Second-Floor Residential Income
For Sale
$350,000
37 LE FORGE COURT Unit 37, Chesterbrook, PA 19087
Freshly painted condominium with hardwood floors, vaulted living space, updated kitchen appliances, and a private balcony.
Property Size1,104 SF
Days on Market8
Property Features for 37 LE FORGE COURT Unit 37
General Information
Standard status
Active
Size
1,104 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,242
Building Details
Building Size
1,104 SF
Year Built
1984
Listing Agency:
RE/MAX Main Line - Devon
Listed By:
Marie G Quinn · License #RS090949A
(610) 999-9784
Source:
Lizclarkrealestate
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 7 at 6:34AM
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 RE/MAX Main Line - Devon
Investment Insights
Based on property information with market context.
This second-floor residential income property is a two-bedroom condominium built in 1984. The interior has been freshly painted and features hardwood flooring, a vaulted living room ceiling with skylights, a wood-burning fireplace, and a balcony overlooking the grounds. The dining area connects to the living room and kitchen, which includes a stainless steel range, microwave, dishwasher, and refrigerator. A hallway laundry room provides a full-size stackable washer and dryer along with additional storage. The primary suite includes a walk-in closet and a full bath with a glass-enclosed shower, while the second bedroom is positioned near a separate full bath with a tub and shower.
The property is located in Chesterbrook near Wilson Park, Valley Forge National Park, and the Schuylkill Valley Bike Trail. Shopping options include TJ Maxx, Wegman's, Trader Joe's, and King of Prussia Mall. Access to the PA Turnpike and Routes 252, 76, and 202 adds regional connectivity.
The property is located in Chesterbrook near Wilson Park, Valley Forge National Park, and the Schuylkill Valley Bike Trail. Shopping options include TJ Maxx, Wegman's, Trader Joe's, and King of Prussia Mall. Access to the PA Turnpike and Routes 252, 76, and 202 adds regional connectivity.
Key Highlights
- Two‑bedroom condominium built in 1984
- Second‑floor layout with private balcony overlooking the grounds
- Vaulted living room ceiling with skylights and wood‑burning fireplace
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
$11,067
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
3.16%
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%
$221,340
$221.3K
Cap Rate 7%
$158,100
$158.1K
Cap Rate 9%
$122,967
$123.0K
Market Conditions
NOI Build-Up for 1,104 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
$23.3K $21.12/SF
− Vacancy
−$3.2K −$2.89/SF
EGI
$20.1K $18.23/SF
− OpEx
−$9.1K −$8.20/SF
NOI
$11.1K $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%
$221,340
Cap Rate 7%
$158,100
Cap Rate 9%
$122,967
Alternative Uses
Best Use
Apartment 5plus
$158.1K
$138.3K – $184.5K
NOI $11,067 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$334.7K
$292.9K – $390.5K
NOI $23,431 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
318
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 - Freshly painted condominium with hardwood floors, vaulted living space, updated kitchen appliances, and a private balcony.
Where is this residential income property located?
The property is located at 37 LE FORGE COURT Unit 37 Chesterbrook, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑bedroom condominium built in 1984; Second‑floor layout with private balcony overlooking the grounds; Vaulted living room ceiling with skylights and wood‑burning fireplace
