Renovated Residential Income
For Sale
$750,000
4550 N PARK AVE #508, Chevy Chase, MD 20815
CHEVY CHASE, MD
Property Size1,314 SF
Price / SF$570.78
Days on Market8
Property Features for 4550 N PARK AVE #508
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1
Subdivision
THE CARLETON OF CHEVY CHASE
Elementary school
SOMERSET
Middle school
WESTLAND
High school
BETHESDA-CHEVY CHASE
Elementary school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Middle school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
High school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
24-hour concierge
valet attendant
pet-friendly building
fitness center
conference/meeting room
residents' lounge area
landscaped gardens
bike storage
outdoor heated pool
Building Details
Year built
1982
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Jamie Coley
(202) 669-1331
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 24 at 4:06PM
MLS# MDMC2255856
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,314-square-foot condominium at The Carleton offers two bedrooms and two full bathrooms in a renovated interior. The floor plan includes an entry foyer, separate living and dining areas, built-in storage, and a large balcony. The kitchen features premium cabinetry, granite countertops, stainless steel appliances, a pantry, hardwood flooring, and an in-unit washer and dryer. Both bathrooms have been updated, including a primary bath with an expanded step-in shower. Hardwood floors, custom window shades, and replacement windows continue throughout the residence.
The sale includes storage unit 508 at the T-1 level and three garage parking spaces identified as G3-48, G3-49, and G4-18. Building amenities include 24-hour concierge service, valet assistance, a fitness center, conference and meeting space, a residents’ lounge, landscaped gardens, bike storage, and an outdoor heated pool. The pet-friendly property is near the Friendship Heights Village Center, restaurants, shops, medical buildings, Friendship Heights Metro, and a Metro Bus stop.
The sale includes storage unit 508 at the T-1 level and three garage parking spaces identified as G3-48, G3-49, and G4-18. Building amenities include 24-hour concierge service, valet assistance, a fitness center, conference and meeting space, a residents’ lounge, landscaped gardens, bike storage, and an outdoor heated pool. The pet-friendly property is near the Friendship Heights Village Center, restaurants, shops, medical buildings, Friendship Heights Metro, and a Metro Bus stop.
Key Highlights
- 1,314‑square‑foot condominium with 2 bedrooms and 2 full bathrooms
- Renovated kitchen with granite countertops, stainless steel appliances, pantry, and laundry closet
- Large balcony with western exposure and sunset views
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
$21,696
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
2.89%
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%
$433,920
$433.9K
Cap Rate 7%
$309,943
$309.9K
Cap Rate 9%
$241,067
$241.1K
Market Conditions
NOI Build-Up for 1,314 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
$42.4K $32.28/SF
− Vacancy
−$3.0K −$2.26/SF
EGI
$39.4K $30.02/SF
− OpEx
−$17.8K −$13.51/SF
NOI
$21.7K $16.51/SF
Area
Montgomery County, MD
Vacancy
7.00%
Lease Rate
$32.28 /SF/Yr
Expense Ratio
45.00%
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%
$433,920
Cap Rate 7%
$309,943
Cap Rate 9%
$241,067
Alternative Uses
Best Use
Apartment 5plus
$309.9K
$271.2K – $361.6K
NOI $21,696 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$462.2K
$404.5K – $539.3K
NOI $32,356 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,155
Businesses Nearby
Explore this area
Business Placement
Demographics for 20815, MD
31,517
Population
14,192
Households
2.2
Avg Household Size
46
Median Age
85%
College-Educated
98%
High-School Grad
5.4 sq mi
ZIP Area
5,836
Density / Sq Mi
$198,243
Median Household Income
$106,711
Median Earnings
$2,408
Median Rent
$1,230,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with updated interiors, private balcony, storage, and three assigned garage parking spaces.
Where is this residential income property located?
The property is located at 4550 N PARK AVE #508 Chevy Chase, MD.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 1,314‑square‑foot condominium with 2 bedrooms and 2 full bathrooms; Renovated kitchen with granite countertops, stainless steel appliances, pantry, and laundry closet; Large balcony with western exposure and sunset views
