Updated Residential Income
For Sale
$172,500
309 FLORENCE AVENUE Unit 329-N, Jenkintown, PA 19046
Two-bedroom condominium with refreshed interiors, original hardwood floors, and a maintenance-free ownership structure.
Property Size1,064 SF
Days on Market104
Property Features for 309 FLORENCE AVENUE Unit 329-N
General Information
Standard status
Active
Size
1,064 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,183
Building Details
Building Size
1,064 SF
Year Built
1965
Listing Agency:
HomeZu by Simple Choice
(855) 885-4663
Listed By:
Christopher J Carr · License #RM420776
(855) 885-4663
Source:
Lizclarkrealestate
Added: May 14
Changed: Aug 21
Last Checked: Aug 24 at 2:33PM
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 HomeZu by Simple Choice
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium, built in 1965, combines original character with recent interior improvements. Original hardwood floors, fresh neutral paint, updated kitchen and bathrooms, designer lighting, and abundant natural light create a polished residential setting. The unit is presented as move-in ready and includes spacious living areas within a low-maintenance condominium community.
The condominium fee covers heat, air conditioning, electric, gas, water, sewer, trash, security, exterior maintenance, snow removal, and professional property management. The property is in Jenkintown, with access to shopping, restaurants, hospitals, parks, public transportation, and major commuter routes serving Center City Philadelphia and surrounding suburbs.
The condominium fee covers heat, air conditioning, electric, gas, water, sewer, trash, security, exterior maintenance, snow removal, and professional property management. The property is in Jenkintown, with access to shopping, restaurants, hospitals, parks, public transportation, and major commuter routes serving Center City Philadelphia and surrounding suburbs.
Key Highlights
- 2‑bedroom, 2‑bath condominium
- Original hardwood floors with updated kitchen and bathrooms
- Fresh neutral paint and designer lighting
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
$14,375
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
8.33%
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%
$287,500
$287.5K
Cap Rate 7%
$205,357
$205.4K
Cap Rate 9%
$159,722
$159.7K
Market Conditions
NOI Build-Up for 1,064 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
$27.8K $26.16/SF
− Vacancy
−$1.7K −$1.60/SF
EGI
$26.1K $24.56/SF
− OpEx
−$11.8K −$11.05/SF
NOI
$14.4K $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%
$287,500
Cap Rate 7%
$205,357
Cap Rate 9%
$159,722
Alternative Uses
Best Use
Apartment 5plus
$205.4K
$179.7K – $239.6K
NOI $14,375 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$612.0K
$535.5K – $714.0K
NOI $42,842 @ 7.0% cap · market cap 24.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 19046, PA
19,669
Population
8,418
Households
2.3
Avg Household Size
45
Median Age
63%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
2,936
Density / Sq Mi
$112,959
Median Household Income
$66,042
Median Earnings
$1,433
Median Rent
$446,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with refreshed interiors, original hardwood floors, and a maintenance-free ownership structure.
Where is this residential income property located?
The property is located at 309 FLORENCE AVENUE Unit 329-N Jenkintown, PA.
What is the asking price?
The asking price for this property is $172,500.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium; Original hardwood floors with updated kitchen and bathrooms; Fresh neutral paint and designer lighting
