Two-Unit Residential Income
For Sale
$879,000
737 Morton St NW, Washington, DC 20010
Two fully renovated units with in-unit laundry, gated off-street parking, and annual rental income of $70,800.
Property Size1,882 SF
Price / SF$467.06
Days on Market114
Property Features for 737 Morton St NW
General Information
Standard status
Active
Size
1,882 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Financials
Cap Rate
6.9%
Business Included
Yes
Site & Location
Neighborhood
Pleasant Plains
Additional Details
Multifamily Units
2
Building Details
Year Built
1906
Stories
2
Tenancy
Multi
Listing Agency:
RLAH @properties
Listed By:
Meaghan Parker · License #SP40004319
(301) 215-0501
Source:
Fulcrum-residential
Added: Jul 8
Changed: Oct 25
Last Checked: Oct 4 at 12:49PM
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 RLAH @properties
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Investment Insights
Based on property information with market context.
This two-unit duplex features a flexible layout across its top-floor and lower-level residences. The top-floor unit spans the full level with an open-concept design, bamboo and hardwood floors, granite countertops, stainless steel appliances, a large kitchen island, two bedrooms, two full baths, and in-unit laundry. The lower-level unit is also freshly renovated, offering two bedrooms and one-and-a-half baths.
The seller reports projected annual rental income of $70,800 with approximately $11,000 in owner expenses, reflecting a nearly 6.9% cap rate. Both units are currently vacant, and the seller plans to lease in approximately one week. Each unit also has access to two gated off-street parking spaces.
Under DC housing code, the top-floor unit has potential to expand vertically with a second-story addition, which the seller describes as an uncommon opportunity to increase square footage. The property is positioned in a highly walkable area near Georgia Avenue dining, nightlife, and Metro.
The seller reports projected annual rental income of $70,800 with approximately $11,000 in owner expenses, reflecting a nearly 6.9% cap rate. Both units are currently vacant, and the seller plans to lease in approximately one week. Each unit also has access to two gated off-street parking spaces.
Under DC housing code, the top-floor unit has potential to expand vertically with a second-story addition, which the seller describes as an uncommon opportunity to increase square footage. The property is positioned in a highly walkable area near Georgia Avenue dining, nightlife, and Metro.
Key Highlights
- Two‑unit property with annual rental income of $70,800
- Nearly 6.9% cap rate and about $11K/year in owner expenses (per remarks)
- Both units are fully renovated and have in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,720
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,400
$674.4K
Cap Rate 7%
$481,714
$481.7K
Cap Rate 9%
$374,667
$374.7K
Market Conditions
NOI Build-Up for 1,882 SF
Gross rent
$50.8K $27.00/SF
− Vacancy
−$2.6K −$1.40/SF
EGI
$48.2K $25.60/SF
− OpEx
−$14.5K −$7.68/SF
NOI
$33.7K $17.92/SF
Area
Washington, DC
Vacancy
5.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,400
Cap Rate 7%
$481,714
Cap Rate 9%
$374,667
Alternative Uses
Best Use
Multifamily LT 5
$481.7K
$421.5K – $562.0K
NOI $33,720 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$446.7K
$390.9K – $521.2K
NOI $31,270 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$968.0K
$847.0K – $1.13M
NOI $67,763 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 20010, DC
32,663
Population
15,917
Households
2.1
Avg Household Size
33
Median Age
67%
College-Educated
87%
High-School Grad
1.0 sq mi
ZIP Area
32,663
Density / Sq Mi
$110,260
Median Household Income
$81,834
Median Earnings
$1,815
Median Rent
$868,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two fully renovated units with in-unit laundry, gated off-street parking, and annual rental income of $70,800.
Where is this duplex located?
The property is located at 737 Morton St NW Washington, DC.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: Two‑unit property with annual rental income of $70,800; Nearly 6.9% cap rate and about $11K/year in owner expenses (per remarks); Both units are fully renovated and have in‑unit laundry
