Residential Income Condominium with
For Sale
$265,000
412 N WAYNE AVENUE #208, Wayne, PA 19087
Second-floor condominium in an elevator building with outdoor parking, on-site laundry, and walkable access to Wayne’s shopping district.
Property Size1,130 SF
Price / SF$234.51
Days on Market45
Property Features for 412 N WAYNE AVENUE #208
General Information
Standard status
Active
Size
1,130 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
laundry on site
walk-out patio
Hot Water
Window Unit(s)
Building Details
Year Built
1953
Listing Agency:
(215) 681-0392
Listed By:
Dora Johns · License #RS339643
(215) 681-0392
Source:
Kw
Added: Jul 4
Changed: Aug 14
Last Checked: Aug 14 at 6:30AM
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 Dora Johns
Investment Insights
Based on property information with market context.
This second-floor residential income condominium offers 2 bedrooms, 2 baths, and 1,130 square feet of living space within a 1953 elevator building. The unit features abundant natural light, a walk-out patio, hot water, and window unit cooling. The building contains 43 units and provides on-site laundry along with plentiful free outdoor parking. HOA services include heat and water, while one cat is permitted.
The property is located in historic Wayne on the Main Line, a short stroll from the local shopping district and its shops and restaurants. Public transportation is readily accessible, including proximity to the Wayne train station. Nearby universities are also identified in the property information as part of the surrounding context.
The property is located in historic Wayne on the Main Line, a short stroll from the local shopping district and its shops and restaurants. Public transportation is readily accessible, including proximity to the Wayne train station. Nearby universities are also identified in the property information as part of the surrounding context.
Key Highlights
- 2‑bedroom, 2‑bath condominium with 1,130 sq. ft. of living space
- Second‑floor residence in a 1953 elevator building
- Walk‑out patio and abundant natural light
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
$11,328
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
4.27%
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%
$226,560
$226.6K
Cap Rate 7%
$161,829
$161.8K
Cap Rate 9%
$125,867
$125.9K
Market Conditions
NOI Build-Up for 1,130 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
$23.9K $21.12/SF
− Vacancy
−$3.3K −$2.89/SF
EGI
$20.6K $18.23/SF
− OpEx
−$9.3K −$8.20/SF
NOI
$11.3K $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%
$226,560
Cap Rate 7%
$161,829
Cap Rate 9%
$125,867
Alternative Uses
Best Use
Apartment 5plus
$161.8K
$141.6K – $188.8K
NOI $11,328 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$342.6K
$299.8K – $399.7K
NOI $23,982 @ 7.0% cap · market cap 9.05%
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
1,515
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 - Second-floor condominium in an elevator building with outdoor parking, on-site laundry, and walkable access to Wayne’s shopping district.
Where is this residential income property located?
The property is located at 412 N WAYNE AVENUE #208 Wayne, PA.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium with 1,130 sq. ft. of living space; Second‑floor residence in a 1953 elevator building; Walk‑out patio and abundant natural light
