Third-Floor Residential Income
For Sale
$264,000
Pending
18 DRUMMERS LANE, Wayne, PA 19087
Two-bedroom condo with flexible living space, two bathrooms, and a covered balcony overlooking mature trees.
Property Size1,091 SF
Days on Market14
Property Features for 18 DRUMMERS LANE
General Information
Standard status
Pending
Size
1,091 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,671
Building Details
Building Size
1,091 SF
Year Built
1970
Listing Agency:
Keller Williams Real Estate-Doylestown
(267) 218-0000
Listed By:
Melissa Healy · License #RS279481
(267) 218-0000
Source:
Lizclarkrealestate
Added: Aug 20
Changed: Aug 31
Last Checked: Aug 30 at 10:36PM
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 Keller Williams Real Estate-Doylestown
Investment Insights
Based on property information with market context.
This third-floor Glenhardie condo, built in 1970, offers two bedrooms, two bathrooms, and a spacious living and dining area. Large sliding glass doors open to a private covered balcony with views of mature trees and greenery. The kitchen includes generous cabinet and counter space, a gas range, and an additional counter area suited to meal preparation or storage. The residence is being sold as-is and includes substantial closet space throughout. One bathroom has a tub/shower combination, while the other features a walk-in shower.
The home is within the Tredyffrin-Easttown School District and minutes from Valley Forge Town Center, King of Prussia Mall, Wegmans, Trader Joe’s, and additional shops and restaurants. Residents may also join Glenhardie Country Club at a discounted rate, with access to golf, tennis, swimming, and social events.
The home is within the Tredyffrin-Easttown School District and minutes from Valley Forge Town Center, King of Prussia Mall, Wegmans, Trader Joe’s, and additional shops and restaurants. Residents may also join Glenhardie Country Club at a discounted rate, with access to golf, tennis, swimming, and social events.
Key Highlights
- Third‑floor Glenhardie condo with two bedrooms and two bathrooms
- Private covered balcony overlooking mature trees and greenery
- Spacious living and dining area with large sliding glass doors
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
$10,937
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
4.14%
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%
$218,740
$218.7K
Cap Rate 7%
$156,243
$156.2K
Cap Rate 9%
$121,522
$121.5K
Market Conditions
NOI Build-Up for 1,091 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
$23.0K $21.12/SF
− Vacancy
−$3.2K −$2.89/SF
EGI
$19.9K $18.23/SF
− OpEx
−$8.9K −$8.20/SF
NOI
$10.9K $10.02/SF
Area
Delaware County, PA
Vacancy
13.70%
Lease Rate
$21.12 /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%
$218,740
Cap Rate 7%
$156,243
Cap Rate 9%
$121,522
Alternative Uses
Best Use
Apartment 5plus
$156.2K
$136.7K – $182.3K
NOI $10,937 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$330.8K
$289.4K – $385.9K
NOI $23,155 @ 7.0% cap · market cap 8.77%
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
981
Businesses Nearby
Explore this area
Business Placement
Demographics for 19087, PA
33,501
Population
12,829
Households
2.6
Avg Household Size
40
Median Age
78%
College-Educated
97%
High-School Grad
15.6 sq mi
ZIP Area
2,148
Density / Sq Mi
$165,451
Median Household Income
$71,234
Median Earnings
$2,130
Median Rent
$693,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with flexible living space, two bathrooms, and a covered balcony overlooking mature trees.
Where is this residential income property located?
The property is located at 18 DRUMMERS LANE Wayne, PA.
What is the asking price?
The asking price for this property is $264,000.
What are key features of this property?
This property features: Third‑floor Glenhardie condo with two bedrooms and two bathrooms; Private covered balcony overlooking mature trees and greenery; Spacious living and dining area with large sliding glass doors
