The Flats at Chevy Chase 5401 Connecticut Ave NW Immeuble residentiel 21 lots À vendre Washington, DC 20015

THE OPPORTUNITY:
The Flats at Chevy Chase offers a rare chance to acquire a rent-control-exempt, individually deeded multifamily asset in one of D.C.’s most affluent neighborhoods. The 21 condo units—featuring in-unit laundry, fireplaces, parquet floors, and off-street parking—generate strong income, with clear upside through cosmetic upgrades and targeted renovations. Located just off Connecticut Avenue NW, the property enjoys immediate access to transit, neighborhood retail, and key employment hubs. With RA-4 zoning and a favorable Medium Density Residential land use designation, the asset offers long-term flexibility. Whether repositioned as boutique luxury rentals or held for future redevelopment, it combines in-place cash flow with strategic optionality—ideal for either value-add or covered land strategies.
RENT CONTROL EXEMPT ASSET:
The Flats at Chevy Chase is exempt from Washington, D.C.'s rent control regulations, with Claim of RAD Exemption Forms on file for all 21 units for many years. This exemption allows investors to reset rents to market upon turnover or renovation—an increasingly rare advantage in a market where the vast majority of multifamily housing is rent-stabilized. Each unit is individually deeded as a condominium, offering long-term flexibility for rental income strategies, resale, or future exit options on a per-unit basis.
OPPORTUNITY TO ADD VALUE AND STABILIZE AS A BOUTIQUE LUXURY COMMUNITY IN A SUPPLY CONSTRAINED MARKET:
The Flats at Chevy Chase is a rare chance to transform a stabilized, rent-control-exempt asset into the corridor’s only boutique luxury rental community. The 21 individually deeded condos—14 one-bedrooms and 7 two-bedroom duplexes—feature in-unit washers/dryers, dishwashers, parquet floors, fireplaces, balconies, central heating, air conditioning, and individual hot water heaters, and 150–200 amp electric, offering turnkey capacity for high-end upgrades. Current rents average $1,854 (1BR) and $3,070 (2BR duplex), with clear rent upside. The duplexes—currently 2BR/1.5BA—have room to add a second bath and create true primary suites. Upgraded kitchens, baths, landscaping, and exterior finishes could elevate the asset’s appeal and unlock top-of-market pricing. The property includes 15 functional parking spaces (7 deeded), producing $13,414 in 2024—a steady income stream in a submarket where parking is at a premium. With strong cash flow, value-add levers, and zero rent restrictions, investors are positioned to grow yield now and create long-term exit value.
WELL LOCATED ASSET AT MAJOR THOROUGHFARE INTERSECTION WITH ACCESS THROUGHOUT TOP TIER NEIGHBORHOODS:
Situated along Connecticut Avenue NW, the property provides direct access to some of the city’s most prominent neighborhoods, including Friendship Heights (2–3 min), Bethesda (7–8 min), Downtown D.C. (12 min), Van Ness/UDC/Howard Law (3 min), and Tenleytown/American University (4 min). Residents also benefit from nearby Red Line Metro stations at Van Ness and Friendship Heights, as well as frequent service on the D2 bus line, which runs along Connecticut Avenue every 8–10 minutes during rush hour. This strong multimodal connectivity broadens the tenant pool and supports premium rents in one of D.C.’s most supply-constrained corridors.
PRESTIGIOUS LOCATION IN CHEVY CHASE, DC:
Located in one of Washington, D.C.’s most prestigious and high-income neighborhoods, The Flats at Chevy Chase benefits from exceptional neighborhood demographics—median household income of $235,511 and average household income nearing $300,000. The property is surrounded by beloved neighborhood staples that attract and retain discerning renters, including Politics and Prose Bookstore, Safeway, Call Your Mother Deli, Starbucks, CVS, Magruder’s Grocery, Child’s Play Toys, and the Chevy Chase Farmers Market. With a Walk Score of 87, this amenity-rich environment supports premium rents, strong occupancy, and long-term tenant retention—delivering the lifestyle appeal and economic fundamentals investors seek in durable multifamily locations.
COVERED LAND POTENTIAL:
The Flats at Chevy Chase offers a rare covered land opportunity in one of D.C.’s most supply-constrained, high-income corridors. Zoned RA-4, the site already allows for substantial by-right residential density. Though just outside the Chevy Chase Small Area Plan, the property stands to benefit from the plan’s momentum toward increased housing and mixed-use development. The District’s Future Land Use Map designates the site Medium Density Residential, with the adjacent parcel marked High Density Residential—the city’s top two residential classifications. This planning backdrop suggests potential for upzoning beyond RA-4 over time. In the interim, the existing stabilized asset provides strong in-place income, enabling investors to carry the site while positioning for future redevelopment.