Five-Residence Historic Farmhouse
For Sale
$1,495,000
Pending
2319 Forest Grove Road, Furlong, PA 18925
Historic farmhouse with four units plus detached carriage house, totaling five independent residences on nearly six acres.
Property Size6,376 SF
Lot Size6.00 Acres
Days on Market131
Property Features for 2319 Forest Grove Road
General Information
Standard status
Pending
Size
6,376 SF
Total Parking Spaces
14
Lot size
6.00 Acres
Property subtype
Multi-Family / Fee Simple
Zoning
R2
Net Operating Income
$104,703
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$18,046
Amenities
Yes
Dishwasher, Dryer, Washer - Front Loading
3
Bathroom - Soaking Tub, Bathroom - Stall Shower, Bathroom - Tub Shower, Breakfast Area, Carpet, Ceiling Fan(s), Combination Kitchen/Dining, Dining Area, Exposed Beams, Family Room Off Kitchen, Floor Plan - Open, Floor Plan - Traditional, Kitchen - Eat-In, Kitchen - Island, Kitchen - Table Space, Skylight(s), Walk-in Closet(s), Wood Floors
No Pool
Building Details
Year Built
1850
Tenancy
Multi
Listing Agency:
Innovate Real Estate
Listed By:
Mandee Hammerstein
(908) 246-0882
Source:
Compass
Added: May 1
Changed: Aug 7
Last Checked: Jul 24 at 1:31PM
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 Innovate Real Estate
Investment Insights
Based on property information with market context.
A historic Bucks County farmhouse estate offering five independent residences within the main farmhouse and a detached carriage house. Four residences are located in the main farmhouse, and Unit 5 is in the detached carriage house. Unit 4, described as the home’s former horse stable, has been thoughtfully renovated and retains an equestrian character. The remaining residences provide flexibility for customization or continued rental income, including an opportunity to increase income through updating Units 1, 2 and 3.
The property is set on nearly 6 scenic acres in Bucks County and is described as conveniently located minutes to Doylestown, New Hope, and major commuting routes. The expansive grounds support an estate-like setting for outdoor living while maintaining multiple on-site residences in one property.
The property is set on nearly 6 scenic acres in Bucks County and is described as conveniently located minutes to Doylestown, New Hope, and major commuting routes. The expansive grounds support an estate-like setting for outdoor living while maintaining multiple on-site residences in one property.
Key Highlights
- Historic Bucks County farmhouse on nearly 6 acres with five independent residences: four in the main farmhouse plus a detached carriage house
- Four residences plus detached carriage house offer flexibility for multi‑generational living, private family estate, or combined live‑in and rental use
- Unit 5 is a detached, fully updated 3‑bedroom carriage house, suitable for guests, extended family, or rental use
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
$78,944
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
5.28%
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%
$1,578,880
$1.6M
Cap Rate 7%
$1,127,771
$1.1M
Cap Rate 9%
$877,156
$877.2K
Market Conditions
NOI Build-Up for 6,376 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
$148.4K $23.28/SF
− Vacancy
−$4.9K −$0.77/SF
EGI
$143.5K $22.51/SF
− OpEx
−$64.6K −$10.13/SF
NOI
$78.9K $12.38/SF
Area
Bucks County, PA
Vacancy
3.30%
Lease Rate
$23.28 /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%
$1,578,880
Cap Rate 7%
$1,127,771
Cap Rate 9%
$877,156
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$986.8K – $1.32M
NOI $78,944 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.26M
NOI $135,320 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
176
Businesses Nearby
Explore this area
Business Placement
Demographics for 18925, PA
6,679
Population
2,208
Households
3
Avg Household Size
43
Median Age
68%
College-Educated
99%
High-School Grad
9.9 sq mi
ZIP Area
675
Density / Sq Mi
$207,926
Median Household Income
$100,426
Median Earnings
$2,667
Median Rent
$669,300
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?
Apartment building - Historic farmhouse with four units plus detached carriage house, totaling five independent residences on nearly six acres.
Where is this apartment building located?
The property is located at 2319 Forest Grove Road Furlong, PA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Historic Bucks County farmhouse on nearly 6 acres with five independent residences: four in the main farmhouse plus a detached carriage house; Four residences plus detached carriage house offer flexibility for multi‑generational living, private family estate, or combined live‑in and rental use; Unit 5 is a detached, fully updated 3‑bedroom carriage house, suitable for guests, extended family, or rental use
