Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1017 Florida Ave Washington, DC 20002

    • Commercial real estate
    • 2,613 SF
    • 0.03 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US16-0014619
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1017 Florida Ave

    Year built
    1920
    Lot size
    0.03 lot acres
    Property size
    2,613 SF
    Property type
    Commercial real estate
    APN
    15992475

    Description

    This vacant, two-unit apartment building at 1017 Florida Avenue NE, Washington, DC 20002, presents a compelling redevelopment opportunity. The 2,613 square foot property, built in 1920, sits on a 0.03-acre lot (APN 15992475) and is zoned RF-1. Approved plans are in place for conversion into a stunning two-unit condominium, featuring a three-bedroom, three-bathroom penthouse unit with a rooftop deck, and a spacious two-bedroom, 2.5-bathroom lower unit. This prime location near the H Street Corridor and NoMa/Union Market offers significant potential for appreciation. The current asking price is $735,000, with an estimated after repair value (ARV) of approximately $1.6 million. Infrastructure upgrades are currently underway on Florida Avenue, further enhancing the property's future value. This is an exceptional chance to capitalize on a burgeoning neighborhood and create a high-value asset. The property is currently vacant, allowing for immediate commencement of the redevelopment project. This presents a unique opportunity for investors seeking a high-return project in a rapidly appreciating area of Washington, D.C.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    District of Columbia
    State
    District of Columbia
    Longitude
    -76.9920906
    Latitude
    38.9033502

    Comparable in this City

    • $3,000,000
      3,215 SF

      DC Mixed-Use Investment Opportunity

      Prime location, high income potential
      1818-1820 Benning Rd, Washington, DC 20002
      View Details
    • $850,000

      NE DC Development Opportunity

      Shell property ideal for condos or multifamily conversion.
      1216 Raum St NE, Washington, DC 20002
      View Details
    • $316,000
      519 SF

      Modern Condo with DC Views

      Pet-friendly condo with amenities, balcony, and city views.
      1111 Orren St NE, Washington, DC 20002
      View Details
    • $210,000

      WASHINGTON, DC Investment Opportunity

      Leased 1-bed, 1-bath unit with reliable rental income.
      1812 H Pl NE, Washington, DC 20002
      View Details
    • $1,399,900

      Pristine Multi-Family Investment Property

      Exceptional 2-unit property, ideal for investors, 100% leased.
      438 19Th St NE, Washington, DC 20002
      View Details
    • $542,900

      New Condos in Union Market

      48 boutique condos in the heart of Union Market.
      1124 Florida Ave NE, Washington, DC 20002
      View Details

    Similar Nearby for Sale

    • $389,500

      Capitol Hill Condo with Patio

      Updated condo with den and private patio near Capitol Hill.
      333 2Nd St NE, Washington, DC 20002
      View Details
    • $839,900

      New Condos in Union Market

      48 boutique condos in the heart of Union Market.
      1124 Florida Ave NE, Washington, DC 20002
      View Details
    • $542,900

      New Condos in Union Market

      48 boutique condos in the heart of Union Market.
      1124 Florida Ave NE, Washington, DC 20002
      View Details
    • $2,000,000

      Washington DC Multifamily Investment Opportunity

      Seven-unit building in prime location with redevelopment potential.
      1716 H St NE, Washington, DC 20002
      View Details
    • $3,000,000
      3,215 SF

      DC Mixed-Use Investment Opportunity

      Prime location, high income potential
      1818-1820 Benning Rd, Washington, DC 20002
      View Details
    • $850,000

      NE DC Development Opportunity

      Shell property ideal for condos or multifamily conversion.
      1216 Raum St NE, Washington, DC 20002
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,579 SF

      Mixed-Use Development Near Metro

      Mixed-use development with retail and residential units near Stadium/Armory.
      1901 C St SE, Washington, DC 20002
      View Details
    • $6,500 /Mo
      2,100 SF

      Bright Townhome Near H Street

      Four-bedroom townhome with updated kitchen and garage parking near H Street.
      1336 G St NE, Washington, DC 20002
      View Details
    • Contact for pricing
      200 SF

      Prime DC Ghost Kitchen Space

      200 sq ft, Class B, Single Tenant Retail
      2000 5Th St, Washington, DC 20002
      View Details
    • $1,350 /Mo

      Capitol Hill Full-Service Office Spaces

      Self-contained office spaces in Capitol Hill, tailored to meet needs.
      316 F St Ne, Washington, DC 20002
      View Details
    • Contact for pricing
      6,889 SF

      Contemporary Retail Space Available

      Modern retail spaces in vibrant urban community, Washington, DC.
      1401 Okie St NE, Washington, DC 20002
      View Details
    • Contact for pricing
      2,500 SF

      Prime Restaurant Space with Patio

      Restaurant spaces with patios near IMF, World Bank, Federal Reserve.
      900 19Th St NW, Washington, DC 20002
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1017 Florida Ave
    Washington, DC 20002
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.