Two-Unit Residential Income
For Sale
$935,000
831-833 L Street NE, Washington, DC 20002
Two-unit rental property with tenants paying all utilities and $5,200/month in reported income.
Property Size1,799 SF
Price / SF$519.73
Days on Market299
Property Features for 831-833 L Street NE
General Information
Standard status
Active
Size
1,799 SF
Property subtype
Multi-Family
Zoning
RF-1
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,792
Amenities
Electric
Yes
Estimated
No Pool
Urban Land-Sassafras-Chillum
Public
0.02
No
On Street
Slab
Building Details
Building Size
1,799 SF
Year Built
1913
Tenancy
Multi
Listing Agency:
Century 21 Reilly Realtors
(856) 222-0077
Listed By:
Francis Brennan · License #1540241
Source:
Thetristaterealestategroup
Added: Oct 27, 2025
Changed: Aug 20
Last Checked: Aug 21 at 4:12AM
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 Century 21 Reilly Realtors
Investment Insights
Based on property information with market context.
This offering is a simple, efficient two-unit residential income property. It is structured as a duplex and currently generates reported rental income of $5,200 per month. A low expense profile is supported by the fact that tenants pay all utilities, which can reduce landlord operating burden.
The property is located at 833 L Street NE in Washington, DC. The information provided highlights that it is walkable to the Union Market and H Street Corridor area, which is described as a high-demand tenant location. The remarks also note proximity to RFK redevelopment and ongoing neighborhood growth along H Street, both of which may be of interest to buyers evaluating long-term positioning.
For investors or owner-operators seeking straightforward management, the two-unit layout can be attractive due to its manageable scale. With tenants responsible for utilities, the operating profile may be easier to underwrite than properties where the landlord covers utility costs. This asset is presented for sale as a cash-flowing 2-unit opportunity with an emphasis on simplicity and tenant-paid expenses.
The property is located at 833 L Street NE in Washington, DC. The information provided highlights that it is walkable to the Union Market and H Street Corridor area, which is described as a high-demand tenant location. The remarks also note proximity to RFK redevelopment and ongoing neighborhood growth along H Street, both of which may be of interest to buyers evaluating long-term positioning.
For investors or owner-operators seeking straightforward management, the two-unit layout can be attractive due to its manageable scale. With tenants responsible for utilities, the operating profile may be easier to underwrite than properties where the landlord covers utility costs. This asset is presented for sale as a cash-flowing 2-unit opportunity with an emphasis on simplicity and tenant-paid expenses.
Key Highlights
- Two‑unit rental property with reported $5,200/month rental income
- Tenants pay all utilities (low expense profile reported)
- Central air and electric heating (Hot Water: electric)
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
$34,273
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
3.67%
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%
$685,460
$685.5K
Cap Rate 7%
$489,614
$489.6K
Cap Rate 9%
$380,811
$380.8K
Market Conditions
NOI Build-Up for 1,799 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
$51.8K $28.80/SF
− Vacancy
−$2.8K −$1.58/SF
EGI
$49.0K $27.22/SF
− OpEx
−$14.7K −$8.16/SF
NOI
$34.3K $19.05/SF
Area
ZIP 20002
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$685,460
Cap Rate 7%
$489,614
Cap Rate 9%
$380,811
Alternative Uses
Best Use
Multifamily LT 5
$489.6K
$428.4K – $571.2K
NOI $34,273 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$437.5K
$382.8K – $510.5K
NOI $30,627 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$928.8K
$812.7K – $1.08M
NOI $65,018 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,271
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?
Duplex - Two-unit rental property with tenants paying all utilities and $5,200/month in reported income.
Where is this duplex located?
The property is located at 831-833 L Street NE Washington, DC.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Two‑unit rental property with reported $5,200/month rental income; Tenants pay all utilities (low expense profile reported); Central air and electric heating (Hot Water: electric)
