Building Details

Building Size 945 SF

Year Built 1973

Listing Agency: Keller Williams Realty Devon-Wayne m***@kw.com Show Phone

Listed By: Mark D Sweeney · License #AB045453A Show Phone

Source: Lizclarkrealestate

Added: Jul 27 Changed: Aug 9 Last Checked: Aug 8 at 8:57AM

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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 Keller Williams Realty Devon-Wayne

Investment Insights

Based on property information with market context.

This second-floor residential income property offers a two-bedroom, two-bathroom layout with an open connection between the living and dining areas. The remodeled kitchen includes hardwood flooring, recessed lighting, Corian countertops, tile backsplash, gas cooking, a breakfast bar, pantry, refrigerator, and dishwasher. The primary bedroom has a walk-in closet and private bathroom, while the second bedroom can serve as a guest room or office. An in-unit laundry area includes a full-size washer and dryer. Owner improvements include the heating system, windows, and sliding glass door. Window treatments remain with the home.

The community occupies 40 acres with landscaped grounds, a reflection pond, walking paths, a pool, two tennis courts, and private access to the Chester Valley Trail. The property is near Devon Train Station on the Paoli/Thorndale Line, Route 202, the PA Turnpike, shopping, dining, and the King of Prussia Mall. Built in 1973, the condominium fee includes hot and cold water, cooking and dryer gas, lawn care, snow removal, trash, roof replacement and repairs, pool access, and tennis court use.

Key Highlights

• Two‑bedroom, two‑bathroom second‑floor condominium
• Remodeled kitchen with Corian countertops, gas cooking, breakfast bar, pantry, refrigerator, and dishwasher
• Primary bedroom includes a walk‑in closet and private en‑suite bathroom

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

$10,247

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

3.06%

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%

$204,940 $204.9K

Cap Rate 7%

$146,386 $146.4K

Cap Rate 9%

$113,856 $113.9K

Market Conditions

NOI Build-Up for 945 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

$20.2K $21.36/SF

− Vacancy

−$1.6K −$1.64/SF

EGI

$18.6K $19.72/SF

− OpEx

−$8.4K −$8.87/SF

NOI

$10.2K $10.84/SF

Area

Chester County, PA

Vacancy

7.70%

Lease Rate

$21.36 /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%

$204,940

Cap Rate 7%

$146,386

Cap Rate 9%

$113,856

Alternative Uses

Best Use

Apartment 5plus

$146.4K

$128.1K – $170.8K (±1% cap)

NOI $10,247 @ 7.0% cap · market cap 3.06%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$286.5K

$250.7K – $334.3K (±1% cap)

NOI $20,056 @ 7.0% cap · market cap 5.99%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Residential income properties

Suggested Use

Top Pick Parking Lot & Garage Hair Salon Auto Repair Shop Grocery & Convenience Store (Bike/Boat/Book/etc) Store Furniture & Home Goods

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

Location Intelligence

Trade Area within ½ mile

494

Businesses Nearby

Explore this area Business Placement

Demographics for 19333, PA

7,734

Population

3,039

Households

2.5

Avg Household Size

41

Median Age

83%

College-Educated

99%

High-School Grad

3.7 sq mi

ZIP Area

2,090

Density / Sq Mi

$157,083

Median Household Income

$94,262

Median Earnings

$1,833

Median Rent

$688,700

Median Home Value

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Frequently Asked Questions

What type of property is this?

Residential income property - Updated second-floor condo with open living areas, community amenities, and access to regional transportation and shopping.

Where is this residential income property located?

The property is located at 255 OLD FORGE CROSSING Devon, PA.

What is the asking price?

The asking price for this property is $335,000.

What are key features of this property?

This property features: Two‑bedroom, two‑bathroom second‑floor condominium; Remodeled kitchen with Corian countertops, gas cooking, breakfast bar, pantry, refrigerator, and dishwasher; Primary bedroom includes a walk‑in closet and private en‑suite bathroom