Building Details

Building Size 1,562 SF

Year Built 1925

Listing Agency: RE/MAX Ready

Listed By: Carol E Albert · License #AB060679L Show Phone

Source: Mainlinekw

Added: Sep 3 Changed: Sep 8 Last Checked: Sep 7 at 8:51AM

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Investment Insights

Based on property information with market context.

This residential income property is a third-floor condominium in a 1925 converted building. The two-plus-bedroom unit retains original wood flooring, crown moldings, tall baseboards, and dining-room wainscoting. Interior features include a living room with wood-burning fireplace, window-filled sunroom, dining room, butler’s pantry, modern kitchen with gas cooking, breakfast room, powder room, full bath, and two bedrooms. A kitchen balcony and a Juliet balcony add private outdoor spaces, while two exposures bring natural light into the home. The property also includes garage spot #5, a large lower-level storage locker, and front and back entrances.

HVAC was replaced in 2021 and includes a surge protector and air scrubber. Knob-and-tube wiring was removed in August 2026, grounded outlets were installed, and smoke detectors were replaced in June 2026. The smoke-free building is directly across from the SEPTA regional rail Merion station on the Paoli-Thorndale line, with service to Center City Philadelphia in about 15 minutes. Narberth and Wynnewood shopping centers are also nearby.

Key Highlights

• Third‑floor, two‑plus‑bedroom condominium in a 1925 converted building
• Original wood flooring, crown moldings, tall baseboards, and dining‑room wainscoting
• Living room with wood‑burning fireplace plus a windowed sunroom

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

$21,103

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

4.49%

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%

$422,060 $422.1K

Cap Rate 7%

$301,471 $301.5K

Cap Rate 9%

$234,478 $234.5K

Market Conditions

NOI Build-Up for 1,562 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

$40.9K $26.16/SF

− Vacancy

−$2.5K −$1.60/SF

EGI

$38.4K $24.56/SF

− OpEx

−$17.3K −$11.05/SF

NOI

$21.1K $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%

$422,060

Cap Rate 7%

$301,471

Cap Rate 9%

$234,478

Alternative Uses

Best Use

Apartment 5plus

$301.5K

$263.8K – $351.7K (±1% cap)

NOI $21,103 @ 7.0% cap · market cap 4.49%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$898.5K

$786.2K – $1.05M (±1% cap)

NOI $62,894 @ 7.0% cap · market cap 13.38%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Residential income properties

Suggested Use

Top Pick Real Estate Agency Auto Parts Store Building Supply Electrical Service Garden Center Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

599

Businesses Nearby

Explore this area Business Placement

Demographics for 19066, PA

6,107

Population

1,866

Households

3.3

Avg Household Size

38

Median Age

84%

College-Educated

98%

High-School Grad

1.3 sq mi

ZIP Area

4,698

Density / Sq Mi

$243,500

Median Household Income

$91,685

Median Earnings

$2,319

Median Rent

$871,300

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this residential income properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Residential income property - Top-floor condominium with period detailing, private outdoor space, assigned garage parking, and direct access to regional rail service.

Where is this residential income property located?

The property is located at 212 IDRIS ROAD Unit F3 Merion Station, PA.

What is the asking price?

The asking price for this property is $469,900.

What are key features of this property?

This property features: Third‑floor, two‑plus‑bedroom condominium in a 1925 converted building; Original wood flooring, crown moldings, tall baseboards, and dining‑room wainscoting; Living room with wood‑burning fireplace plus a windowed sunroom