Renovated Residential Income
For Sale
$308,000
5500 FRIENDSHIP BLVD #1226N, Chevy Chase, MD 20815
CHEVY CHASE, MD
Property Size1,030 SF
Price / SF$299.03
Days on Market153
Property Features for 5500 FRIENDSHIP BLVD #1226N
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
1
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 1
Subdivision
CHEVY CHASE VILLAGE
Elementary school
SOMERSET
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
Amenities
rooftop pool
exercise room
library
rooftop deck
24-hour security
monitored access
lobby desk
Building Details
Year built
1967
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Trevor M Crowley
Added: Mar 25
Changed: Aug 23
Last Checked: Aug 24 at 5:06PM
MLS# MDMC2223826
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 1,030-square-foot condominium residence at 5500 Friendship Blvd #1226N offers one bedroom and 1.5 bathrooms within a 1967 high-rise building. The interior has been updated with a renovated kitchen featuring granite countertops, a backsplash, dark wood cabinetry, and a built-in wine rack. Newer light fixtures, paint, carpeting, crown molding, recessed lighting, modern bathroom vanities, and updated floor tile add to the finished presentation. An expanded walk-in closet provides additional storage.
Building amenities include a rooftop pool, rooftop deck, exercise room, library, 24-hour security, monitored access, and a staffed lobby desk. The residence includes a reserved oversized parking space positioned near the service and main elevators. The property is near Friendship Heights Metro, shopping, dining, and tree-lined sidewalks in Chevy Chase, Maryland.
Building amenities include a rooftop pool, rooftop deck, exercise room, library, 24-hour security, monitored access, and a staffed lobby desk. The residence includes a reserved oversized parking space positioned near the service and main elevators. The property is near Friendship Heights Metro, shopping, dining, and tree-lined sidewalks in Chevy Chase, Maryland.
Key Highlights
- 1,030 SF one‑bedroom residence with 1.5 bathrooms
- Renovated kitchen with granite countertops, backsplash, dark wood cabinetry, and built‑in wine rack
- Expanded walk‑in closet plus crown molding and recessed lighting
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
$17,007
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
5.52%
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%
$340,140
$340.1K
Cap Rate 7%
$242,957
$243.0K
Cap Rate 9%
$188,967
$189.0K
Market Conditions
NOI Build-Up for 1,030 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
$33.2K $32.28/SF
− Vacancy
−$2.3K −$2.26/SF
EGI
$30.9K $30.02/SF
− OpEx
−$13.9K −$13.51/SF
NOI
$17.0K $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%
$340,140
Cap Rate 7%
$242,957
Cap Rate 9%
$188,967
Alternative Uses
Best Use
Apartment 5plus
$243.0K
$212.6K – $283.5K
NOI $17,007 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$362.3K
$317.0K – $422.7K
NOI $25,363 @ 7.0% cap · market cap 8.23%
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
4,155
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 expansive interiors, reserved parking, and access to high-rise amenities.
Where is this residential income property located?
The property is located at 5500 FRIENDSHIP BLVD #1226N Chevy Chase, MD.
What is the asking price?
The asking price for this property is $308,000.
What are key features of this property?
This property features: 1,030 SF one‑bedroom residence with 1.5 bathrooms; Renovated kitchen with granite countertops, backsplash, dark wood cabinetry, and built‑in wine rack; Expanded walk‑in closet plus crown molding and recessed lighting
