Renovated Residential Income
For Sale
$699,000
8101 CONNECTICUT AVENUE Unit N109, Chevy Chase, MD 20815
Three-bedroom residence with updated interiors, private terrace access, dedicated parking, and storage on the same level.
Property Size1,618 SF
Days on Market355
Property Features for 8101 CONNECTICUT AVENUE Unit N109
General Information
Standard status
Active
Size
1,618 SF
Total Parking Spaces
3
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,362
Amenities
terrace
24-hour front desk
pet friendly
guest parking
Building Details
Building Size
1,618 SF
Year Built
1982
Listing Agency:
TTR Sotheby's International Realty
(202) 549-8784
Listed By:
Lauren E Davis · License #580159
(202) 549-8784
Source:
Barnesrealestatecompany
Added: Sep 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:33PM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
This residential income property is a renovated three-bedroom, two-bath residence built in 1982. The home has an open layout with living and dining areas, terrace access, and a remodeled kitchen featuring an island, stone countertops, lacquered cabinetry, and Bosch and Sub-Zero appliances. Updated flooring, lighting, and bathrooms further define the interior. The primary bedroom includes an en-suite bath.
The property conveys three parking spaces and two storage spaces, all positioned on the same level as the residence. Building services include a 24-hour front desk, guest parking, pet-friendly policies, and access to outdoor space and walking routes. The property is near the shops and restaurants of Chevy Chase Lake, the Purple Line, and Crescent Trail.
The property conveys three parking spaces and two storage spaces, all positioned on the same level as the residence. Building services include a 24-hour front desk, guest parking, pet-friendly policies, and access to outdoor space and walking routes. The property is near the shops and restaurants of Chevy Chase Lake, the Purple Line, and Crescent Trail.
Key Highlights
- Three‑bedroom, two‑bath residence with renovated interiors
- Updated kitchen with island, stone countertops, lacquered cabinetry, and Bosch and Sub‑Zero appliances
- Three parking spaces and two storage spaces convey with the property
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
$26,715
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
3.82%
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%
$534,300
$534.3K
Cap Rate 7%
$381,643
$381.6K
Cap Rate 9%
$296,833
$296.8K
Market Conditions
NOI Build-Up for 1,618 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
$52.2K $32.28/SF
− Vacancy
−$3.7K −$2.26/SF
EGI
$48.6K $30.02/SF
− OpEx
−$21.9K −$13.51/SF
NOI
$26.7K $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%
$534,300
Cap Rate 7%
$381,643
Cap Rate 9%
$296,833
Alternative Uses
Best Use
Apartment 5plus
$381.6K
$333.9K – $445.3K
NOI $26,715 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$569.2K
$498.0K – $664.0K
NOI $39,842 @ 7.0% cap · market cap 5.70%
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
680
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 - Three-bedroom residence with updated interiors, private terrace access, dedicated parking, and storage on the same level.
Where is this residential income property located?
The property is located at 8101 CONNECTICUT AVENUE Unit N109 Chevy Chase, MD.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath residence with renovated interiors; Updated kitchen with island, stone countertops, lacquered cabinetry, and Bosch and Sub‑Zero appliances; Three parking spaces and two storage spaces convey with the property
