Renovated Residential Income
For Sale
$835,000
4601 N PARK AVE #614P, Chevy Chase, MD 20815
CHEVY CHASE, MD
Property Size2,203 SF
Price / SF$379.03
Days on Market9
Property Features for 4601 N PARK AVE #614P
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bedroom 3
Subdivision
FRIENDSHIP HEIGHTS
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
indoor swimming pool
fitness center
on-site businesses
Building Details
Year built
1975
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Hill Slowinski · License #601636
(301) 452-1409
Added: Sep 16
Changed: Sep 22
Last Checked: Sep 24 at 6:06PM
MLS# MDMC2255172
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 2,203-square-foot residential income property combines two residences into a renovated three-bedroom, three-full-bath home with a distinctive, open layout. Hardwood floors, custom built-ins, recessed and specialty lighting, multiple storage areas, and two private outdoor spaces are integrated throughout the residence. The main living area connects the living room, dining area, library, and sitting spaces, while the architect-designed kitchen includes 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, two walk-in closets, built-in cabinetry, and an ensuite bath with a double vanity, walk-in shower, and new Kohler walk-in jetted tub. Additional bedrooms include ensuite or nearby full-bath access, and one has windows on two sides. The residence also includes a new Bosch stacked washer and dryer 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 renovated common areas. The condominium fee includes all utilities except internet. Friendship Heights Metro, Whole Foods Market, shopping, dining, and community amenities are located nearby.
The primary suite occupies a separate wing with a den or sitting room, two walk-in closets, built-in cabinetry, and an ensuite bath with a double vanity, walk-in shower, and new Kohler walk-in jetted tub. Additional bedrooms include ensuite or nearby full-bath access, and one has windows on two sides. The residence also includes a new Bosch stacked washer and dryer 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 renovated common areas. The condominium fee includes all utilities except internet. Friendship Heights Metro, Whole Foods Market, shopping, dining, and community amenities are located nearby.
Key Highlights
- 2,203‑square‑foot residence with 3 bedrooms and 3 full baths
- Two residences combined and extensively renovated into one custom home
- 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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,695
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 - Custom three-bedroom residence with distinct living zones, extensive storage, two outdoor spaces, and private bedroom wings.
Where is this residential income property located?
The property is located at 4601 N PARK AVE #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: 2,203‑square‑foot residence with 3 bedrooms and 3 full baths; Two residences combined and extensively renovated into one custom home; Two assigned underground parking spaces
