Renovated Top-Floor Residential
For Sale
$475,000
8101 CONNECTICUT AVENUE Unit S-405, Chevy Chase, MD 20815
Corner residence with updated interiors, private balcony, and single-level living across connected entertaining spaces.
Property Size1,436 SF
Price / SF$330.78
Days on Market24
Property Features for 8101 CONNECTICUT AVENUE Unit S-405
General Information
Standard status
Active
Size
1,436 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,696
Amenities
balcony
gourmet kitchen
stainless steel appliances
double vanity
walk-in closets
storage closet
laundry closet
Building Details
Building Size
1,436 SF
Year Built
1982
Listing Agency:
Compass
(240) 425-7086
Listed By:
Ellen Grant · License #663097
(240) 425-7086
Source:
Kerishull
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 24 at 4:13AM
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
Investment Insights
Based on property information with market context.
This 1,820-square-foot top-floor corner residence, built in 1982 and fully renovated, combines a connected living arrangement with practical single-level functionality. The interior includes a study, living room, dining area, second bedroom, full hall bath, and a primary suite with two walk-in closets. Nine-foot ceilings and expansive windows bring abundant daylight into the main rooms, while a private balcony extends the living area toward leafy views.
The renovated kitchen features stainless steel appliances and custom finishes. The primary bathroom includes a double vanity, and additional storage is provided by a linen closet and a walk-in hallway closet. A full-size laundry closet completes the residence.
The renovated kitchen features stainless steel appliances and custom finishes. The primary bathroom includes a double vanity, and additional storage is provided by a linen closet and a walk-in hallway closet. A full-size laundry closet completes the residence.
Key Highlights
- 1,820‑square‑foot fully renovated top‑floor corner residence
- Private balcony with leafy views and expansive windows
- Nine‑foot ceilings throughout the main living areas
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
$23,710
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
4.99%
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%
$474,200
$474.2K
Cap Rate 7%
$338,714
$338.7K
Cap Rate 9%
$263,444
$263.4K
Market Conditions
NOI Build-Up for 1,436 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
$46.4K $32.28/SF
− Vacancy
−$3.2K −$2.26/SF
EGI
$43.1K $30.02/SF
− OpEx
−$19.4K −$13.51/SF
NOI
$23.7K $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%
$474,200
Cap Rate 7%
$338,714
Cap Rate 9%
$263,444
Alternative Uses
Best Use
Apartment 5plus
$338.7K
$296.4K – $395.2K
NOI $23,710 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$505.2K
$442.0K – $589.4K
NOI $35,361 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 - Corner residence with updated interiors, private balcony, and single-level living across connected entertaining spaces.
Where is this residential income property located?
The property is located at 8101 CONNECTICUT AVENUE Unit S-405 Chevy Chase, MD.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,820‑square‑foot fully renovated top‑floor corner residence; Private balcony with leafy views and expansive windows; Nine‑foot ceilings throughout the main living areas
