Renovated Multifamily Property in
For Sale
$3,499,990
6024 8th St NW, Washington, DC 20011
Fully renovated multifamily property in a desirable Northwest D.C. location.
Property Size11,200 SF
Days on Market165
Property Features for 6024 8th St NW
General Information
Standard status
Active
Size
11,200 SF
Property subtype
Multifamily
Occupancy
97%
Amenities
Fully Renovated Property at Closing Featuring Condo-Level Finishes
Located in the Brightwood-Takoma Neighborhood Near Takoma Metro Station
Situated Near the $1.3 Billion Parks at Walter Reed Redevelopment
Legal Condominium Documentation in Place, Providing Flexible Exit Strategies Including Individual Unit Sales or Long-Term Hold
Proximity to Downtown Silver Spring and Other Key Employment Centers
Building Details
Building Size
11,200 SF
Units
20
Listing Agency:
Washington, D.C. Office
Listed By:
Stacey Milam · License #License(s): MD: 526147, DC: SP101423, VA: 0225 077593
(202) 536-3705
Source:
Marcusmillichap
Added: Apr 3
Changed: Sep 13
Last Checked: Sep 14 at 5:12AM
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 Washington, D.C. Office
Investment Insights
Based on property information with market context.
The multifamily property at 6024 8th Street NW in Washington, D.C., is a fully renovated, turnkey asset. The property requires no deferred maintenance. Each unit features high-end, condo-level finishes, including quartz countertops, new kitchen cabinetry, hardwood floors, recessed lighting, and stainless steel appliances. Legal condominium documentation is in place, offering potential individual unit sales or long-term rental income. The property is located in the Brightwood-Takoma neighborhood of Northwest D.C., near the Parks at Walter Reed redevelopment and within walking distance of the Takoma Metro Station. The Parks at Walter Reed is a $1.3 billion, 66-acre redevelopment of the former Walter Reed Army Medical Center into a mixed-use destination. This project includes over 3 million square feet of new space, which will feature residential units, a Whole Foods Market, retail shops, restaurants, office space, and the Children’s National Research & Innovation Campus. The property is a short walk from the Takoma Metro Station on the Red Line, providing direct connectivity to downtown Washington, Union Station, NoMa, and the Maryland suburbs. It is also a five-minute drive from downtown Silver Spring, Maryland.
Key Highlights
- Fully renovated, turnkey asset with no deferred maintenance, offering immediate ease of operation.
- High‑end, condo‑level finishes in each unit, including quartz countertops, new kitchen cabinetry, hardwood floors, recessed lighting, and stainless steel appliances.
- Legal condominium documentation in place, providing flexible exit strategies such as individual unit sales or long‑term rental income.
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
$178,260
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
5.09%
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%
$3,565,200
$3.6M
Cap Rate 7%
$2,546,571
$2.5M
Cap Rate 9%
$1,980,667
$2.0M
Market Conditions
NOI Build-Up for 11,200 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
$344.1K $30.72/SF
− Vacancy
−$20.0K −$1.78/SF
EGI
$324.1K $28.94/SF
− OpEx
−$145.8K −$13.02/SF
NOI
$178.3K $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%
$3,565,200
Cap Rate 7%
$2,546,571
Cap Rate 9%
$1,980,667
Alternative Uses
Best Use
Apartment 5plus
$2.55M
$2.23M – $2.97M
NOI $178,260 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.78M
$5.06M – $6.75M
NOI $404,781 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,609
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated multifamily property in a desirable Northwest D.C. location.
Where is this apartment building located?
The property is located at 6024 8th St NW Washington, DC.
What is the asking price?
The asking price for this property is $3,499,990.
What are key features of this property?
This property features: Fully renovated, turnkey asset with no deferred maintenance, offering immediate ease of operation.; High‑end, condo‑level finishes in each unit, including quartz countertops, new kitchen cabinetry, hardwood floors, recessed lighting, and stainless steel appliances.; Legal condominium documentation in place, providing flexible exit strategies such as individual unit sales or long‑term rental income.
