7-Unit Apartment
New
For Sale
$2,900,000
623 5TH Street NE, Washington, DC 20002
Multi-Family, WASHINGTON, DC
Property Size7,825 SF
Lot Size0.08 Acres
Price / SF$370.61
Days on Market3
Property Features for 623 5TH Street NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Subdivision
OLD CITY #1
Elementary school
LUDLOW-TAYLOR
Middle school
STUART-HOBSON
High school
EASTERN
Elementary school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Middle school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
High school district
DISTRICT OF COLUMBIA PUBLIC SCHOOLS
Standard status
Active
Size
7,825 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
15540
Amenities
private balconies
private covered porch
Building Details
Year built
1912
Number of units
4
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Keller Williams Realty
(703) 679-1700
Listed By:
Deborah K Reynolds · License #BR98374317
(240) 885-6806
Added: Aug 19
Last Checked: Aug 21 at 1:06AM
MLS# DCDC2275946
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,825-square-foot Colonial apartment property at 623 5TH Street NE contains seven residences and a 1,500-square-foot carriage house. The unit mix includes four two-bedroom apartments, two one-bedroom apartments, and a two-bedroom, two-level carriage house with 2.5 bathrooms and a balcony. Private outdoor space is provided across the residences, including multiple balconies and a covered porch. The building was constructed in 1912 with brick materials, and parking is available on street.
The property is in Capitol Hill, near Union Station, Metro, the H Street Corridor, Eastern Market, and the U.S. Capitol. Restaurants, cafés, shopping, parks, cultural attractions, and major transportation are identified within the surrounding area.
The property is in Capitol Hill, near Union Station, Metro, the H Street Corridor, Eastern Market, and the U.S. Capitol. Restaurants, cafés, shopping, parks, cultural attractions, and major transportation are identified within the surrounding area.
Key Highlights
- Seven‑unit apartment property with 7,825 square feet of building area
- Includes a 1,500‑square‑foot carriage house with 2 bedrooms, 2.5 bathrooms, two levels, and a balcony
- Unit mix includes four 2‑bedroom residences and two 1‑bedroom residences
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
$133,218
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
4.59%
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%
$2,664,360
$2.7M
Cap Rate 7%
$1,903,114
$1.9M
Cap Rate 9%
$1,480,200
$1.5M
Market Conditions
NOI Build-Up for 7,825 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
$258.2K $33.00/SF
− Vacancy
−$16.0K −$2.05/SF
EGI
$242.2K $30.95/SF
− OpEx
−$109.0K −$13.93/SF
NOI
$133.2K $17.02/SF
Area
ZIP 20002
Vacancy
6.20%
Lease Rate
$33.00 /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%
$2,664,360
Cap Rate 7%
$1,903,114
Cap Rate 9%
$1,480,200
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.67M – $2.22M
NOI $133,218 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.04M
$3.54M – $4.71M
NOI $282,804 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
4,707
Businesses Nearby
Explore this area
Business Placement
Demographics for 20002, DC
69,422
Population
38,459
Households
1.8
Avg Household Size
33
Median Age
70%
College-Educated
95%
High-School Grad
5.1 sq mi
ZIP Area
13,612
Density / Sq Mi
$114,482
Median Household Income
$82,909
Median Earnings
$2,140
Median Rent
$813,700
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 - Brick Colonial property with private balconies and a carriage house near Capitol Hill amenities.
Where is this apartment building located?
The property is located at 623 5TH Street NE Washington, DC.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Seven‑unit apartment property with 7,825 square feet of building area; Includes a 1,500‑square‑foot carriage house with 2 bedrooms, 2.5 bathrooms, two levels, and a balcony; Unit mix includes four 2‑bedroom residences and two 1‑bedroom residences
