Renovated Studio Income
For Sale
$229,500
5500 FRIENDSHIP BOULEVARD Unit 2401N, Chevy Chase, MD 20815
A compact residence combines an updated kitchen and bath with a private garage parking space.
Property Size495 SF
Price / SF$463.64
Days on Market141
Property Features for 5500 FRIENDSHIP BOULEVARD Unit 2401N
General Information
Standard status
Active
Size
495 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,296
Amenities
rooftop swimming pool and expansive sun deck
fitness center
24-hour concierge service
secured building entry
in-building mini-market
Alfio's Italian Restaurant
complimentary shuttle service
Building Details
Building Size
495 SF
Year Built
1968
Listing Agency:
EXP Realty, LLC
Listed By:
Neil W Bacchus · License #312336
(301) 674-8090
Source:
Jackrealtygroup
Added: Jun 11
Changed: Oct 26
Last Checked: Oct 26 at 3:23PM
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 EXP Realty, LLC
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Investment Insights
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This 495-square-foot studio residence has been renovated with luxury vinyl plank flooring, updated lighting, fresh paint, and a new electrical panel. The open kitchen includes white cabinetry, stainless steel appliances, and a breakfast bar opening to the living area. A walk-in closet connects directly to the updated bathroom, and the unit includes a garage parking space. The building dates to 1968.
At 5500 Friendship Boulevard in Chevy Chase, the property is near Friendship Heights Metro, Whole Foods, Wisconsin Place shops, Bloomingdale’s, and other dining and retail destinations. Building amenities include a rooftop pool and sun deck, fitness center, 24-hour concierge, secured entry, mini-market, Italian restaurant, and shuttle service to the Metro and nearby destinations. Gas, electricity, and water are included in the condo fee.
At 5500 Friendship Boulevard in Chevy Chase, the property is near Friendship Heights Metro, Whole Foods, Wisconsin Place shops, Bloomingdale’s, and other dining and retail destinations. Building amenities include a rooftop pool and sun deck, fitness center, 24-hour concierge, secured entry, mini-market, Italian restaurant, and shuttle service to the Metro and nearby destinations. Gas, electricity, and water are included in the condo fee.
Key Highlights
- 495‑square‑foot renovated studio residence
- Garage parking space included
- Updated kitchen with stainless steel appliances and breakfast bar
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,173
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$163,460
$163.5K
Cap Rate 7%
$116,757
$116.8K
Cap Rate 9%
$90,811
$90.8K
Market Conditions
NOI Build-Up for 495 SF
Gross rent
$16.0K $32.28/SF
− Vacancy
−$1.1K −$2.26/SF
EGI
$14.9K $30.02/SF
− OpEx
−$6.7K −$13.51/SF
NOI
$8.2K $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%
$163,460
Cap Rate 7%
$116,757
Cap Rate 9%
$90,811
Alternative Uses
Best Use
Apartment 5plus
$116.8K
$102.2K – $136.2K
NOI $8,173 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$174.1K
$152.4K – $203.2K
NOI $12,189 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
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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 - A compact residence combines an updated kitchen and bath with a private garage parking space.
Where is this residential income property located?
The property is located at 5500 FRIENDSHIP BOULEVARD Unit 2401N Chevy Chase, MD.
What is the asking price?
The asking price for this property is $229,500.
What are key features of this property?
This property features: 495‑square‑foot renovated studio residence; Garage parking space included; Updated kitchen with stainless steel appliances and breakfast bar
