 @ 7.0% cap · market cap 15.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
563
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
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Frequently Asked Questions
What type of property is this?
Duplex - Brick income property with refreshed interiors, separate living spaces, and central heating and cooling.
Where is this duplex located?
The property is located at 404 MELLON Street SE Washington, DC.
What is the asking price?
The asking price for this property is $639,995.
What are key features of this property?
This property features: Two‑unit duplex with each residence offering over 1,400 finished square feet, 3 bedrooms, and 2 full bathrooms; 2,812‑square‑foot property on a 0.0899‑acre lot; Roof replaced in 2024; lower‑level HVAC system installed in 2024
