Updated Two-Unit
For Sale
$399,000
515 45TH ST NE, Washington, DC 20019
Updated two-level property with separate gas and electric meters near shopping, transit, parks, and biking trails.
Property Size1,216 SF
Price / SF$328.13
Days on Market52
Property Features for 515 45TH ST NE
General Information
Standard status
Active
Size
1,216 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Buildings
1
Listing Agency:
Fairfax Realty of Tysons
(703) 625-3369
Listed By:
Navid Sakhi
(703) 625-3369
Source:
Towncentermd
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 2:04AM
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 Fairfax Realty of Tysons
Investment Insights
Based on property information with market context.
This 1,216-square-foot duplex contains two residential units arranged across two levels. Each apartment includes one bedroom and one bathroom, for a combined total of two bedrooms and two bathrooms. Recent improvements include kitchen cabinets, countertops, appliances, bathroom finishes, flooring, and interior paint. Gas and electric service are separately metered for each unit. The property is a legal two-unit building and is not subject to rent control. The upper-level apartment is rented, while the layout also supports owner occupancy in one unit with the other leased. Located at 515 45TH ST NE in Washington, DC, the property is near shopping, public transportation, Benning RD and Minn Ave Metro Stations, and a park with biking trails one block away.
Key Highlights
- 1,216 SF duplex with two residential units
- One‑bedroom, one‑bath apartment on each level
- New kitchen cabinets, countertop, appliances, bathroom, flooring, and paint
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
$23,474
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
5.88%
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%
$469,480
$469.5K
Cap Rate 7%
$335,343
$335.3K
Cap Rate 9%
$260,822
$260.8K
Market Conditions
NOI Build-Up for 1,216 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
$35.8K $29.40/SF
− Vacancy
−$2.2K −$1.82/SF
EGI
$33.5K $27.58/SF
− OpEx
−$10.1K −$8.27/SF
NOI
$23.5K $19.30/SF
Area
ZIP 20019
Vacancy
6.20%
Lease Rate
$29.40 /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%
$469,480
Cap Rate 7%
$335,343
Cap Rate 9%
$260,822
Alternative Uses
Best Use
Multifamily LT 5
$335.3K
$293.4K – $391.2K
NOI $23,474 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$299.6K
$262.2K – $349.5K
NOI $20,972 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$653.5K
$571.8K – $762.4K
NOI $45,742 @ 7.0% cap · market cap 11.46%
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
875
Businesses Nearby
Explore this area
Business Placement
Demographics for 20019, DC
59,601
Population
29,244
Households
2
Avg Household Size
36
Median Age
25%
College-Educated
86%
High-School Grad
6.1 sq mi
ZIP Area
9,771
Density / Sq Mi
$57,031
Median Household Income
$49,707
Median Earnings
$1,174
Median Rent
$437,600
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 - Updated two-level property with separate gas and electric meters near shopping, transit, parks, and biking trails.
Where is this duplex located?
The property is located at 515 45TH ST NE Washington, DC.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,216 SF duplex with two residential units; One‑bedroom, one‑bath apartment on each level; New kitchen cabinets, countertop, appliances, bathroom, flooring, and paint
