Remodeled Residential Income
For Sale
$529,000
4620 N PARK AVENUE Unit 709E, Chevy Chase, MD 20815
Updated condominium residence with full-service amenities, included parking, storage, and access to shopping, dining, transit, and bike paths.
Property Size1,373 SF
Price / SF$385.29
Days on Market135
Property Features for 4620 N PARK AVENUE Unit 709E
General Information
Standard status
Active
Size
1,373 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,882
Amenities
outdoor seasonal pool
gym
outdoor seating
library
party room
lobby
front desk
doorman
Building Details
Building Size
1,373 SF
Year Built
1973
Listing Agency:
LPT Realty, LLC
(240) 350-4060
Listed By:
Tamar Y. Nicolson · License #647718
(240) 350-4060
Source:
Kerishull
Added: Apr 18
Changed: Aug 29
Last Checked: Aug 24 at 4:00AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This 1,419-square-foot residential income property is a remodeled condominium unit with two bedrooms and two bathrooms. Improvements include updated flooring, a renovated kitchen and bathrooms, recessed lighting, tray ceilings, custom closets, and plantation shutters. The layout also includes a laundry and utility room plus a balcony. Two parking spaces and one storage unit are included.
Constructed in 1973, the full-service building offers a seasonal outdoor pool, gym, outdoor seating, library, party room, modern lobby, front desk, and doorman. Building fees cover AC, electric, and water, and the property provides 24-hour front-desk service. Shopping, dining, public transportation, and bike paths are located within a few blocks. Cats are permitted.
Constructed in 1973, the full-service building offers a seasonal outdoor pool, gym, outdoor seating, library, party room, modern lobby, front desk, and doorman. Building fees cover AC, electric, and water, and the property provides 24-hour front-desk service. Shopping, dining, public transportation, and bike paths are located within a few blocks. Cats are permitted.
Key Highlights
- 1,419‑square‑foot condominium unit with 2 bedrooms and 2 bathrooms
- Remodeled kitchen and bathrooms with updated flooring and custom finishes
- Full‑service building with seasonal pool, gym, library, party room, and doorman
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
$22,670
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
4.29%
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%
$453,400
$453.4K
Cap Rate 7%
$323,857
$323.9K
Cap Rate 9%
$251,889
$251.9K
Market Conditions
NOI Build-Up for 1,373 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
$44.3K $32.28/SF
− Vacancy
−$3.1K −$2.26/SF
EGI
$41.2K $30.02/SF
− OpEx
−$18.5K −$13.51/SF
NOI
$22.7K $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%
$453,400
Cap Rate 7%
$323,857
Cap Rate 9%
$251,889
Alternative Uses
Best Use
Apartment 5plus
$323.9K
$283.4K – $377.8K
NOI $22,670 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$483.0K
$422.6K – $563.5K
NOI $33,809 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,259
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium residence with full-service amenities, included parking, storage, and access to shopping, dining, transit, and bike paths.
Where is this residential income property located?
The property is located at 4620 N PARK AVENUE Unit 709E Chevy Chase, MD.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 1,419‑square‑foot condominium unit with 2 bedrooms and 2 bathrooms; Remodeled kitchen and bathrooms with updated flooring and custom finishes; Full‑service building with seasonal pool, gym, library, party room, and doorman
