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21 EVARTS STREET NE
About This Property
Current zoning allows, by right, the construction of a custom single-family two story residence up to 8000+ square feet, subject to buyer verification and all applicable zoning and permitting requirements. The lot also allows for a detached accessory structure. Recently passed 2026 alley lot codes now allow subdivision of this unique alley lot into 3 individual buildable lots with an easily obtained Special Exception (contact realtor for more information and recent due diligence).
Adding immediate value is an existing insulated and electrified modern Studio Shed featuring a kitchen, full bath, laundry, Murphy bed, mini-split HVAC, metal roof, and double French doors. Whether used as a home office, guest suite, creative studio, or temporary living space during construction, it provides incredible flexibility from day one.
The property is further enhanced by mature gardens with apricot, cherry, apple, and fig trees, established PEPCO electrical service, an assigned street address.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jul 30, 2026 | Listed by Serhant | $499,900 | |
| Listed by Serhant | |||
| Jan 9, 2025 | Price Decreased |
$695,000
↓ $780K
(52.9%) | |
| Price Decreased | |||
| Jan 9, 2025 | Listed | $1,475,000 | |
| Listed | |||
| | |||
|
Unparalleled opportunity to develop a new 3500ft2 (or bigger) custom single family detached home on a large lot just 2 miles from the U.S. Capitol, right across the street from the brand new McMillan community center/pool/park, with more amenities under construction. The 5240ft2 property is tucked away in a quiet alley, and boasts an existing modern 255ft2 studio as well as established gardens (apricot, 2x cherry, 2x apple, fig trees). Waiting for the right buyer to realize the full potential of this one of a kind property.
Note the listed price includes both the cost of the lot plus an estimated build price for a 3500ft2 home. The lot with the pre-existing studio is sold for $695,000, the custom built home cost is approximately $200/ft2 turnkey + utility connections. There are several DC builders ready to build on this lot (we can connect you!).
The 255ft2 studio is an insulated and electrified modern building with metal roof (Studio Shed), and includes kitchen, bath, laundry, murphy bed, mini-split HVAC, double French doors, and 800 gal rain collection tank (could even live here while you build!).
Note this R-3 zoned lot currently allows *by right* 80% lot occupancy, development of up to 8000ft2 single family home up to 2 stories, no setbacks, in addition to a detached accessory building up to 450ft2 (similar to what currently exists). Alley lot bordered by 20', 15', and 10' alleyways. The alley lot already has a formally assigned address (21 Evarts NE) granted by DCRA for development purposes. Lot has PEPCO electrical service. New forthcoming DC alley lot code may allow lot subdivision to 2-3 lots by right (similarly sized alley lots in DC have recently been successfully subdivided through a DC Zoning Commission variance request). Available on request: -- Alley lot survey. -- Alley lot deed. -- Alley lot address assignation from DCRA -- Electric & building permits for completed shed -- PDRM determination letter available from DCRA that verifies zoning parameters. -- DC Water determination certifying that water and sewer mains are available to service the location. -- Civil estimate for water/sewer interconnection performed by former DC Water staff. -- Recommended DC zoning counsel who have successfully led alley lot subdivision. Note: two trailers on lot (the Minim WorkSpace office and Minim tiny house) do not convey unless by additional arrangement.
| |||
| Nov 30, 2024 | Price Decreased |
$675,000
↓ $50K
(6.9%) | |
| Price Decreased | |||
| Nov 7, 2024 | Price Decreased |
$725,000
↓ $70K
(8.8%) | |
| Price Decreased | |||
Property Highlights
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About Northwest Washington
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017