South-Facing Residential Income
For Sale
$375,000
46 LE FORGE COURT #46, Chesterbrook, PA 19087
Updated condo with vaulted interiors, private balcony, and flexible storage areas in Chesterbrook.
Property Size1,632 SF
Price / SF$229.78
Days on Market21
Property Features for 46 LE FORGE COURT #46
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Building Details
Year Built
1984
Listing Agency:
Iron Valley Real Estate of Lehigh Valley
(484) 201-6326
Listed By:
Andrew R Stimpfle
(484) 201-6326
Source:
Cummingsrealtors
Added: Aug 12
Changed: Aug 31
Last Checked: Aug 31 at 2:16PM
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 Iron Valley Real Estate of Lehigh Valley
Investment Insights
Based on property information with market context.
This 1,632-square-foot residential income property is a south-facing condo built in 1984. The interior combines vaulted ceilings, skylights, engineered hardwood flooring, and an open arrangement connecting the living, dining, and kitchen areas. Kitchen improvements include granite countertops and newer appliances. A glass door opens to a private balcony with a utility room and storage, while a separate laundry room adds further utility. The primary suite includes a renovated bathroom and a walk-in closet fitted with a custom organization system.
The property is located in the Chesterbrook community near Wilson Farm Park, major highways, shopping, dining, and everyday services. It is also within the Tredyffrin-Easttown School District.
The property is located in the Chesterbrook community near Wilson Farm Park, major highways, shopping, dining, and everyday services. It is also within the Tredyffrin-Easttown School District.
Key Highlights
- 1,632 SF south‑facing condo in Chesterbrook
- Vaulted ceilings and skylights provide an open, naturally bright interior
- Updated kitchen with granite countertops and newer appliances
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
$16,360
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
4.36%
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%
$327,200
$327.2K
Cap Rate 7%
$233,714
$233.7K
Cap Rate 9%
$181,778
$181.8K
Market Conditions
NOI Build-Up for 1,632 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
$34.5K $21.12/SF
− Vacancy
−$4.7K −$2.89/SF
EGI
$29.7K $18.23/SF
− OpEx
−$13.4K −$8.20/SF
NOI
$16.4K $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%
$327,200
Cap Rate 7%
$233,714
Cap Rate 9%
$181,778
Alternative Uses
Best Use
Apartment 5plus
$233.7K
$204.5K – $272.7K
NOI $16,360 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.8K
$433.0K – $577.3K
NOI $34,636 @ 7.0% cap · market cap 9.24%
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 - Updated condo with vaulted interiors, private balcony, and flexible storage areas in Chesterbrook.
Where is this residential income property located?
The property is located at 46 LE FORGE COURT #46 Chesterbrook, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,632 SF south‑facing condo in Chesterbrook; Vaulted ceilings and skylights provide an open, naturally bright interior; Updated kitchen with granite countertops and newer appliances
