Two-Unit Office
For Sale
$649,900
4601 N Park Ave #11c & 12c, Chevy Chase, MD 20815
Flexible commercial units support office or retail occupancy with dedicated garage parking.
Property Size1,248 SF
Price / SF$520.75
Days on Market131
Property Features for 4601 N Park Ave #11c & 12c
General Information
Standard status
Active
Size
1,248 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$6,949
Amenities
glass door entry
reception area with built-in desk and counter
private offices
kitchenette/breakroom
bathrooms
recessed lighting
florescent lighting
built-in shelving
bookcases
file cabinets
carpet flooring
Building Details
Year Built
1975
Listing Agency:
SAMSON PROPERTIES
(301) 854-2155
Listed By:
JOHN M BURGESS · License #BR98368103
Source:
Corcoran
Added: Apr 22
Changed: Aug 29
Last Checked: Aug 29 at 4:34PM
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 SAMSON PROPERTIES
Investment Insights
Based on property information with market context.
This 1975 commercial property comprises two separately configured units offered together, with a combined 1,248 SF interior. The layout provides a reception area with a built-in desk and counter, six to seven private offices, a kitchenette or breakroom, and 2.5 bathrooms. Interior finishes and features include glass entry doors, recessed and fluorescent lighting, built-in shelving, bookcases, file cabinets, and carpeted floors.
The property is located at 4601 N Park Ave #11c & 12c in Chevy Chase, Maryland. Two dedicated garage spaces are included, with one assigned to each unit; the spaces are taxed separately. The units can accommodate office and/or retail use as supported by the existing configuration.
The property is located at 4601 N Park Ave #11c & 12c in Chevy Chase, Maryland. Two dedicated garage spaces are included, with one assigned to each unit; the spaces are taxed separately. The units can accommodate office and/or retail use as supported by the existing configuration.
Key Highlights
- Two units sold together with 1,248 SF of combined interior space
- Six to seven private offices, reception area, kitchenette or breakroom, and 2.5 bathrooms
- Two dedicated garage spaces included, with one space assigned to each 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
$28,682
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
4.41%
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%
$573,640
$573.6K
Cap Rate 7%
$409,743
$409.7K
Cap Rate 9%
$318,689
$318.7K
Market Conditions
NOI Build-Up for 1,248 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
$43.7K $35.04/SF
− Vacancy
−$2.8K −$2.21/SF
EGI
$41.0K $32.83/SF
− OpEx
−$12.3K −$9.85/SF
NOI
$28.7K $22.98/SF
Area
Montgomery County, MD
Vacancy
6.30%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
30.00%
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%
$573,640
Cap Rate 7%
$409,743
Cap Rate 9%
$318,689
Alternative Uses
Best Use
Retail
$409.7K
$358.5K – $478.0K
NOI $28,682 @ 7.0% cap · market cap 4.41%
Second Best
Office B
$217.9K
$190.7K – $254.2K
NOI $15,252 @ 7.0% cap · market cap 2.35%
Theoretical Best
Specialty Retail
$439.0K
$384.1K – $512.2K
NOI $30,731 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,321
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible commercial units support office or retail occupancy with dedicated garage parking.
Where is this office units located?
The property is located at 4601 N Park Ave #11c & 12c Chevy Chase, MD.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two units sold together with 1,248 SF of combined interior space; Six to seven private offices, reception area, kitchenette or breakroom, and 2.5 bathrooms; Two dedicated garage spaces included, with one space assigned to each unit
