Renovated Residential Income
For Sale
$465,000
20928 VALLEY FORGE CIRCLE Unit 928, King of Prussia, PA 19406
Redesigned two-bedroom condominium with extensive interior upgrades, private outdoor space, and access to extensive community amenities.
Property Size1,350 SF
Days on Market23
Property Features for 20928 VALLEY FORGE CIRCLE Unit 928
General Information
Standard status
Active
Size
1,350 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,464
Amenities
24/7 security
clubhouse
gym
heated indoor pool
outdoor pool
tennis courts
pickleball courts
volleyball courts
basketball courts
car wash area
picnic spaces with grills
rentable ballroom
on-site retail
private balcony
in-unit laundry
storage
Building Details
Building Size
1,350 SF
Year Built
1975
Listing Agency:
BHHS Fox & Roach-Haverford
(484) 474-0499
Listed By:
Jonathon Gutkind · License #RS321456
(484) 474-0499
Source:
Lizclarkrealestate
Added: Jul 15
Changed: Aug 2
Last Checked: Aug 6 at 3:37AM
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 BHHS Fox & Roach-Haverford
Investment Insights
Based on property information with market context.
This renovated residential income property is a two-bedroom, two-bath condominium with a reconfigured open living and dining area. The kitchen includes custom solid-wood cabinetry, quartz counters, and stainless-steel appliances. Interior improvements include luxury vinyl tile flooring, recessed lighting, refinished ceilings, new ductwork, and updated utility equipment. The primary suite features a walk-in closet and an extensively upgraded bathroom with a 72-inch double vanity, soaking tub, walk-in shower, heated towel bar, and bidet toilet. A second renovated bathroom and dedicated laundry room add practical functionality.
A 35-foot private balcony extends from the residence, with access from every room and views toward Valley Forge National Historical Park. Additional storage is located near the balcony and elevator. Community services include 24/7 security, water, sewer, trash service, snow removal, cable television, and on-site management and maintenance. Residents also have access to indoor and outdoor pools, fitness facilities, racquet and court sports, picnic areas, and ground-floor retail and professional services. The property was built in 1975 and is served by nearby bus transportation and access to Routes 422, 76, and 23, along with the Pennsylvania Turnpike.
A 35-foot private balcony extends from the residence, with access from every room and views toward Valley Forge National Historical Park. Additional storage is located near the balcony and elevator. Community services include 24/7 security, water, sewer, trash service, snow removal, cable television, and on-site management and maintenance. Residents also have access to indoor and outdoor pools, fitness facilities, racquet and court sports, picnic areas, and ground-floor retail and professional services. The property was built in 1975 and is served by nearby bus transportation and access to Routes 422, 76, and 23, along with the Pennsylvania Turnpike.
Key Highlights
- Renovated two‑bedroom, two‑bath condominium with redesigned open living areas
- 35‑foot private balcony with access from every room
- Primary bathroom features a 72‑inch double vanity, soaking tub, walk‑in shower, and bidet toilet
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
$18,239
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
3.92%
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%
$364,780
$364.8K
Cap Rate 7%
$260,557
$260.6K
Cap Rate 9%
$202,656
$202.7K
Market Conditions
NOI Build-Up for 1,350 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
$35.3K $26.16/SF
− Vacancy
−$2.2K −$1.60/SF
EGI
$33.2K $24.56/SF
− OpEx
−$14.9K −$11.05/SF
NOI
$18.2K $13.51/SF
Area
Montgomery County, PA
Vacancy
6.10%
Lease Rate
$26.16 /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%
$364,780
Cap Rate 7%
$260,557
Cap Rate 9%
$202,656
Alternative Uses
Best Use
Apartment 5plus
$260.6K
$228.0K – $304.0K
NOI $18,239 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$776.5K
$679.5K – $906.0K
NOI $54,357 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
Explore this area
Business Placement
Demographics for 19406, PA
28,553
Population
14,181
Households
2
Avg Household Size
38
Median Age
62%
College-Educated
97%
High-School Grad
13.4 sq mi
ZIP Area
2,131
Density / Sq Mi
$109,944
Median Household Income
$65,749
Median Earnings
$1,983
Median Rent
$393,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Redesigned two-bedroom condominium with extensive interior upgrades, private outdoor space, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 20928 VALLEY FORGE CIRCLE Unit 928 King of Prussia, PA.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Renovated two‑bedroom, two‑bath condominium with redesigned open living areas; 35‑foot private balcony with access from every room; Primary bathroom features a 72‑inch double vanity, soaking tub, walk‑in shower, and bidet toilet
