Two-Bedroom Residential Income
For Sale
$275,000
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$277.78
Days on Market52
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: Sep 17
Last Checked: Sep 18 at 11:02AM
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
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 = 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
$9,924
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
3.61%
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%
$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
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
$20.9K $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 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%
$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 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.2K
$262.6K – $350.2K
NOI $21,011 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
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
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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 $275,000.
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
