Two-Home Duplex
For Sale
$935,000
831-833 L STREET NE, Washington, DC 20002
Separate row homes share one legal lot, with one residence vacant and the other tenant-occupied.
Property Size1,799 SF
Days on Market302
Property Features for 831-833 L STREET NE
General Information
Standard status
Active
Size
1,799 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$6,792
Building Details
Building Size
1,799 SF
Year Built
1913
Listing Agency:
Long & Foster Real Estate, Inc.
(202) 469-1465
Listed By:
Vanessa Hardee · License #SP98369124
(202) 469-1465
Source:
Barnesrealestatecompany
Added: Oct 27, 2025
Changed: Aug 21
Last Checked: Aug 23 at 8:21AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This duplex property comprises two separate Washington, DC row homes held under one legal lot and tax record. Built in 1913, the residences offer distinct occupancy arrangements within a single property. 831 L Street NE is vacant and available for showings, while 833 L Street NE is occupied by a tenant and is expected to become vacant in September.
The property is situated in the H Street Corridor at 831-833 L Street NE, Washington, DC 20002. The surrounding area includes Union Market, NoMa Metro, dining, shopping, and entertainment, all identified as being a few blocks away. The two-home configuration supports separate leasing or a live-in arrangement with one residence occupied by the owner, subject to applicable requirements.
The property is situated in the H Street Corridor at 831-833 L Street NE, Washington, DC 20002. The surrounding area includes Union Market, NoMa Metro, dining, shopping, and entertainment, all identified as being a few blocks away. The two-home configuration supports separate leasing or a live-in arrangement with one residence occupied by the owner, subject to applicable requirements.
Key Highlights
- Two separate row homes on one legal lot and tax record
- 831 L Street NE is vacant and available for showings
- 833 L Street NE is tenant‑occupied and expected to be vacant in September
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
Current Use
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 - Separate row homes share one legal lot, with one residence vacant and the other tenant-occupied.
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 separate row homes on one legal lot and tax record; 831 L Street NE is vacant and available for showings; 833 L Street NE is tenant‑occupied and expected to be vacant in September
