Renovated Residential Income
New
For Sale
$835,000
4601 N PARK AVENUE Unit 614P, Chevy Chase, MD 20815
Combined condominium residence with three bedroom wings, extensive storage, private outdoor spaces, and custom architectural finishes.
Property Size2,203 SF
Price / SF$379.03
Days on Market5
Property Features for 4601 N PARK AVENUE Unit 614P
General Information
Standard status
Active
Size
2,203 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,739
Amenities
24-hour concierge service
indoor swimming pool
fitness center
Building Details
Building Size
2,203 SF
Year Built
1975
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Francis Hill Slowinski · License #601636
(301) 452-1409
Source:
Kerishull
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 13 at 12:49PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This combined condominium residence at The Elizabeth offers approximately 2,203 square feet with three bedrooms and three full baths. The extensively renovated interior includes hardwood floors, custom built-ins, recessed and specialty lighting, multiple living and sitting areas, a library, dining space, and two private outdoor spaces. The architect-designed kitchen features custom cabinetry, extensive counters, a new Bosch refrigerator and dishwasher, and a 36-inch KitchenAid electric cooktop and oven.
The primary suite occupies a separate wing with a den or sitting room, built-in cabinetry, two walk-in closets, and an ensuite bath with a double vanity, walk-in shower, and new Kohler walk-in jetted tub. Additional features include a second ensuite bedroom, a third full bath, multiple walk-in storage closets, built-in bookcases, and two assigned underground parking spaces.
The Elizabeth provides 24-hour concierge service, an indoor swimming pool, fitness center, on-site businesses and services, and recently renovated common areas. The condominium fee includes all utilities except internet. The property is located near Friendship Heights Metro, Whole Foods Market, the Village of Friendship Heights community center and farmers market, shopping, dining, and neighborhood conveniences.
The primary suite occupies a separate wing with a den or sitting room, built-in cabinetry, two walk-in closets, and an ensuite bath with a double vanity, walk-in shower, and new Kohler walk-in jetted tub. Additional features include a second ensuite bedroom, a third full bath, multiple walk-in storage closets, built-in bookcases, and two assigned underground parking spaces.
The Elizabeth provides 24-hour concierge service, an indoor swimming pool, fitness center, on-site businesses and services, and recently renovated common areas. The condominium fee includes all utilities except internet. The property is located near Friendship Heights Metro, Whole Foods Market, the Village of Friendship Heights community center and farmers market, shopping, dining, and neighborhood conveniences.
Key Highlights
- Approximately 2,203‑square‑foot residence with 3 bedrooms and 3 full baths
- Two residences combined and extensively renovated
- Two assigned underground parking spaces
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
$36,374
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
4.36%
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%
$727,480
$727.5K
Cap Rate 7%
$519,629
$519.6K
Cap Rate 9%
$404,156
$404.2K
Market Conditions
NOI Build-Up for 2,203 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
$71.1K $32.28/SF
− Vacancy
−$5.0K −$2.26/SF
EGI
$66.1K $30.02/SF
− OpEx
−$29.8K −$13.51/SF
NOI
$36.4K $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%
$727,480
Cap Rate 7%
$519,629
Cap Rate 9%
$404,156
Alternative Uses
Best Use
Apartment 5plus
$519.6K
$454.7K – $606.2K
NOI $36,374 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$775.0K
$678.1K – $904.1K
NOI $54,247 @ 7.0% cap · market cap 6.50%
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
3,695
Businesses Nearby
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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 - Combined condominium residence with three bedroom wings, extensive storage, private outdoor spaces, and custom architectural finishes.
Where is this residential income property located?
The property is located at 4601 N PARK AVENUE Unit 614P Chevy Chase, MD.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: Approximately 2,203‑square‑foot residence with 3 bedrooms and 3 full baths; Two residences combined and extensively renovated; Two assigned underground parking spaces
