First-Floor Residential Income
New
For Sale
$254,500
315 DRUMMERS LANE Unit 315, Wayne, PA 19087
Updated condo with new HVAC, private storage, and access to Glenhardie Country Club amenities.
Property Size819 SF
Days on Market6
Property Features for 315 DRUMMERS LANE Unit 315
General Information
Standard status
Active
Size
819 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,721
Amenities
laundry room
bike storage room
trash room
storage locker
Building Details
Building Size
819 SF
Year Built
1970
Listing Agency:
Herbert Yentis & Company-Philadelphia
Listed By:
Fay I Mushlin · License #RS181175L
(610) 613-9461
Source:
Lizclarkrealestate
Added: Sep 14
Changed: Sep 18
Last Checked: Sep 18 at 3:19PM
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 Herbert Yentis & Company-Philadelphia
Investment Insights
Based on property information with market context.
This first-floor condominium in the Morgan Building was built in 1970 and has been newly painted with LVT and ceramic flooring throughout. The kitchen features oak cabinetry with pull-outs in the base cabinets, stainless steel appliances, granite countertops, and an undermount sink. The bathroom includes a European-height vanity, mirrored medicine cabinet, LED lighting, and chrome hardware. Entry and bedroom-suite doors have been replaced, and a new HVAC system was installed in July 2025.
A full-size storage locker, laundry room, bike storage room, and trash room are located just steps from the residence. The community does not allow pets, and condominium association rules require two years of owner occupancy before renting. Glenhardie Country Club offers a 9-hole executive golf course, swimming, tennis, pickleball, and indoor and outdoor dining. The property is near King of Prussia Mall, The Town Center, Wegmans, and Valley Forge National Park, with access to Routes 202, 422, 76, and 276.
A full-size storage locker, laundry room, bike storage room, and trash room are located just steps from the residence. The community does not allow pets, and condominium association rules require two years of owner occupancy before renting. Glenhardie Country Club offers a 9-hole executive golf course, swimming, tennis, pickleball, and indoor and outdoor dining. The property is near King of Prussia Mall, The Town Center, Wegmans, and Valley Forge National Park, with access to Routes 202, 422, 76, and 276.
Key Highlights
- First‑floor condo in the Morgan Building
- New HVAC installed July 2025
- Oak kitchen with stainless steel appliances and granite countertops
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
$8,210
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
3.23%
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%
$164,200
$164.2K
Cap Rate 7%
$117,286
$117.3K
Cap Rate 9%
$91,222
$91.2K
Market Conditions
NOI Build-Up for 819 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
$17.3K $21.12/SF
− Vacancy
−$2.4K −$2.89/SF
EGI
$14.9K $18.23/SF
− OpEx
−$6.7K −$8.20/SF
NOI
$8.2K $10.02/SF
Area
Delaware County, PA
Vacancy
13.70%
Lease Rate
$21.12 /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%
$164,200
Cap Rate 7%
$117,286
Cap Rate 9%
$91,222
Alternative Uses
Best Use
Apartment 5plus
$117.3K
$102.6K – $136.8K
NOI $8,210 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$248.3K
$217.3K – $289.7K
NOI $17,382 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
Explore this area
Business Placement
Demographics for 19087, PA
33,501
Population
12,829
Households
2.6
Avg Household Size
40
Median Age
78%
College-Educated
97%
High-School Grad
15.6 sq mi
ZIP Area
2,148
Density / Sq Mi
$165,451
Median Household Income
$71,234
Median Earnings
$2,130
Median Rent
$693,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo with new HVAC, private storage, and access to Glenhardie Country Club amenities.
Where is this residential income property located?
The property is located at 315 DRUMMERS LANE Unit 315 Wayne, PA.
What is the asking price?
The asking price for this property is $254,500.
What are key features of this property?
This property features: First‑floor condo in the Morgan Building; New HVAC installed July 2025; Oak kitchen with stainless steel appliances and granite countertops
