Two-Bedroom Residential Income
For Sale
$267,000
355 DRUMMERS LANE Unit 355, Wayne, PA 19087
Condominium residence with a private balcony, bonus room, and community services including heat, water, sewer, and trash.
Property Size990 SF
Price / SF$269.70
Days on Market98
Property Features for 355 DRUMMERS LANE Unit 355
General Information
Standard status
Active
Size
990 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,018
Amenities
landscaped common areas
Building Details
Building Size
990 SF
Year Built
1970
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Andrea L Davis · License #RS366199
(516) 220-0462
Source:
Lizclarkrealestate
Added: Jul 30
Changed: Nov 4
Last Checked: Nov 3 at 2:37PM
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 Compass Pennsylvania, LLC
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Investment Insights
Based on property information with market context.
This two-bedroom, one-bathroom condominium in the Knox Building offers 990 square feet of residential space within the Glenhardie Condominium community. The interior includes a living room, dining area, full bathroom, two bedrooms with closet space, and an additional room suited to den or home-office use. Sliding glass doors connect the living room to a private balcony, while newly installed carpeting provides a refreshed interior finish. Built in 1970, the unit combines a defined living layout with added flexible space.
Community services include heat, water, sewer, and trash, along with landscaped common areas. The property is in Wayne, Pennsylvania, with local shopping, dining, and recreational options identified in the surrounding area.
Community services include heat, water, sewer, and trash, along with landscaped common areas. The property is in Wayne, Pennsylvania, with local shopping, dining, and recreational options identified in the surrounding area.
Key Highlights
- 990 SF two‑bedroom, one‑bathroom condominium
- Private balcony accessed through living room sliding glass doors
- Additional bonus room for den or home‑office use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,924
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$198,480
$198.5K
Cap Rate 7%
$141,771
$141.8K
Cap Rate 9%
$110,267
$110.3K
Market Conditions
NOI Build-Up for 990 SF
Gross rent
$20.9K $21.12/SF
− Vacancy
−$2.9K −$2.89/SF
EGI
$18.0K $18.23/SF
− OpEx
−$8.1K −$8.20/SF
NOI
$9.9K $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 Rate 5%
$198,480
Cap Rate 7%
$141,771
Cap Rate 9%
$110,267
Alternative Uses
Best Use
Apartment 5plus
$141.8K
$124.1K – $165.4K
NOI $9,924 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.2K
$262.6K – $350.2K
NOI $21,011 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with a private balcony, bonus room, and community services including heat, water, sewer, and trash.
Where is this residential income property located?
The property is located at 355 DRUMMERS LANE Unit 355 Wayne, PA.
What is the asking price?
The asking price for this property is $267,000.
What are key features of this property?
This property features: 990 SF two‑bedroom, one‑bathroom condominium; Private balcony accessed through living room sliding glass doors; Additional bonus room for den or home‑office use
