Multifamily 2-4 unit properties are incredibly rare in the DC metro area. The housing stock in the suburbs is less than 1/10th of 1% multifamily. In DC proper, about 4% of properties are multis, and that number is shrinking as more of them get carved up into condos. Roughly 200 multis sell per year in the entire metro area.
With the extreme pressure on the supply side, this creates high demand for this type of housing product. I regularly capture about 3% of the entire multifamily market and understand the nuances of this ultra competitive segment of our market.
With such a lack of multifamily housing in the metro area, many agents simply do not have the experience working in this sector. Due to their inexperience, we will often see legal multifamily properties inadvertently listed in the single family section of the MLS. When this happens, the property appears to be an overpriced single family and will often languish on the MLS. As a buyer, this can be a great buying opportunity, as those looking for multis simply do not know the property even exists. As a seller though, if this happens to you, it could cost you a significant amount of money. I see this happen all too often.