4-Unit Quadplex
For Sale
$599,000
408 Newcomb Street Southeast, Washington, DC 20032
Approved plans support a modern condominium redevelopment with rear parking planned.
Property Size2,508 SF
Price / SF$238.84
Days on Market171
Property Features for 408 Newcomb Street Southeast
General Information
Standard status
Active
Size
2,508 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Property Condition
Severity
Major Repairs Needed
Evidence
shell condition
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,927
Amenities
No
Other
No Pool
Building Details
Year Built
1941
Buildings
1
Listing Agency:
Epique Realty
(301) 802-3904
Listed By:
Karen Y Wright · License #608374
(301) 802-3904
Source:
Compass
Added: Mar 13
Changed: Aug 30
Last Checked: Aug 30 at 8:20AM
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 Epique Realty
Investment Insights
Based on property information with market context.
Located at 408 Newcomb Street Southeast in Washington, DC, this 2,508-square-foot residential structure was built in 1941 and is being offered in shell condition. Approved architectural plans outline a four-unit condominium building, with each residence designed to include two bedrooms and two bathrooms. The property remains in the development phase, and the interior images are conceptual renderings rather than photographs of the existing structure.
The planned design includes a rear parking lot, while final construction is intended to follow the approved floorplans and existing permits. The property is within Washington city limits and falls within the District of Columbia Public Schools system. Residential zoning and the approved four-unit plan provide a defined framework for redevelopment.
The planned design includes a rear parking lot, while final construction is intended to follow the approved floorplans and existing permits. The property is within Washington city limits and falls within the District of Columbia Public Schools system. Residential zoning and the approved four-unit plan provide a defined framework for redevelopment.
Key Highlights
- 2,508‑square‑foot residential structure built in 1941
- Shell‑condition property awaiting full development
- Approved architectural plans for a 4‑unit condominium building
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
$44,936
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
7.50%
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%
$898,720
$898.7K
Cap Rate 7%
$641,943
$641.9K
Cap Rate 9%
$499,289
$499.3K
Market Conditions
NOI Build-Up for 2,508 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
$67.7K $27.00/SF
− Vacancy
−$3.5K −$1.40/SF
EGI
$64.2K $25.60/SF
− OpEx
−$19.3K −$7.68/SF
NOI
$44.9K $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%
$898,720
Cap Rate 7%
$641,943
Cap Rate 9%
$499,289
Alternative Uses
Best Use
Multifamily LT 5
$641.9K
$561.7K – $748.9K
NOI $44,936 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$595.3K
$520.9K – $694.5K
NOI $41,672 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,302 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
591
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?
Quadplex - Approved plans support a modern condominium redevelopment with rear parking planned.
Where is this quadplex located?
The property is located at 408 Newcomb Street Southeast 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: 2,508‑square‑foot residential structure built in 1941; Shell‑condition property awaiting full development; Approved architectural plans for a 4‑unit condominium building
