Mixed-Use Medical Office &
For Sale
$2,495,000
4123 Connecticut Avenue NW, Washington, DC 20008
Triplex with established medical office featuring five exam rooms, reception, and private office, plus three apartments with one vacant unit.
Property Size3,504 SF
Price / SF$712.04
Days on Market62
Property Features for 4123 Connecticut Avenue NW
General Information
Standard status
Active
Size
3,504 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1923
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Stacie Hatziyannis · License #SP101472
(301) 928-7465
Source:
Deepcreeklake
Added: Jul 4
Changed: Sep 2
Last Checked: Sep 1 at 8:32PM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This mixed-use property offers three residential apartments and an established medical office within one building. The apartments have been restored and maintained, featuring original woodwork, transom windows, gleaming hardwood floors, and updated kitchens and bathrooms. Newer windows and updated, separately controlled HVAC systems support tenant comfort and long-term functionality. One residential apartment is intentionally left vacant, providing flexibility for the next owner.
The medical office is configured with five exam rooms, a welcoming reception area, and a private office. Positioned on a prominent corner along Connecticut Avenue, the property includes a rear parking area accommodating approximately five tandem parking spaces, supporting convenient off-street parking. It is located about one block from the Van Ness–UDC Metro (Red Line), with walkability and transit accessibility supported by Walk Score of 87 and Transit Score of 66, along with a Bike Score of 70.
With multiple income components in place—residential units and a working medical office—this property is suited for buyers seeking an owner-occupied or investor structure in a high-demand, mixed-use corridor.
The medical office is configured with five exam rooms, a welcoming reception area, and a private office. Positioned on a prominent corner along Connecticut Avenue, the property includes a rear parking area accommodating approximately five tandem parking spaces, supporting convenient off-street parking. It is located about one block from the Van Ness–UDC Metro (Red Line), with walkability and transit accessibility supported by Walk Score of 87 and Transit Score of 66, along with a Bike Score of 70.
With multiple income components in place—residential units and a working medical office—this property is suited for buyers seeking an owner-occupied or investor structure in a high-demand, mixed-use corridor.
Key Highlights
- Year built 1923 mixed‑use property on Connecticut Avenue in Van Ness.
- Includes medical office plus 3 residential apartments (1 apartment intentionally vacant for owner flexibility).
- Medical office layout features 5 exam rooms, reception area, and private office.
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
$111,259
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
4.46%
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%
$2,225,180
$2.2M
Cap Rate 7%
$1,589,414
$1.6M
Cap Rate 9%
$1,236,211
$1.2M
Market Conditions
NOI Build-Up for 3,504 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
$176.6K $50.40/SF
− Vacancy
−$28.3K −$8.06/SF
EGI
$148.3K $42.34/SF
− OpEx
−$37.1K −$10.58/SF
NOI
$111.3K $31.75/SF
Area
Washington, DC
Vacancy
16.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,225,180
Cap Rate 7%
$1,589,414
Cap Rate 9%
$1,236,211
Alternative Uses
Best Use
Office B
$1.59M
$1.39M – $1.85M
NOI $111,259 @ 7.0% cap · market cap 4.46%
Second Best
Healthcare Medical
$928.4K
$812.4K – $1.08M
NOI $64,989 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,164 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,203
Businesses Nearby
Explore this area
Business Placement
Demographics for 20008, DC
30,143
Population
18,083
Households
1.7
Avg Household Size
38
Median Age
89%
College-Educated
98%
High-School Grad
3.1 sq mi
ZIP Area
9,724
Density / Sq Mi
$123,653
Median Household Income
$87,607
Median Earnings
$2,202
Median Rent
$894,100
Median Home Value
Market
Vacancy Rate% for Office in Washington, DC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with established medical office featuring five exam rooms, reception, and private office, plus three apartments with one vacant unit.
Where is this triplex located?
The property is located at 4123 Connecticut Avenue NW Washington, DC.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Year built 1923 mixed‑use property on Connecticut Avenue in Van Ness.; Includes medical office plus 3 residential apartments (1 apartment intentionally vacant for owner flexibility).; Medical office layout features 5 exam rooms, reception area, and private office.
