Two-Bedroom Residential Income
For Sale
$212,500
1035 NORTHRIDGE DRIVE Unit 85-B, Norristown, PA 19403
Open living and dining areas accompany a galley kitchen, in-unit laundry, and balcony access on both sides.
Property Size882 SF
Days on Market24
Property Features for 1035 NORTHRIDGE DRIVE Unit 85-B
General Information
Standard status
Active
Size
882 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,647
Building Details
Building Size
882 SF
Year Built
1988
Listing Agency:
BHHS Fox & Roach Wayne-Devon
(610) 675-5518
Listed By:
Betty Angelucci · License #RS306106
(610) 675-5518
Source:
Lizclarkrealestate
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 29 at 2:55PM
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 BHHS Fox & Roach Wayne-Devon
Investment Insights
Based on property information with market context.
This condominium at 1035 Northridge Drive, Unit 85-B, features two bedrooms, one full bathroom, and an open arrangement for the living and dining areas. The galley kitchen includes a gas range, dishwasher, and refrigerator. Sliding doors from the living room and primary bedroom open to separate front and rear balconies, with the rear balcony facing green space. Both bedrooms include closet storage, while the hallway provides a large linen closet and the utility closet contains the water heater and HVAC system.
Replacement windows and sliding doors are installed throughout the unit. Community parking is located close to the residence, and the community permits up to two pets. In-unit laundry is also included. The condominium was built in 1988, and a one-year American Home Shield warranty is offered with the purchase, including coverage for the HVAC system and additional items.
Replacement windows and sliding doors are installed throughout the unit. Community parking is located close to the residence, and the community permits up to two pets. In-unit laundry is also included. The condominium was built in 1988, and a one-year American Home Shield warranty is offered with the purchase, including coverage for the HVAC system and additional items.
Key Highlights
- Two‑bedroom, one‑bath condominium at 1035 Northridge Drive, Unit 85‑B
- Front and rear balconies accessed from the living room and primary bedroom
- Galley kitchen with gas range, dishwasher, and refrigerator
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
$11,916
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
5.61%
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%
$238,320
$238.3K
Cap Rate 7%
$170,229
$170.2K
Cap Rate 9%
$132,400
$132.4K
Market Conditions
NOI Build-Up for 882 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
$23.1K $26.16/SF
− Vacancy
−$1.4K −$1.60/SF
EGI
$21.7K $24.56/SF
− OpEx
−$9.7K −$11.05/SF
NOI
$11.9K $13.51/SF
Area
Montgomery County, PA
Vacancy
6.10%
Lease Rate
$26.16 /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%
$238,320
Cap Rate 7%
$170,229
Cap Rate 9%
$132,400
Alternative Uses
Best Use
Apartment 5plus
$170.2K
$149.0K – $198.6K
NOI $11,916 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$507.3K
$443.9K – $591.9K
NOI $35,514 @ 7.0% cap · market cap 16.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
169
Businesses Nearby
Explore this area
Business Placement
Demographics for 19403, PA
43,734
Population
19,720
Households
2.2
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
1,952
Density / Sq Mi
$101,996
Median Household Income
$59,809
Median Earnings
$1,640
Median Rent
$355,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Open living and dining areas accompany a galley kitchen, in-unit laundry, and balcony access on both sides.
Where is this residential income property located?
The property is located at 1035 NORTHRIDGE DRIVE Unit 85-B Norristown, PA.
What is the asking price?
The asking price for this property is $212,500.
What are key features of this property?
This property features: Two‑bedroom, one‑bath condominium at 1035 Northridge Drive, Unit 85‑B; Front and rear balconies accessed from the living room and primary bedroom; Galley kitchen with gas range, dishwasher, and refrigerator
