Vacant Multifamily Building in
For Sale
$3,035,000
4524 Iowa Avenue NW, Washington, DC 20011
9-unit apartment building with permits for 10 units.
Property Size8,139 SF
Price / SF$372.90
Days on Market380
Property Features for 4524 Iowa Avenue NW
General Information
Standard status
Active
Size
8,139 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$9,568
Amenities
Central Air
3
RF-1
Parking.
On Street.
Building Details
Year Built
1925
Listing Agency:
Equilibrium Realty, LLC
(202) 788-6049
Listed By:
Shanu Okwesa · License #BR200201179
(202) 788-6049
Source:
Xome
Added: Aug 10, 2025
Changed: Aug 23
Last Checked: Aug 22 at 8:19AM
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 Equilibrium Realty, LLC
Investment Insights
Based on property information with market context.
This is a 9-unit apartment building with plans and permits for reconfiguration into 10 units, including a basement buildout. Construction is 50% complete. The upper level is fully renovated. The main level is 50% complete, and the basement is ready for construction. This property is located in 16th St Heights, a residential community bordering Rock Creek Park, known for stately homes on large lots. Deliver terms are fully negotiable. The property can be purchased as-is for a reduced price.
Key Highlights
- Rare opportunity: Large, fully vacant multi‑family building in desirable 16th St Heights.
- Approved plans and permits for reconfiguration from 9 to 10 units, including basement buildout.
- Construction is 50% complete, upper level fully renovated.
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
$129,541
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
4.27%
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%
$2,590,820
$2.6M
Cap Rate 7%
$1,850,586
$1.9M
Cap Rate 9%
$1,439,344
$1.4M
Market Conditions
NOI Build-Up for 8,139 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
$250.0K $30.72/SF
− Vacancy
−$14.5K −$1.78/SF
EGI
$235.5K $28.94/SF
− OpEx
−$106.0K −$13.02/SF
NOI
$129.5K $15.92/SF
Area
ZIP 20011
Vacancy
5.80%
Lease Rate
$30.72 /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%
$2,590,820
Cap Rate 7%
$1,850,586
Cap Rate 9%
$1,439,344
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,541 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.20M
$3.68M – $4.90M
NOI $294,153 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,571
Businesses Nearby
Explore this area
Business Placement
Demographics for 20011, DC
67,815
Population
29,658
Households
2.3
Avg Household Size
37
Median Age
55%
College-Educated
90%
High-School Grad
5.4 sq mi
ZIP Area
12,558
Density / Sq Mi
$108,377
Median Household Income
$69,147
Median Earnings
$1,636
Median Rent
$722,200
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?
Apartment building - 9-unit apartment building with permits for 10 units.
Where is this apartment building located?
The property is located at 4524 Iowa Avenue NW Washington, DC.
What is the asking price?
The asking price for this property is $3,035,000.
What are key features of this property?
This property features: Rare opportunity: Large, fully vacant multi‑family building in desirable 16th St Heights.; Approved plans and permits for reconfiguration from 9 to 10 units, including basement buildout.; Construction is 50% complete, upper level fully renovated.
