Renovated Six-Unit Apartment
New
For Sale
$2,900,000
631 CONSTITUTION Avenue NE, Washington, DC 20002
Multi-Family, WASHINGTON, DC
Property Size5,100 SF
Lot Size0.11 Acres
Price / SF$568.63
Days on Market3
Property Features for 631 CONSTITUTION Avenue NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
5
Parking features
Garage - Detached, Driveway
Appliances
Dishwasher, Disposal, Dryer, Exhaust Fan, Intercom, Microwave, Oven/Range - Electric, Range Hood, Refrigerator, Washer
Subdivision
CAPITOL HILL
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
5,100 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
28528
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1903
Number of units
4
Building materials
Brick
Architectural style
Victorian
Listing Agency:
Keller Williams Capital Properties · Keller Williams Realty
(202) 243-7700
Listed By:
Joel S Nelson · License #SP98357766
(202) 243-7707
Added: Aug 31
Last Checked: Sep 2 at 8:06AM
MLS# DCDC2258162
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 Victorian apartment property comprises two brick buildings on a 0.1093-acre lot, with 5,100 square feet of total property size. The main building contains four two-level apartments, while the detached carriage house adds two more leased units. The six-unit configuration includes three two-bedroom units, two three-bedroom units, and an additional office rental. Renovations were completed in 2019, and the property was 100% occupied at the time of listing.
Built in 1903, the property combines historic character with central air, forced-air heating, and a range of in-unit appliances, including washers, dryers, refrigerators, dishwashers, and electric ranges. A three-car driveway is positioned between the buildings, with additional detached garage parking. The property is located on Constitution Avenue NE in Washington, DC, within the Capitol Hill area.
Built in 1903, the property combines historic character with central air, forced-air heating, and a range of in-unit appliances, including washers, dryers, refrigerators, dishwashers, and electric ranges. A three-car driveway is positioned between the buildings, with additional detached garage parking. The property is located on Constitution Avenue NE in Washington, DC, within the Capitol Hill area.
Key Highlights
- Six leased units plus an additional office rental
- 5,100 square feet across two buildings on 0.1093 acres
- Unit mix includes (3) 2BR units and (2) 3BR units
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
$86,826
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
2.99%
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%
$1,736,520
$1.7M
Cap Rate 7%
$1,240,371
$1.2M
Cap Rate 9%
$964,733
$964.7K
Market Conditions
NOI Build-Up for 5,100 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
$168.3K $33.00/SF
− Vacancy
−$10.4K −$2.05/SF
EGI
$157.9K $30.95/SF
− OpEx
−$71.0K −$13.93/SF
NOI
$86.8K $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%
$1,736,520
Cap Rate 7%
$1,240,371
Cap Rate 9%
$964,733
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,826 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $184,320 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,779
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 - Two buildings provide renovated residential units, an office rental, and detached parking in Washington’s Capitol Hill area.
Where is this apartment building located?
The property is located at 631 CONSTITUTION Avenue 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: Six leased units plus an additional office rental; 5,100 square feet across two buildings on 0.1093 acres; Unit mix includes (3) 2BR units and (2) 3BR units
