Updated Residential Income
For Sale
$315,000
Pending
3606 ELIZABETHS COURT #3606, North Wales, PA 19454
Second-floor residence with two bedrooms, a finished loft, private balconies, and community pool and fitness center access.
Property Size1,184 SF
Days on Market122
Property Features for 3606 ELIZABETHS COURT #3606
General Information
Standard status
Pending
Size
1,184 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
pool
fitness center
balcony
fireplace
laundry area
Building Details
Building Size
1,184 SF
Year Built
1991
Listing Agency:
BHHS Fox & Roach-Blue Bell
(215) 542-2200
Listed By:
Alene Dordick
(215) 542-2200
Source:
Amyshearealtor.kw
Added: Apr 29
Changed: Aug 28
Last Checked: Aug 28 at 6:54AM
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 BHHS Fox & Roach-Blue Bell
Investment Insights
Based on property information with market context.
This second-floor residential income property, built in 1991, offers two bedrooms and 1 1/2 baths within an updated flat-style layout. The kitchen includes Corian countertops, stainless steel appliances, upgraded cabinetry, laminate flooring, and a breakfast bar. The living room features a wood-burning fireplace, while the primary bedroom adds a walk-in closet, vaulted ceiling, skylights with remote shades, and private access to the full bath. A finished loft provides additional flexible space, and balconies extend the living areas outdoors.
Recent improvements include professional interior painting completed in 2025, upgraded carpeting installed in 2026, an HVAC system from 2014, and a hot water heater replaced in 2022. The community includes a pool and fitness center. The HOA covers common grounds, exterior building maintenance, lawn care, trash removal, snow removal to the front door, and roof replacement. The property is within walking distance of shopping and restaurants and is near major roads and train service.
Recent improvements include professional interior painting completed in 2025, upgraded carpeting installed in 2026, an HVAC system from 2014, and a hot water heater replaced in 2022. The community includes a pool and fitness center. The HOA covers common grounds, exterior building maintenance, lawn care, trash removal, snow removal to the front door, and roof replacement. The property is within walking distance of shopping and restaurants and is near major roads and train service.
Key Highlights
- Two‑bedroom, 1 1/2‑bath second‑floor residence with a finished loft
- Updated kitchen with Corian countertops, stainless steel appliances, upgraded cabinets, and breakfast bar
- Primary bedroom includes walk‑in closet, vaulted ceiling, skylights, and private balcony
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
$15,996
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
5.08%
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%
$319,920
$319.9K
Cap Rate 7%
$228,514
$228.5K
Cap Rate 9%
$177,733
$177.7K
Market Conditions
NOI Build-Up for 1,184 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
$31.0K $26.16/SF
− Vacancy
−$1.9K −$1.60/SF
EGI
$29.1K $24.56/SF
− OpEx
−$13.1K −$11.05/SF
NOI
$16.0K $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%
$319,920
Cap Rate 7%
$228,514
Cap Rate 9%
$177,733
Alternative Uses
Best Use
Apartment 5plus
$228.5K
$200.0K – $266.6K
NOI $15,996 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$681.0K
$595.9K – $794.6K
NOI $47,673 @ 7.0% cap · market cap 15.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
Explore this area
Business Placement
Demographics for 19454, PA
28,833
Population
11,212
Households
2.6
Avg Household Size
46
Median Age
53%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
2,344
Density / Sq Mi
$114,323
Median Household Income
$61,287
Median Earnings
$1,762
Median Rent
$438,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor residence with two bedrooms, a finished loft, private balconies, and community pool and fitness center access.
Where is this residential income property located?
The property is located at 3606 ELIZABETHS COURT #3606 North Wales, PA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑bedroom, 1 1/2‑bath second‑floor residence with a finished loft; Updated kitchen with Corian countertops, stainless steel appliances, upgraded cabinets, and breakfast bar; Primary bedroom includes walk‑in closet, vaulted ceiling, skylights, and private balcony
