18-Unit Residential Income
For Sale
$284,900
1651 MARKLEY STREET, Norristown, PA 19401
New condominium development with open-plan interiors, elevator access, and off-street parking.
Property Size1,080 SF
Days on Market253
Property Features for 1651 MARKLEY STREET
General Information
Standard status
Active
Size
1,080 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$1.00
Amenities
elevator
in-unit laundry hookups
off-street parking
Building Details
Building Size
1,080 SF
Year Built
2026
Construction
insulated concrete
Listing Agency:
Egan Real Estate
Listed By:
Patrick G Egan · License #RM421478
(484) 919-0178
Source:
Lizclarkrealestate
Added: Jan 1
Changed: Sep 10
Last Checked: Sep 10 at 7:58AM
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 Egan Real Estate
Investment Insights
Based on property information with market context.
Completed in 2026, this 18-unit condominium development offers two-bedroom, two-bath residences with open living, dining, and kitchen areas. Interiors include luxury vinyl plank flooring, granite kitchen countertops, a center island, and stainless steel range, dishwasher, and microwave. Each primary suite has a walk-in closet and private ensuite bath.
Bathrooms feature tile flooring, with one walk-in shower and one tub/shower combination per residence. Insulated concrete construction, in-unit laundry hookups, an elevator-equipped building, and off-street parking add to the property’s physical features. The property is located at 1651 Markley Street in Norristown, Pennsylvania.
Bathrooms feature tile flooring, with one walk-in shower and one tub/shower combination per residence. Insulated concrete construction, in-unit laundry hookups, an elevator-equipped building, and off-street parking add to the property’s physical features. The property is located at 1651 Markley Street in Norristown, Pennsylvania.
Key Highlights
- 18‑unit condominium development completed in 2026
- Two‑bedroom, two‑bath residences with open‑concept living areas
- Granite countertops, center island, and stainless steel kitchen 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
$14,591
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
5.12%
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%
$291,820
$291.8K
Cap Rate 7%
$208,443
$208.4K
Cap Rate 9%
$162,122
$162.1K
Market Conditions
NOI Build-Up for 1,080 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
$28.3K $26.16/SF
− Vacancy
−$1.7K −$1.60/SF
EGI
$26.5K $24.56/SF
− OpEx
−$11.9K −$11.05/SF
NOI
$14.6K $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%
$291,820
Cap Rate 7%
$208,443
Cap Rate 9%
$162,122
Alternative Uses
Best Use
Apartment 5plus
$208.4K
$182.4K – $243.2K
NOI $14,591 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$621.2K
$543.6K – $724.8K
NOI $43,486 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
903
Businesses Nearby
Explore this area
Business Placement
Demographics for 19401, PA
43,414
Population
18,236
Households
2.4
Avg Household Size
36
Median Age
28%
College-Educated
86%
High-School Grad
6.2 sq mi
ZIP Area
7,002
Density / Sq Mi
$68,646
Median Household Income
$38,050
Median Earnings
$1,392
Median Rent
$225,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - New condominium development with open-plan interiors, elevator access, and off-street parking.
Where is this residential income property located?
The property is located at 1651 MARKLEY STREET Norristown, PA.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: 18‑unit condominium development completed in 2026; Two‑bedroom, two‑bath residences with open‑concept living areas; Granite countertops, center island, and stainless steel kitchen appliances
