Renovated 2-Bedroom Residential Income
For Sale
$235,000
Pending
44203 DELAIRE LANDING RD Unit 203, Philadelphia, PA 19114
Updated condominium with private balcony, in-unit laundry, and access to extensive Delaire Landing community amenities.
Property Size1,036 SF
Days on Market13
Property Features for 44203 DELAIRE LANDING RD Unit 203
General Information
Standard status
Pending
Size
1,036 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,080
Amenities
gym
clubhouse
tennis courts
outdoor pools
observation deck
24 hr gate security
private balcony
Building Details
Building Size
1,036 SF
Year Built
1972
Listing Agency:
Realty Mark Associates
Listed By:
Fida U Ahmad · License #RS281105
(215) 498-3437
Source:
Lizclarkrealestate
Added: Aug 23
Changed: Sep 2
Last Checked: Sep 4 at 1:30PM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This renovated residential income property is a 2-bedroom, 2-bath condominium at 44203 Delaire Landing Road, Unit 203. The interior includes laminate flooring, an eat-in kitchen with appliances, a living room with sliding-door access to a private balcony, a separate dining area, and substantial closet storage. The primary bedroom features a walk-in closet, while the residence also includes a locked storage area in the main hallway. The HVAC system and electrical service panel were replaced in 2020, and newer appliances include a washer, dryer, dishwasher, and gas range.
Delaire Landing community amenities include a gym, clubhouse, tennis courts, two outdoor pools, landscaping, trash and snow removal, 24 hr gate security, and an observation deck with Delaware River views. The condo fee includes hot and cold water and Xfinity Digital Preferred Service for two boxes. The property is located minutes from I-95, with access toward Center City, nearby suburbs, and the mall.
Delaire Landing community amenities include a gym, clubhouse, tennis courts, two outdoor pools, landscaping, trash and snow removal, 24 hr gate security, and an observation deck with Delaware River views. The condo fee includes hot and cold water and Xfinity Digital Preferred Service for two boxes. The property is located minutes from I-95, with access toward Center City, nearby suburbs, and the mall.
Key Highlights
- 2‑bedroom, 2‑bath condominium with renovated interior finishes
- Private balcony accessed through living room sliding glass doors
- HVAC system and electrical service panel replaced in 2020
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
$16,296
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
6.93%
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%
$325,920
$325.9K
Cap Rate 7%
$232,800
$232.8K
Cap Rate 9%
$181,067
$181.1K
Market Conditions
NOI Build-Up for 1,036 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
$31.5K $30.36/SF
− Vacancy
−$1.8K −$1.76/SF
EGI
$29.6K $28.60/SF
− OpEx
−$13.3K −$12.87/SF
NOI
$16.3K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /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%
$325,920
Cap Rate 7%
$232,800
Cap Rate 9%
$181,067
Alternative Uses
Best Use
Apartment 5plus
$232.8K
$203.7K – $271.6K
NOI $16,296 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$252.6K
$221.0K – $294.7K
NOI $17,679 @ 7.0% cap · market cap 7.52%
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
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 19114, PA
32,645
Population
14,703
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
5.6 sq mi
ZIP Area
5,829
Density / Sq Mi
$76,076
Median Household Income
$48,257
Median Earnings
$1,369
Median Rent
$276,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with private balcony, in-unit laundry, and access to extensive Delaire Landing community amenities.
Where is this residential income property located?
The property is located at 44203 DELAIRE LANDING RD Unit 203 Philadelphia, PA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium with renovated interior finishes; Private balcony accessed through living room sliding glass doors; HVAC system and electrical service panel replaced in 2020
