Updated Duplex with Double
For Sale
$479,000
22-20 North Limerick Road, Limerick, PA 19468
Two-unit property with private driveways, porches, basement improvements, and access to US Route 422.
Property Size2,368 SF
Price / SF$202.28
Days on Market180
Property Features for 22-20 North Limerick Road
General Information
Standard status
Active
Size
2,368 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,102
Amenities
No
Built-In Microwave, Dishwasher, Oven/Range - Electric
Double Hung, Vinyl Clad, Replacement
Attic, Built-Ins, Ceiling Fan(s), Combination Dining/Living, Kitchen - Table Space
2+ Access Exits
No Pool
Above Grade, Below Grade
Sidewalks
Deck(s), Porch(es)
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Hearthside Realtors-Collegeville
(484) 949-1719
Listed By:
Kelli Musser
(484) 949-1719
Source:
Compass
Added: Mar 3
Changed: Aug 30
Last Checked: Aug 30 at 10:30AM
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 Coldwell Banker Hearthside Realtors-Collegeville
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,368 square feet and was built in 1900. Each unit offers a private driveway, front porch, main-level laminate flooring, a large living room, formal dining area, and access to a double deck overlooking the shared backyard. Interior features include electric oven/ranges, dishwashers, built-in microwaves, vinyl-clad replacement windows, ceiling fans, built-ins, attic space, and 2+ access exits.
Capital improvements include fully waterproofed basements completed in 2025, new high-efficiency 95% combi boilers and water heaters serving both units, and new sump pumps and perimeter drain systems with transferable full warranties. Unit 1 also has new first-floor radiant baseboard heating and all-new PEX plumbing throughout the exposed basement.
The property is zoned RESIDENTIAL and is located in the Spring-Ford Area School District. US Route 422 is under 3 minutes away, with Target, Costco, Philadelphia Premium Outlets, and SEPTA bus access nearby. The property is in Limerick Township, Montgomery County.
Capital improvements include fully waterproofed basements completed in 2025, new high-efficiency 95% combi boilers and water heaters serving both units, and new sump pumps and perimeter drain systems with transferable full warranties. Unit 1 also has new first-floor radiant baseboard heating and all-new PEX plumbing throughout the exposed basement.
The property is zoned RESIDENTIAL and is located in the Spring-Ford Area School District. US Route 422 is under 3 minutes away, with Target, Costco, Philadelphia Premium Outlets, and SEPTA bus access nearby. The property is in Limerick Township, Montgomery County.
Key Highlights
- 2,368‑square‑foot duplex in the Spring‑Ford Area School District
- Fully waterproofed basements completed in 2025
- New 95% combi boilers and water heaters in both units
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
$34,407
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
7.18%
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%
$688,140
$688.1K
Cap Rate 7%
$491,529
$491.5K
Cap Rate 9%
$382,300
$382.3K
Market Conditions
NOI Build-Up for 2,368 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
$52.6K $22.20/SF
− Vacancy
−$3.4K −$1.44/SF
EGI
$49.2K $20.76/SF
− OpEx
−$14.7K −$6.23/SF
NOI
$34.4K $14.53/SF
Area
Montgomery County, PA
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$688,140
Cap Rate 7%
$491,529
Cap Rate 9%
$382,300
Alternative Uses
Best Use
Multifamily LT 5
$491.5K
$430.1K – $573.5K
NOI $34,407 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$457.0K
$399.9K – $533.2K
NOI $31,992 @ 7.0% cap · market cap 6.68%
Theoretical Best
Specialty Retail
$1.36M
$1.19M – $1.59M
NOI $95,347 @ 7.0% cap · market cap 19.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Explore this area
Business Placement
Demographics for 19468, PA
27,869
Population
11,560
Households
2.4
Avg Household Size
41
Median Age
48%
College-Educated
95%
High-School Grad
16.9 sq mi
ZIP Area
1,649
Density / Sq Mi
$106,261
Median Household Income
$60,951
Median Earnings
$1,688
Median Rent
$383,500
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?
Duplex - Two-unit property with private driveways, porches, basement improvements, and access to US Route 422.
Where is this duplex located?
The property is located at 22-20 North Limerick Road Limerick, PA.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: 2,368‑square‑foot duplex in the Spring‑Ford Area School District; Fully waterproofed basements completed in 2025; New 95% combi boilers and water heaters in both units
