Petworth Rehab Opportunity Zone
For Sale
$745,000
523 KENNEDY St NW, Washington, DC 20011
MU-4 zoned property with approved permits for 7 units.
Property Size1,580 SF
Lot Size0.06 Acres
Days on Market321
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Property Features for 523 KENNEDY St NW
General Information
Standard status
Active
Size
1,580 SF
Lot size
0.06 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$30,386
Building Details
Building Size
1,580 SF
Year Built
1923
Listing Agency:
Equilibrium Realty, LLC
Listed By:
Shanu T Okwesa · License #BR200201179
(202) 788-6049
Source:
Elliman
Added: Nov 28, 2025
Changed: Oct 1
Last Checked: Oct 14 at 11:45PM
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 property, located in an Opportunity Zone on Kennedy Street Corridor in Petworth, is zoned MU-4. It will be delivered with stamped plans and approved permits for a 7-unit buildout, suitable for condo conversion. The approved plans detail a 5-level luxury building plus penthouse, including four 1-bedroom/1-bathroom units, one 2-level 1-bedroom/2-bathroom unit with den and loft, one 2-level 2-bedroom/2-bathroom unit, and one 2-level 3-bedroom/2.5-bathroom unit.
Key Highlights
- Approved permits and stamped plans for a 7‑unit buildout are included.
- Located in a designated Opportunity Zone.
- Zoned MU‑4, allowing for a variety of uses.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,147
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,940
$502.9K
Cap Rate 7%
$359,243
$359.2K
Cap Rate 9%
$279,411
$279.4K
Market Conditions
NOI Build-Up for 1,580 SF
Gross rent
$48.5K $30.72/SF
− Vacancy
−$2.8K −$1.78/SF
EGI
$45.7K $28.94/SF
− OpEx
−$20.6K −$13.02/SF
NOI
$25.1K $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 Rate 5%
$502,940
Cap Rate 7%
$359,243
Cap Rate 9%
$279,411
Alternative Uses
Best Use
Apartment 5plus
$359.2K
$314.3K – $419.1K
NOI $25,147 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$815.8K
$713.8K – $951.7K
NOI $57,103 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,635
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Commercial land - MU-4 zoned property with approved permits for 7 units.
Where is this commercial land located?
The property is located at 523 KENNEDY St NW Washington, DC.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Approved permits and stamped plans for a 7‑unit buildout are included.; Located in a designated Opportunity Zone.; Zoned MU‑4, allowing for a variety of uses.
