Back to Search
Property profile & analytics
FOR LEASE
Office buildings
724 Lancaster Ave 2nd Wayne, PA 19087
Entity Owned
9-yr Hold
Free & Clear
Property ID
US73-1674157
For Lease
1 / 9
$10,255,000
724 Lancaster Ave,Unit 2nd, Wayne, PA 19087
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1984
Total area
75,134 SF
Lot
4.2 ac (182,952 SF)
Zoning code
C1
APN
4311F02860000
UPID
US73-1674157
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$10.26M
Owner & transaction history
Devon Square Office Assocs LP · 9 yrs held
Devon Square Office Assocs LP
since 2017
5 recorded transactions
Zoning & alternative use
C1 · Wayne, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$16.3M
+2.8%
Auto repair, garage
$16.1M
+1.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Wayne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wayne submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$15,810,000
Current use
RESTAURANT
$16,255,000
Change: +3% · Conversion: Moderate
AUTO REPAIR, GARAGE
$16,050,000
Change: +2% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$14,265,000
Change: -10% · Conversion: Easy
COMMERCIAL (GENERAL)
$13,455,000
Change: -15% · Conversion: Easy
Blend value · Realmo final
$10.26M
Range $9.23M – $11.28M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$136 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$276,992
Tax year 2024
Assessed value
$7,863,840
Assessed 2024
Previous assessed
$7,863,840
+0.0% YoY
Effective rate
3.52%
On assessed value
Assessed land
$849,070
Assessed improvement
$7,014,770
Land market value
$849,070
Improvement market value
$7,090,370
Total market value
$7,939,440
Applied tax rate
43.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1984
Heating
ELECTRIC
Cooling
CENTRAL
Buildings
10
Total area
75,134 SF
Lot
4.2 ac (182,952 SF)
Zoning code
C1
APN
4311F02860000
UPID
US73-1674157
Jurisdiction
CHESTER
Metro division
PHILADELPHIA, PA METROPOLITAN DIVISION
Zoning & alternative use
C1 · Wayne, PA
Zoning C1 · permitted uses
C1 · Wayne, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Wayne. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$15.8M
RESTAURANT
Est. value
$16.3M
AUTO REPAIR, GARAGE
Est. value
$16.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$14.3M
COMMERCIAL (GENERAL)
Est. value
$13.5M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1984
Heating
ELECTRIC
Cooling
Yes
Buildings
10
Lot
4.2 ac
Current owner
From public records · entity-resolved
Devon Square Office Assocs LP
Entity
Free & Clear · 9 yrs held
Mailing address
550 AMERICAN AVE STE #1, KING OF PRUSSIA, PA 19406-1441
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 2, 2023
—
Devon Square Office Associates LP
—
Deed
related
$17,800,000 · United Of Omaha Life Insurance Company
Apr 28, 2017
$33,500,000
Devon Square Office Assocs LP
B & R Devon Owner LP
Grant Deed
—
May 20, 2013
—
Keystone Devon Sq Assocs LP
—
Deed Of Trust
related
$28,725,000 · Cantor Commercial Real Estate
Aug 19, 2011
—
Keystone Devon Sq Assocs LP
—
Deed Of Trust
related
$23,534,084 · Td Bank NA
Feb 23, 2005
$9,183,486
B Owner
Chester Cnty Indl Dev Autho
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
