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    Petworth Mixed-Use Building For Sale Title is generated by Realmo AI

    1389 Quincy St NW, Washington, DC 20011

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    Prime mixed-use building in the heart of Petworth neighborhood.

    Type:Mixed Use, Multifamily, Retail
    Property size:
    2,300 SF
    Price / SF:
    $673/SF
    Added:
    Jan 19, 2023
    Days on Market:
    1235
    Last Refresh:
    May 19 at 9:19 pm

    Property Features for 1389 Quincy St NW

    General Information

    Standard status
    Active
    Size
    2,300 SF
    Property subtype
    Mixed Use, Multifamily, Retail

    Building Details

    Year Built
    1907

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    Listing Contact
    Virginia Smith

    Listing agent Virginia Smith License #0225002867

    Listing office Arlington Realty

    Listing date Jan 19, 2023

    Source Crexi

    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 Arlington Realty

    HighLights

    • Prime mixed‑use building in the heart of the sought‑after Petworth neighborhood on 14th St. NW.
    • Restaurant/carry‑out space on the first floor with a LARGE outdoor patio.
    • Two apartments on the 2nd and 3rd levels, including a large deck off the 2nd level.
    • Potential to add another level (max. building height = 50 ft.; max FAR = 2.5 (residential) or 1.5 (non‑residential)).
    • Property can be delivered vacant (1st/2nd level lease is month‑to‑month; 3rd floor apartment is vacant).
    • Excellent location with heavy foot and vehicle traffic, close to Georgia Ave.-Petworth Metro station and Columbia Heights Metro.

    Overview

    Located in the Petworth neighborhood, this mixed-use building is situated along the 14th St NW retail-commercial corridor. The corner lot property has frontage on both 14th St NW and Quincy St NW. The first floor is built out for restaurant or carry-out use and includes a large outdoor patio dining space. The second and third levels each contain a one-bedroom, one-bathroom apartment. The second level apartment features a large deck off the rear. While tax records indicate 2,019 square feet, the seller estimates the property size to be approximately 2,300 square feet. Zoned MU-4, there is potential to add another level, with a maximum building height of 50 feet and a maximum FAR of 2.5 (residential) or 1.5 (non-residential). The lease for the first and second levels is month-to-month, offering the option for vacant delivery or lease renegotiation. The third-floor apartment is currently vacant. The location benefits from heavy foot and vehicle traffic and is surrounded by shops, cafes, pubs, restaurants, and residential properties. It is approximately four blocks from the Georgia Ave-Petworth Metro station and six blocks from the Columbia Heights Metro.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Map

    City
    Washington
    County
    District of Columbia
    State
    District of Columbia
    Longitude
    -77.0325049
    Latitude
    38.9377987

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    FAQs

    What type of property is this?
    Mixed-use property - Prime mixed-use building in the heart of Petworth neighborhood.
    Where is this mixed-use property located?
    The property is located at 1389 Quincy St NW Washington, DC.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: Prime mixed‑use building in the heart of the sought‑after Petworth neighborhood on 14th St. NW.; Restaurant/carry‑out space on the first floor with a LARGE outdoor patio.; Two apartments on the 2nd and 3rd levels, including a large deck off the 2nd level.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Virginia Smith
    Real Estate License ID: 0225002867
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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