Multifamily Property with Approved
For Sale
$649,999
622 EVARTS St NE, Washington, DC 20017
Multifamily property with permits for two additional units included.
Property Size1,240 SF
Lot Size0.05 Acres
Days on Market274
Property Features for 622 EVARTS St NE
General Information
Standard status
Active
Size
1,240 SF
Lot size
0.05 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$25,645
Building Details
Building Size
1,240 SF
Year Built
1925
Listing Agency:
(240) 353-3911
Listed By:
Jianrong Yin
(240) 353-3911
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 23
Last Checked: Aug 28 at 4:26PM
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 Jianrong Yin
Investment Insights
Based on property information with market context.
This multifamily property includes approved plans and permits for the construction of two additional units, each featuring 3 bedrooms and 3 bathrooms. The sale price encompasses both the existing building and the approved development plans.
Key Highlights
- Permit included for two 3‑bedroom, 3‑bathroom units.
- Price includes existing building and plans.
- Development opportunity for multi‑unit dwelling.
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
$20,603
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
3.17%
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%
$412,060
$412.1K
Cap Rate 7%
$294,329
$294.3K
Cap Rate 9%
$228,922
$228.9K
Market Conditions
NOI Build-Up for 1,240 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
$39.4K $31.80/SF
− Vacancy
−$2.0K −$1.59/SF
EGI
$37.5K $30.21/SF
− OpEx
−$16.9K −$13.59/SF
NOI
$20.6K $16.62/SF
Area
Washington, DC
Vacancy
5.00%
Lease Rate
$31.80 /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%
$412,060
Cap Rate 7%
$294,329
Cap Rate 9%
$228,922
Alternative Uses
Best Use
Apartment 5plus
$294.3K
$257.5K – $343.4K
NOI $20,603 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$637.8K
$558.1K – $744.1K
NOI $44,647 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 20017, DC
20,293
Population
9,252
Households
2.2
Avg Household Size
37
Median Age
59%
College-Educated
92%
High-School Grad
2.2 sq mi
ZIP Area
9,224
Density / Sq Mi
$101,543
Median Household Income
$74,399
Median Earnings
$1,793
Median Rent
$686,400
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?
Multifamily property - Multifamily property with permits for two additional units included.
Where is this multifamily property located?
The property is located at 622 EVARTS St NE Washington, DC.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: Permit included for **two 3‑bedroom, 3‑bathroom units**.; Price includes existing building and plans.; Development opportunity for multi‑unit dwelling.
