Studio Condominium with Garage
For Sale
$224,500
5500 FRIENDSHIP BOULEVARD Unit 2318N, Chevy Chase, MD 20815
Updated interiors, building amenities, and access to a dedicated garage space support convenient condominium living.
Property Size511 SF
Price / SF$439.33
Days on Market30
Property Features for 5500 FRIENDSHIP BOULEVARD Unit 2318N
General Information
Standard status
Active
Size
511 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,543
Amenities
concierge
fitness center
rooftop pool
sundeck
library
party room
on-site market
laundry facilities
shuttle service
Building Details
Building Size
511 SF
Year Built
1968
Listing Agency:
Compass
Listed By:
Kathleen L Whalen · License #305821
(240) 793-6880
Source:
Jackrealtygroup
Added: Oct 1
Changed: Oct 27
Last Checked: Oct 26 at 2:56PM
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 Compass
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Investment Insights
Based on property information with market context.
This 511-square-foot studio condominium at the Willoughby includes a dedicated garage parking space. Recent work includes new LVP flooring, fresh paint, an updated electrical panel, new kitchen appliances, and replacement bathroom and kitchen fixtures. Large windows bring in natural light, and the building dates to 1968.
Residents have access to a 24-hour concierge, fitness center, rooftop pool and sundeck, library, party room, on-site market, and laundry facilities on every floor. The condo fee covers all utilities. A second garage space is available for separate purchase.
The property is in Friendship Heights, near the Metro Red Line and shopping and dining that includes Whole Foods, Trader Joe’s, and Bloomingdale’s. The building also provides shuttle service to transit and retail, with parks, trails, and recreation nearby.
Residents have access to a 24-hour concierge, fitness center, rooftop pool and sundeck, library, party room, on-site market, and laundry facilities on every floor. The condo fee covers all utilities. A second garage space is available for separate purchase.
The property is in Friendship Heights, near the Metro Red Line and shopping and dining that includes Whole Foods, Trader Joe’s, and Bloomingdale’s. The building also provides shuttle service to transit and retail, with parks, trails, and recreation nearby.
Key Highlights
- 511‑square‑foot studio with updated flooring, paint, electrical panel, appliances, and fixtures
- One dedicated garage parking space conveys; a second space is available separately
- Willoughby amenities include a 24‑hour concierge, fitness center, rooftop pool, library, and party room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,437
Cap Rate
3.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$168,740
$168.7K
Cap Rate 7%
$120,529
$120.5K
Cap Rate 9%
$93,744
$93.7K
Market Conditions
NOI Build-Up for 511 SF
Gross rent
$16.5K $32.28/SF
− Vacancy
−$1.2K −$2.26/SF
EGI
$15.3K $30.02/SF
− OpEx
−$6.9K −$13.51/SF
NOI
$8.4K $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 Rate 5%
$168,740
Cap Rate 7%
$120,529
Cap Rate 9%
$93,744
Alternative Uses
Best Use
Apartment 5plus
$120.5K
$105.5K – $140.6K
NOI $8,437 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$179.8K
$157.3K – $209.7K
NOI $12,583 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,155
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 - Updated interiors, building amenities, and access to a dedicated garage space support convenient condominium living.
Where is this residential income property located?
The property is located at 5500 FRIENDSHIP BOULEVARD Unit 2318N Chevy Chase, MD.
What is the asking price?
The asking price for this property is $224,500.
What are key features of this property?
This property features: 511‑square‑foot studio with updated flooring, paint, electrical panel, appliances, and fixtures; One dedicated garage parking space conveys; a second space is available separately; Willoughby amenities include a 24‑hour concierge, fitness center, rooftop pool, library, and party room
