Duplex with Nine
New
For Sale
$339,900
202 GREENWAY AVENUE, Darby, PA 19023
Two occupied apartments are complemented by garage space, additional lots, and a full unfinished basement.
Property Size1,328 SF
Price / SF$255.95
Days on Market4
Property Features for 202 GREENWAY AVENUE
General Information
Standard status
Active
Size
1,328 SF
Property subtype
Duplex
Building Details
Year Built
1920
Listing Agency:
RE/MAX Access
(215) 416-1176
Listed By:
Terrance E Lee · License #1864612
(215) 416-1176
Source:
Cummingsrealtors
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 3:54PM
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 RE/MAX Access
Investment Insights
Based on property information with market context.
Built in 1920, this 1,328 SF duplex contains two occupied one-bedroom apartments. Each unit includes a living area, an equipped kitchen with cabinet and counter space, a bedroom with closet storage, and a full bathroom with a shower/tub combination. One apartment also provides access to the full unfinished basement, which offers storage area.
The property includes nine garages, six of which are currently rented. Two additional vacant lots are included behind the three-car garage on the main property and carry a separate 3rd Street address. Approximate dimensions are 51' x 126' for the primary lot, 54' x 23' for Lot 1, and 36' x 18' for Lot 2. Potential uses for the additional lots, including parking or a new garage, are subject to zoning, approvals, and verification with Darby Borough.
The property is located near schools, shopping, public transportation, and other local amenities.
The property includes nine garages, six of which are currently rented. Two additional vacant lots are included behind the three-car garage on the main property and carry a separate 3rd Street address. Approximate dimensions are 51' x 126' for the primary lot, 54' x 23' for Lot 1, and 36' x 18' for Lot 2. Potential uses for the additional lots, including parking or a new garage, are subject to zoning, approvals, and verification with Darby Borough.
The property is located near schools, shopping, public transportation, and other local amenities.
Key Highlights
- 1,328 SF duplex built in 1920
- Two occupied one‑bedroom apartments
- Nine garages, with six currently rented
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
$14,556
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
4.28%
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%
$291,120
$291.1K
Cap Rate 7%
$207,943
$207.9K
Cap Rate 9%
$161,733
$161.7K
Market Conditions
NOI Build-Up for 1,328 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
$23.9K $18.00/SF
− Vacancy
−$3.1K −$2.34/SF
EGI
$20.8K $15.66/SF
− OpEx
−$6.2K −$4.70/SF
NOI
$14.6K $10.96/SF
Area
Delaware County, PA
Vacancy
13.01%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$291,120
Cap Rate 7%
$207,943
Cap Rate 9%
$161,733
Alternative Uses
Best Use
Multifamily LT 5
$207.9K
$182.0K – $242.6K
NOI $14,556 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$190.2K
$166.4K – $221.9K
NOI $13,313 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$402.6K
$352.3K – $469.8K
NOI $28,185 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 19023, PA
22,180
Population
9,089
Households
2.4
Avg Household Size
34
Median Age
17%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
11,090
Density / Sq Mi
$48,962
Median Household Income
$37,110
Median Earnings
$1,240
Median Rent
$117,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied apartments are complemented by garage space, additional lots, and a full unfinished basement.
Where is this duplex located?
The property is located at 202 GREENWAY AVENUE Darby, PA.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 1,328 SF duplex built in 1920; Two occupied one‑bedroom apartments; Nine garages, with six currently rented
