Two-Unit Residential Income
737 Morton Street NW Washington, DC 20010
737 Morton Street NW, Washington, DC, 20010
$879,000
For Sale
$879,000
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 Market131
Property Features for 737 Morton Street NW
General Information
- Standard status
- Active
- Size
- 1,882 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1906
Listing agency
RE/MAX Gateway, LLC
(856) 630-4482
Listed by
Julia Joyce-Hall
(856) 630-4482
Source
Thetristaterealestategroup
Added: Mar 13 Updated: Jul 21 at 4:57AM Checked: Jul 21 at 4:57AM
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 RE/MAX Gateway, LLC
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.8k | $27.00 |
| − Vacancy | −$2.6k | −$1.40 |
| EGI | $48.2k | $25.60 |
| − OpEx | −$14.5k | −$7.68 |
| NOI | $33.7k | $17.92 |
1,882 SF · lease $27.00/SF/yr · vacancy 5.20% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Guzman Sons Co. ...
Construction Company
Similar For Sale Nearby
FAQs
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 Street 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
