Office Building with Private
For Sale
Contact for pricing
920 M Street Southeast, Washington, DC 20003
Vacant two-level commercial property with separate entries, independent floor access, and infrastructure supporting multiple occupants.
Property Size3,958 SF
Price / SF$442.14
Days on Market10
Property Features for 920 M Street Southeast
General Information
Standard status
Active
Size
3,958 SF
Property subtype
Retail, Office
Zoning
PDR-1
Building Details
Year Built
1911
Buildings
1
Listing Agency:
Feldman Ruel
Listed By:
Josh Feldman · License #DC BR200201416
Source:
Crexi
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 11 at 9:50AM
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 Feldman Ruel
Investment Insights
Based on property information with market context.
Built in 1911, this vacant office building contains 3,958 square feet on a 5,102-square-foot lot and carries PDR-1 zoning. The two-floor layout includes six separate points of entry, with direct second-level access from M Street SE and the private gated courtyard. Three electric meters and two gas meters support separate occupancy arrangements, while the building can also be used by a single occupant.
A private gated courtyard of approximately 3,000 square feet provides enclosed outdoor space and connects to a second-level exterior gallery. The property is directly across from the Washington Navy Yard and near Capitol Hill, Barracks Row, Nationals Park, and Audi Field. Its location also places it near recent Navy Yard development and Barracks Row’s 40+ dining options.
A private gated courtyard of approximately 3,000 square feet provides enclosed outdoor space and connects to a second-level exterior gallery. The property is directly across from the Washington Navy Yard and near Capitol Hill, Barracks Row, Nationals Park, and Audi Field. Its location also places it near recent Navy Yard development and Barracks Row’s 40+ dining options.
Key Highlights
- 3,958‑square‑foot office building on a 5,102‑square‑foot lot
- PDR‑1 zoning and vacant delivery
- Approximately 3,000‑square‑foot private gated courtyard
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
$125,674
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
7.18%
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%
$2,513,480
$2.5M
Cap Rate 7%
$1,795,343
$1.8M
Cap Rate 9%
$1,396,378
$1.4M
Market Conditions
NOI Build-Up for 3,958 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
$199.5K $50.40/SF
− Vacancy
−$31.9K −$8.06/SF
EGI
$167.6K $42.34/SF
− OpEx
−$41.9K −$10.58/SF
NOI
$125.7K $31.75/SF
Area
Washington, DC
Vacancy
16.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,513,480
Cap Rate 7%
$1,795,343
Cap Rate 9%
$1,396,378
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.09M
NOI $125,674 @ 7.0% cap · market cap 7.18%
Second Best
Retail
$907.2K
$793.8K – $1.06M
NOI $63,502 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,511 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 20003, DC
36,501
Population
20,817
Households
1.8
Avg Household Size
35
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
15,870
Density / Sq Mi
$159,604
Median Household Income
$107,846
Median Earnings
$2,630
Median Rent
$954,200
Median Home Value
Market
Vacancy Rate% for Office in Washington, DC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Vacant two-level commercial property with separate entries, independent floor access, and infrastructure supporting multiple occupants.
Where is this office building located?
The property is located at 920 M Street Southeast Washington, DC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 3,958‑square‑foot office building on a 5,102‑square‑foot lot; PDR‑1 zoning and vacant delivery; Approximately 3,000‑square‑foot private gated courtyard
