Two-Home Rowhouse
For Sale
$935,000
831 831-833 L St NE, Washington, DC 20002
One row home is vacant, while the other is tenant-occupied with expected vacancy in September.
Property Size1,799 SF
Price / SF$519.73
Days on Market20
Property Features for 831 831-833 L St NE
General Information
Standard status
Active
Size
1,799 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1913
Buildings
2
Listing Agency:
Long & Foster Real Estate, Inc.
(888) 536-0216
Listed By:
Vanessa Hardee · License #SP98369124
Source:
Fulcrum-residential
Added: Aug 10
Changed: Aug 27
Last Checked: Aug 28 at 12:51PM
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 consists of two separate DC row homes situated on one legal lot and recorded under one tax record. The 831 L Street NE home is vacant and available for showings, while 833 L Street NE is occupied by a tenant and expected to become vacant in September. Built in 1913, the property offers separate residences with flexible occupancy options for an owner-occupant or rental operator.
The property is located in Washington’s H Street Corridor, within blocks of Union Market, NoMa Metro, dining, shopping, and entertainment. Its two-home configuration allows the residences to be occupied together or separately, subject to applicable leasing and occupancy requirements.
The property is located in Washington’s H Street Corridor, within blocks of Union Market, NoMa Metro, dining, shopping, and entertainment. Its two-home configuration allows the residences to be occupied together or separately, subject to applicable leasing and occupancy requirements.
Key Highlights
- Two separate DC row homes on one legal lot and one tax record
- 831 L Street NE is vacant and available for showings
- 833 L Street NE is tenant‑occupied with expected vacancy 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
Lease Details
2
Residential units
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 - One row home is vacant, while the other is tenant-occupied with expected vacancy in September.
Where is this duplex located?
The property is located at 831 831-833 L St 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 DC row homes on one legal lot and one tax record; 831 L Street NE is vacant and available for showings; 833 L Street NE is tenant‑occupied with expected vacancy in September
