Building Details

Building Size 850 SF

Listing Agency: n***@lpc.com Show Phone

Listed By: Nathan Bortnick

Source: Lpc

Added: Jun 2 Changed: Aug 23 Last Checked: Sep 1 at 5:32PM

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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 Nathan Bortnick

Investment Insights

Based on property information with market context.

A well-suited medical office condo offering approximately 850 square feet of customizable space. The current layout includes private office or exam rooms, a break room, and two restrooms, providing a functional foundation for a range of healthcare practices. Two hypothetical layout options are referenced, allowing prospective owners to adapt the interior plan for their specific use.

The suite is located on Connecticut Avenue in Chevy Chase, DC, between Legation Street NW and Military Road NW. It benefits from an established neighborhood setting with nearby restaurants and retail shops, and it is within walking distance of the Friendship Heights Metro station.

This property is a practical fit for medical and therapy providers seeking an owned, ready-to-operate condo configuration. With multiple private rooms and dedicated restrooms already in place, it can support patient-facing workflows while keeping the space efficient. Buyers looking for a compact, adaptable office option in a walkable commercial corridor should find this condo’s existing improvements a useful starting point.

Key Highlights

• 850 SF medical office condo on Connecticut Avenue in Chevy Chase, DC
• Includes private office/exam rooms plus a break area
• Two (2) restrooms within the unit

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

$26,989

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

7.52%

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%

$539,780 $539.8K

Cap Rate 7%

$385,557 $385.6K

Cap Rate 9%

$299,878 $299.9K

Market Conditions

NOI Build-Up for 850 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

$42.8K $50.40/SF

− Vacancy

−$6.9K −$8.06/SF

EGI

$36.0K $42.34/SF

− OpEx

−$9.0K −$10.58/SF

NOI

$27.0K $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%

$539,780

Cap Rate 7%

$385,557

Cap Rate 9%

$299,878

Alternative Uses

Best Use

Office B

$385.6K

$337.4K – $449.8K (±1% cap)

NOI $26,989 @ 7.0% cap · market cap 7.52%

Second Best

Healthcare Medical

$225.2K

$197.1K – $262.8K (±1% cap)

NOI $15,765 @ 7.0% cap · market cap 4.39%

Theoretical Best

Office A

$437.2K

$382.6K – $510.1K (±1% cap)

NOI $30,605 @ 7.0% cap · market cap 8.53%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Neander Michael MD Physician The Garfield Condominiums Condominium Complex Nover Robert A MD Physician C35 Films Media Distribution Kenneth C Ullman ... Medical Clinic

Suggested Use

Top Pick Big Box & Wholesale Store Auto Repair Shop Barber Shop Electrical Service Grocery & Convenience Store Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,224

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 20015, DC

16,628

Population

6,727

Households

2.5

Avg Household Size

45

Median Age

86%

College-Educated

96%

High-School Grad

3.5 sq mi

ZIP Area

4,751

Density / Sq Mi

$250,001

Median Household Income

$152,430

Median Earnings

$2,088

Median Rent

$1,208,700

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Compact medical office condo with private exam rooms, break area, and two restrooms near transit and neighborhood retail.

Where is this medical office space located?

The property is located at 5410 Connecticut Avenue NW #119 Chevy Chase, DC.

What is the asking price?

The asking price for this property is $359,000.

What are key features of this property?

This property features: 850 SF medical office condo on Connecticut Avenue in Chevy Chase, DC; Includes private office/exam rooms plus a break area; Two (2) restrooms within the unit