Four-Unit Building with
New
For Sale
$750,000
2 - 8 CORLISS AVENUE, Morrisville, PA 19067
Residential units feature two-level layouts, individual basements, and dedicated laundry facilities.
Property Size3,320 SF
Price / SF$225.90
Days on Market6
Property Features for 2 - 8 CORLISS AVENUE
General Information
Standard status
Active
Size
3,320 SF
Total Parking Spaces
6
Property subtype
Quadruplex
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
laundry facilities
Building Details
Year Built
1902
Listing Agency:
RE/MAX Properties
(215) 669-8333
Listed By:
Daniel J McCloskey · License #AB050673L
(215) 669-8333
Source:
Cummingsrealtors
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 12:19PM
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
Investment Insights
Based on property information with market context.
This 3,320-square-foot quadplex, constructed in 1902, contains four residential units arranged across two tax parcels. Each apartment includes two bedrooms, one full bathroom, a kitchen, dining area, and living room on the first level, with two bedrooms on the second floor. Individual basements provide laundry facilities, and the property includes a six-car off-street parking area.
One unit is occupied under a month-to-month tenancy, while the other three units have been fully renovated and are ready for leasing. Gas-fired hot-water baseboard heat serves the building. The property is located in Morrisville Borough, within walking distance of shops, ballfields, and the Delaware River. Unit addresses are 2, 4, 6, and 8 Corliss Avenue.
One unit is occupied under a month-to-month tenancy, while the other three units have been fully renovated and are ready for leasing. Gas-fired hot-water baseboard heat serves the building. The property is located in Morrisville Borough, within walking distance of shops, ballfields, and the Delaware River. Unit addresses are 2, 4, 6, and 8 Corliss Avenue.
Key Highlights
- Four units totaling 3,320 square feet
- Each unit offers 2 bedrooms and 1 full bath
- Three units fully renovated and ready for leasing
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
Current Use
Lease Details
4
Residential units
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 - Residential units feature two-level layouts, individual basements, and dedicated 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 totaling 3,320 square feet; Each unit offers 2 bedrooms and 1 full bath; Three units fully renovated and ready for leasing
