Renovated Quadplex with
New
For Sale
$750,000
2 - 8 CORLISS Avenue, Morrisville, PA 19067
MULTI_FAMILY - Other - MORRISVILLE, PA
Property Size3,320 SF
Lot Size0.14 Acres
Price / SF$225.90
Days on Market4
Property Features for 2 - 8 CORLISS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking
6
Parking features
Parking Lot
Middle school
MORRISVILLE INTERMEDIATE SCHOOL
High school
MORRISVILLE
Elementary school district
MORRISVILLE BOROUGH
Middle school district
MORRISVILLE BOROUGH
High school district
MORRISVILLE BOROUGH
Standard status
Active
Size
3,320 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
2683
Utilities
Heating system
Hot Water(Heating), Baseboard
Amenities
laundry facilities
Building Details
Year built
1902
Number of units
2
Building materials
Frame
Architectural style
Other
Listing Agency:
RE/MAX Properties · RE/MAX International
(215) 968-7400
Listed By:
Daniel J McCloskey · License #AB050673L
(215) 669-8333
Added: Aug 6
Last Checked: Aug 9 at 2:06AM
MLS# PABU2128006
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,320-square-foot quadplex on a 0.14-acre parcel contains four residential units, each arranged with two bedrooms and one full bathroom. The first level includes a kitchen, dining area, living room, and bathroom, while the second level provides two bedrooms. Each unit also has an individual basement with laundry facilities. The frame property was built in 1902 and is heated by a gas-fired hot-water baseboard system.
Three units have been completely renovated and are vacant, while one unit is occupied on a month-to-month tenancy. A six-car off-street parking lot serves the property. The building occupies two tax parcels in Morrisville Borough, with shops, ballfields, and the Delaware River within walking distance.
Three units have been completely renovated and are vacant, while one unit is occupied on a month-to-month tenancy. A six-car off-street parking lot serves the property. The building occupies two tax parcels in Morrisville Borough, with shops, ballfields, and the Delaware River within walking distance.
Key Highlights
- Four units, each with 2 bedrooms and 1 full bath
- 3,320 SF quadplex on 0.14 acres
- Three vacant units completely redone and ready to rent
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
$41,106
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
5.48%
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%
$822,120
$822.1K
Cap Rate 7%
$587,229
$587.2K
Cap Rate 9%
$456,733
$456.7K
Market Conditions
NOI Build-Up for 3,320 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
$77.3K $23.28/SF
− Vacancy
−$2.6K −$0.77/SF
EGI
$74.7K $22.51/SF
− OpEx
−$33.6K −$10.13/SF
NOI
$41.1K $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 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%
$822,120
Cap Rate 7%
$587,229
Cap Rate 9%
$456,733
Alternative Uses
Best Use
Apartment 5plus
$587.2K
$513.8K – $685.1K
NOI $41,106 @ 7.0% cap · market cap 5.48%
Second Best
Multifamily LT 5
$562.7K
$492.4K – $656.5K
NOI $39,392 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$1.01M
$880.8K – $1.17M
NOI $70,461 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
25%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,001
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential layouts include separate living, dining, kitchen, bathroom, and basement areas with laundry facilities.
Where is this quadplex located?
The property is located at 2 - 8 CORLISS Avenue Morrisville, PA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 full bath; 3,320 SF quadplex on 0.14 acres; Three vacant units completely redone and ready to rent
