Two-Unit Office/Retail
For Sale
$649,900
4601 N PARK Avenue, Chevy Chase, MD 20815
Commercial Sale, CHEVY CHASE, MD
Property Size1,248 SF
Price / SF$520.75
Days on Market128
Property Features for 4601 N PARK Avenue
General Information
Property type
Other
Property subtype
Retail
Parking
2
Parking features
Garage
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
Size
1,248 SF
Taxes and HOA fees
Tax Annual Amount
6949
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1975
Number of units
1
Building materials
Brick, Combination
Listing Agency:
Samson Properties
(301) 854-2155
Listed By:
John M Burgess · License #506800
(202) 369-1355
Added: Apr 23
Changed: Aug 19
Last Checked: Aug 28 at 1:06AM
MLS# MDMC2229080
Copyright © 2026 Bright MLS. 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 sale includes two separate units that can be used for office and/or retail purposes, offered together as a single combined package. The combined interior space includes a glass door entry, a reception area with a built-in desk and counter, and multiple private offices, along with a kitchenette/breakroom. There are 2.5 bathrooms, recessed lighting and fluorescent lighting, built-in shelving, bookcases, file cabinets, and carpet flooring throughout.
The property is located at 4601 N PARK Avenue in Chevy Chase, Maryland (20815), in Montgomery County. The offering includes two dedicated garage spaces, taxed separately, with one space assigned per unit.
For tenants or owner-users, the layout supports a professional office environment with a reception function and several enclosed rooms, while the presence of retail-usable flexibility makes it workable for service-oriented concepts. Separate units can also be advantageous for splitting space or accommodating different uses under one ownership arrangement, supported by dedicated garage parking for each unit.
The property is located at 4601 N PARK Avenue in Chevy Chase, Maryland (20815), in Montgomery County. The offering includes two dedicated garage spaces, taxed separately, with one space assigned per unit.
For tenants or owner-users, the layout supports a professional office environment with a reception function and several enclosed rooms, while the presence of retail-usable flexibility makes it workable for service-oriented concepts. Separate units can also be advantageous for splitting space or accommodating different uses under one ownership arrangement, supported by dedicated garage parking for each unit.
Key Highlights
- Combined 1,248 SF suitable for office and/or retail use.
- Includes two dedicated garage spaces (taxed separately).
- Features a reception area with built‑in desk and counter.
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
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two combined units offer office and/or retail space with multiple offices, reception, and dedicated garage spaces.
Where is this retail space located?
The property is located at 4601 N PARK Avenue 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: Combined 1,248 SF suitable for office and/or retail use.; Includes two dedicated garage spaces (taxed separately).; Features a reception area with built‑in desk and counter.
