Top-Floor Residential Income
New
For Sale
$280,000
309 FLORENCE AVENUE Unit 616-N, Jenkintown, PA 19046
Renovated corner condominium with three bedrooms, two bathrooms, private outdoor space, and building amenities.
Property Size1,321 SF
Days on Market6
Property Features for 309 FLORENCE AVENUE Unit 616-N
General Information
Standard status
Active
Size
1,321 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,771
Amenities
doorman service
community room
swimming pool
free parking
storage
Building Details
Building Size
1,321 SF
Year Built
1965
Listing Agency:
Realty One Group Restore - BlueBell
Listed By:
Carol Anne Raffa · License #RS352646
(267) 230-7063
Source:
Lizclarkrealestate
Added: Sep 15
Changed: Sep 19
Last Checked: Sep 20 at 9:43AM
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 Realty One Group Restore - BlueBell
Investment Insights
Based on property information with market context.
This top-floor corner condominium at Beaver Hill Condominiums offers three bedrooms and two bathrooms within an open layout. The interior has been renovated with tile finishes, bamboo flooring, and updated appliances. A private patio provides outdoor space and views, while in-unit storage is supplemented by secured storage on the building’s lower level.
Building services include doorman coverage for 22 hours daily, a community room, a swimming pool available for an additional fee, and free parking in the lot. The condo fee includes water, air conditioning, electricity, heat, sewer, and trash. The property is near cafes, restaurants, and shops, with the Jenkintown-Wyncote SEPTA station located steps away. Built in 1965.
Building services include doorman coverage for 22 hours daily, a community room, a swimming pool available for an additional fee, and free parking in the lot. The condo fee includes water, air conditioning, electricity, heat, sewer, and trash. The property is near cafes, restaurants, and shops, with the Jenkintown-Wyncote SEPTA station located steps away. Built in 1965.
Key Highlights
- Three‑bedroom, two‑bathroom corner condominium on the top floor
- Renovated interior with tile work, bamboo flooring, and updated appliances
- Private patio with views and additional secured lower‑level storage
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
$17,847
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
6.37%
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%
$356,940
$356.9K
Cap Rate 7%
$254,957
$255.0K
Cap Rate 9%
$198,300
$198.3K
Market Conditions
NOI Build-Up for 1,321 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
$34.6K $26.16/SF
− Vacancy
−$2.1K −$1.60/SF
EGI
$32.4K $24.56/SF
− OpEx
−$14.6K −$11.05/SF
NOI
$17.8K $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%
$356,940
Cap Rate 7%
$254,957
Cap Rate 9%
$198,300
Alternative Uses
Best Use
Apartment 5plus
$255.0K
$223.1K – $297.5K
NOI $17,847 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$759.9K
$664.9K – $886.5K
NOI $53,190 @ 7.0% cap · market cap 19.00%
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 - Renovated corner condominium with three bedrooms, two bathrooms, private outdoor space, and building amenities.
Where is this residential income property located?
The property is located at 309 FLORENCE AVENUE Unit 616-N Jenkintown, PA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bathroom corner condominium on the top floor; Renovated interior with tile work, bamboo flooring, and updated appliances; Private patio with views and additional secured lower‑level storage
