Brightwood Park Shovel-Ready
For Sale
$849,900
Pending
5414 3RD St NW, Washington, DC 20011
Shovel-ready four-unit project with permits and plans in place.
Property Size2,870 SF
Lot Size0.08 Acres
Days on Market275
Property Features for 5414 3RD St NW
General Information
Standard status
Pending
Size
2,870 SF
Lot size
0.08 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$51,356
Building Details
Building Size
2,870 SF
Year Built
1935
Units
4
Listing Agency:
(202) 251-7465
Listed By:
Christopher S Burns
(202) 251-7465
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Jul 23 at 8:47AM
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 Christopher S Burns
Investment Insights
Based on property information with market context.
This shovel-ready project is located in Brightwood Park, off Kennedy Street. The existing four-unit structure comes with full permits and plans for four large units, suitable for condo sales. Both the lower-level and upper-level units are permitted for 3 Bedroom + Den layouts, offering 1,605 square feet of multi-level living space. The combined square footage for all units totals 6,420 square feet. The units are designed with gourmet kitchens featuring large kitchen islands and expansive living spaces. The upper units will include walk-out balconies, while the lower units will have terraces. The project is intended for residential income purposes.
Key Highlights
- Shovel‑ready project with full permits and plans for four condo units.
- Ideal for condo sale with projected sales price of $2,450,000.
- Four large units, each permitted for 3 Bedroom + Den.
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
$45,679
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
5.37%
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%
$913,580
$913.6K
Cap Rate 7%
$652,557
$652.6K
Cap Rate 9%
$507,544
$507.5K
Market Conditions
NOI Build-Up for 2,870 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
$88.2K $30.72/SF
− Vacancy
−$5.1K −$1.78/SF
EGI
$83.1K $28.94/SF
− OpEx
−$37.4K −$13.02/SF
NOI
$45.7K $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%
$913,580
Cap Rate 7%
$652,557
Cap Rate 9%
$507,544
Alternative Uses
Best Use
Apartment 5plus
$652.6K
$571.0K – $761.3K
NOI $45,679 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,725 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,033
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 - Shovel-ready four-unit project with permits and plans in place.
Where is this apartment building located?
The property is located at 5414 3RD St NW Washington, DC.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Shovel‑ready project with full permits and plans for four condo units.; Ideal for condo sale with projected sales price of $2,450,000.; Four large units, each permitted for 3 Bedroom + Den.
