Renovated Residential Income
For Sale
$345,000
Pending
203 DRUMMERS LANE Unit 203, Wayne, PA 19087
Main-level two-bedroom condo with updated finishes, private storage, and a covered patio entrance.
Property Size1,004 SF
Days on Market14
Property Features for 203 DRUMMERS LANE Unit 203
General Information
Standard status
Pending
Size
1,004 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,683
Amenities
covered patio
updated kitchen
granite countertops
stainless steel appliances
custom bar area
ensuite bath
private storage unit
shared laundry facility
Building Details
Building Size
1,004 SF
Year Built
1970
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Tina Lam · License #RS322518
(215) 500-3602
Source:
Lizclarkrealestate
Added: Sep 10
Changed: Sep 20
Last Checked: Sep 22 at 10:29PM
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 Pennsylvania, LLC
Investment Insights
Based on property information with market context.
This main-level residential income property is a renovated two-bedroom, two-bath condominium with an open living and dining arrangement. Improvements include luxury vinyl flooring, neutral paint, and an updated kitchen with white cabinetry, granite countertops, stainless steel appliances, a dishwasher, full-size refrigerator, and custom bar seating. The primary bedroom has an ensuite bath and two open closets, while the second bedroom can serve as guest space, a home office, or additional living space. A covered patio, private storage unit, hallway and linen closets, and adjacent shared laundry add practical convenience.
The property is located within the Glenhardie community and the Tredyffrin Easttown School District. Routes 202, 422, 76, and 276 are minutes away, and Wayne train station offers direct rail service to Philadelphia. The condominium fee includes lawn and exterior maintenance, snow removal, gas heat, water, sewer, and trash. Nearby destinations include King of Prussia Town Center, Lifetime Fitness, and Glenhardie Country Club amenities available through membership.
The property is located within the Glenhardie community and the Tredyffrin Easttown School District. Routes 202, 422, 76, and 276 are minutes away, and Wayne train station offers direct rail service to Philadelphia. The condominium fee includes lawn and exterior maintenance, snow removal, gas heat, water, sewer, and trash. Nearby destinations include King of Prussia Town Center, Lifetime Fitness, and Glenhardie Country Club amenities available through membership.
Key Highlights
- Renovated 2 bedroom, 2 bath main‑level condo
- Updated kitchen with granite countertops, stainless steel appliances, and custom bar area
- Primary bedroom includes ensuite bath and two open closets
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
$10,065
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
2.92%
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%
$201,300
$201.3K
Cap Rate 7%
$143,786
$143.8K
Cap Rate 9%
$111,833
$111.8K
Market Conditions
NOI Build-Up for 1,004 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
$21.2K $21.12/SF
− Vacancy
−$2.9K −$2.89/SF
EGI
$18.3K $18.23/SF
− OpEx
−$8.2K −$8.20/SF
NOI
$10.1K $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%
$201,300
Cap Rate 7%
$143,786
Cap Rate 9%
$111,833
Alternative Uses
Best Use
Apartment 5plus
$143.8K
$125.8K – $167.8K
NOI $10,065 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$304.4K
$266.4K – $355.1K
NOI $21,308 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
712
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Main-level two-bedroom condo with updated finishes, private storage, and a covered patio entrance.
Where is this residential income property located?
The property is located at 203 DRUMMERS LANE Unit 203 Wayne, PA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Renovated 2 bedroom, 2 bath main‑level condo; Updated kitchen with granite countertops, stainless steel appliances, and custom bar area; Primary bedroom includes ensuite bath and two open closets
