Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multifamily Investment Opportunity Title is generated by Realmo AI

    426 CONDON Ter SE, Washington, DC 20032

    View on Map
    Claim this Listing
    For Sale
    $490,000

    Four-unit multifamily property in Washington Highlands neighborhood.

    Type:Investment
    Added:
    Apr 15, 2026
    Days on Market:
    47
    Last Refresh:
    Apr 4 at 7:06 am

    Property Features for 426 CONDON Ter SE

    General Information

    Standard status
    Active
    Property subtype
    Investment

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Ari Firoozabadi

    Listing agent Ari Firoozabadi

    Listing office GREYSTEEL COMPANY LLC

    Listing date Apr 15, 2026

    Source Elliman

    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 GREYSTEEL COMPANY LLC

    HighLights

    • Rent Control Exemption: Market‑based rent increases allowed.
    • Ideal for Owner‑Occupant: Live on‑site and collect income.
    • Value‑Add Potential: Renovate vacant units for increased income.
    • Functional Unit Mix: Three 2BR/1BA units and one 4BR/1BA unit.
    • Strong Location Fundamentals: Situated in the Washington Highlands neighborhood.
    • Community Amenities: Near the Washington Highlands Recreation Center, Hendley Elementary School, and Oxon Run Park.

    Overview

    This four-unit multifamily property is located in the Washington Highlands neighborhood. The building features three 2-bedroom, 1-bathroom units and one 4-bedroom, 1-bathroom unit. With 50% occupancy, the property is suitable for investors seeking value-add potential and owner-occupants looking to reduce housing costs through rental income. The occupied units generate rents of $700 (2BR) and $1,000 (4BR). As a four-unit property, it qualifies for DC’s rent control exemption for first-time multifamily owners, allowing for market-based rent increases. With two vacant units, this property presents an opportunity for an owner-occupant to live on-site while collecting income from the remaining units. The unit mix consists of three two-bedroom units and one four-bedroom unit. The vacant units offer upside through renovations and market-rate leasing. The property is located next to the Washington Highlands Recreation Center and is a two-minute walk to Hendley Elementary School and Oxon Run Park. The property is located directly on the C13 Metrobus line, with access to the C15 line. These routes provide connectivity to Potomac Ave and Anacostia Metro stations, as well as key destinations throughout Southeast DC.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Washington
    County
    District of Columbia
    State
    District of Columbia
    Longitude
    -76.9997696
    Latitude
    38.8320193

    Nearby Similar for Sale

    • $1,950,000
      3,000 SF

      Turnkey Mixed-Use Redevelopment Opportunity

      Freestanding commercial building with thriving business in growing DC corridor.
      1201 MOUNT OLIVET Road NE, WASHINGTON, DC 20002
      View Details
    • $1,100,000
      2,696 SF

      Turnkey Restaurant/Bar Opportunity on Georgia Avenue

      Fully built-out restaurant/bar on Georgia Avenue in Northwest DC.
      5217 GEORGIA Avenue NW, WASHINGTON, DC 20011
      View Details
    • $2,300,000
      1,761 SF

      Prime Retail Opportunity in Washington

      Commercial property in active retail corridor, ideal for owner-user.
      1434 WISCONSIN Avenue NW, WASHINGTON, DC 20007
      View Details
    • $3,200,000
      6,000 SF

      Four-Story Retail Building with Rooftop

      Four-story retail building with a rooftop bar in Washington, DC.
      1336 U Street NW, WASHINGTON, DC 20009
      View Details
    • $1,175,000
      3,376 SF

      Renovated Multifamily Building in Washington, DC

      Fully renovated four-unit building with immediate income potential.
      1250 QUEEN Street NE, WASHINGTON, DC 20002
      View Details
    • $1,550,000
      2,800 SF

      Prime Commercial Space in Washington

      Three-level commercial property in a dynamic, growing neighborhood.
      3322 - 3324 GEORGIA Avenue NW, WASHINGTON, DC 20010
      View Details
    • $890,000
      3,360 SF

      Stabilized Multifamily Asset, Strong Income

      Fully occupied four-unit building with program-backed income.
      1313 ADAMS Street NE, WASHINGTON, DC 20018
      View Details
    • $1,650,000
      3,883 SF

      Victorian Rowhouse with Two Apartments

      Updated Victorian rowhouse with two spacious, bi-level apartments.
      1810 13TH Street NW, WASHINGTON, DC 20009
      View Details
    • $830,000
      2,640 SF

      Four-Unit Building in 16th Street Heights

      Well-maintained four-unit building with value-add potential in Northwest DC.
      1348 NICHOLSON Street NW, WASHINGTON, DC 20011
      View Details
    • $649,995
      2,812 SF

      Remodeled Multifamily Home in Washington

      Turnkey investment opportunity near Nationals Park and Navy Yard.
      404 MELLON Street SE, WASHINGTON, DC 20032
      View Details
    • $520,000
      2,848 SF

      Congress Heights Multifamily Investment Opportunity

      Turn-key four-unit property with updated amenities and parking.
      125 GALVESTON Place SW, WASHINGTON, DC 20032
      View Details
    • $1,100,000
      4,200 SF

      Multifamily Property in Washington, DC

      8-unit multifamily property with upgrades and convenient location.
      2809 GAINESVILLE Street SE, WASHINGTON, DC 20020
      View Details

    FAQs

    What type of property is this?
    Quadplex - Four-unit multifamily property in Washington Highlands neighborhood.
    Where is this quadplex located?
    The property is located at 426 CONDON Ter SE Washington, DC.
    What is the asking price?
    The asking price for this property is $490,000.
    What are key features of this property?
    This property features: Rent Control Exemption: Market‑based rent increases allowed.; Ideal for Owner‑Occupant: Live on‑site and collect income.; Value‑Add Potential: Renovate vacant units for increased income.
    (202) 280-2722
    We can help!
    Listing Contact
    Ari Firoozabadi
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    426 CONDON Ter SE, Washington, DC 20032
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!