Updated Residential Income
New
For Sale
$350,000
408 WESTRIDGE DRIVE #181, Phoenixville, PA 19460
Two-bedroom, two-bath condominium with a 2024 kitchen renovation and organized storage throughout.
Property Size928 SF
Price / SF$377.16
Days on Market7
Property Features for 408 WESTRIDGE DRIVE #181
General Information
Standard status
Active
Size
928 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
electric fireplace
storage closets
Building Details
Year Built
1989
Listing Agency:
Springer Realty Group
(610) 802-0891
Listed By:
Margaret M Schickling · License #RS294488
(610) 802-0891
Source:
Cummingsrealtors
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 2:09PM
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 Springer Realty Group
Investment Insights
Based on property information with market context.
This 928-square-foot residential income property is a two-bedroom, two-bath condominium built in 1989. Interior improvements include engineered hardwood flooring, recessed lighting, refreshed bathrooms, custom closet shelving, and an electric fireplace. The kitchen was renovated in 2024 with quartz countertops, a matching backsplash, an oversized farmhouse sink, a combination conventional and air-fryer oven, and pantry storage with pull-out shelves. Anderson windows were installed in the kitchen and bedroom in 2024, while updated receptacles and switches complete the refreshed interior.
Front and rear patios each include an exterior storage closet. The condominium is near trails that lead into downtown Phoenixville, with restaurants, shops, entertainment, and community amenities in the surrounding area.
Front and rear patios each include an exterior storage closet. The condominium is near trails that lead into downtown Phoenixville, with restaurants, shops, entertainment, and community amenities in the surrounding area.
Key Highlights
- 928 SF two‑bedroom, two‑bath condominium
- Kitchen renovation completed in 2024
- Quartz countertops and backsplash with oversized farmhouse sink
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
$10,063
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
2.88%
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%
$201,260
$201.3K
Cap Rate 7%
$143,757
$143.8K
Cap Rate 9%
$111,811
$111.8K
Market Conditions
NOI Build-Up for 928 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
$19.8K $21.36/SF
− Vacancy
−$1.5K −$1.64/SF
EGI
$18.3K $19.72/SF
− OpEx
−$8.2K −$8.87/SF
NOI
$10.1K $10.84/SF
Area
Chester County, PA
Vacancy
7.70%
Lease Rate
$21.36 /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%
$201,260
Cap Rate 7%
$143,757
Cap Rate 9%
$111,811
Alternative Uses
Best Use
Apartment 5plus
$143.8K
$125.8K – $167.7K
NOI $10,063 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$281.4K
$246.2K – $328.3K
NOI $19,695 @ 7.0% cap · market cap 5.63%
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
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 19460, PA
43,611
Population
18,881
Households
2.3
Avg Household Size
40
Median Age
58%
College-Educated
96%
High-School Grad
34.5 sq mi
ZIP Area
1,264
Density / Sq Mi
$120,472
Median Household Income
$65,879
Median Earnings
$1,622
Median Rent
$426,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath condominium with a 2024 kitchen renovation and organized storage throughout.
Where is this residential income property located?
The property is located at 408 WESTRIDGE DRIVE #181 Phoenixville, 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: 928 SF two‑bedroom, two‑bath condominium; Kitchen renovation completed in 2024; Quartz countertops and backsplash with oversized farmhouse sink
