Triplex with Oversized
For Sale
$529,900
Pending
228 WASHINGTON, Morrisville, PA 19067
Three-unit property with separate utilities, individual mini-split systems, and on-site parking.
Property Size1,873 SF
Days on Market30
Property Features for 228 WASHINGTON
General Information
Standard status
Pending
Size
1,873 SF
Property subtype
Triplex
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Amenities
rear partially fenced yard
mini-splits
Building Details
Year Built
1895
Listing Agency:
RE/MAX Properties
(215) 968-7400
Listed By:
Daniel J McCloskey · License #AB050673L
(215) 669-8333
Source:
Cummingsrealtors
Added: Sep 19
Changed: Oct 16
Last Checked: Oct 16 at 9:36AM
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 RE/MAX Properties
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Investment Insights
Based on property information with market context.
This triplex at 228 Washington in Morrisville, PA, includes three residential units with separate utilities. Each unit is equipped with gas baseboard heating and a mini-split system. Water and sewer are separately metered, while gas and electric are billed directly to the units.
The property also includes a rented oversized garage, a parking lot, and a partially fenced rear yard. Built in 1895, the 1,873-square-foot property offers a combination of residential space and supporting improvements in Morrisville Borough.
The property also includes a rented oversized garage, a parking lot, and a partially fenced rear yard. Built in 1895, the 1,873-square-foot property offers a combination of residential space and supporting improvements in Morrisville Borough.
Key Highlights
- Triplex with 1,873 square feet
- Rented oversized garage included
- Separate utilities for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,190
Cap Rate
4.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$463,800
$463.8K
Cap Rate 7%
$331,286
$331.3K
Cap Rate 9%
$257,667
$257.7K
Market Conditions
NOI Build-Up for 1,873 SF
Gross rent
$43.6K $23.28/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$42.2K $22.51/SF
− OpEx
−$19.0K −$10.13/SF
NOI
$23.2K $12.38/SF
Area
Bucks County, PA
Vacancy
3.30%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$463,800
Cap Rate 7%
$331,286
Cap Rate 9%
$257,667
Alternative Uses
Best Use
Apartment 5plus
$331.3K
$289.9K – $386.5K
NOI $23,190 @ 7.0% cap · market cap 4.38%
Second Best
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,223 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$567.9K
$496.9K – $662.5K
NOI $39,751 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
750
Businesses Nearby
Explore this area
Business Placement
Demographics for 19067, PA
53,153
Population
21,792
Households
2.4
Avg Household Size
44
Median Age
56%
College-Educated
97%
High-School Grad
31.5 sq mi
ZIP Area
1,687
Density / Sq Mi
$131,604
Median Household Income
$63,454
Median Earnings
$1,599
Median Rent
$483,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with separate utilities, individual mini-split systems, and on-site parking.
Where is this triplex located?
The property is located at 228 WASHINGTON Morrisville, PA.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Triplex with 1,873 square feet; Rented oversized garage included; Separate utilities for each unit
