Triplex With Detached
New
For Sale
$529,900
228 WASHINGTON, Morrisville, PA 19067
Multi-Family, MORRISVILLE, PA
Property Size1,873 SF
Lot Size0.18 Acres
Price / SF$282.92
Days on Market3
Property Features for 228 WASHINGTON
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
8
Parking features
Driveway, On Street, Garage - Detached
Subdivision
NONE AVAILABLE
Elementary school district
MORRISVILLE BOROUGH
Middle school district
MORRISVILLE BOROUGH
High school district
MORRISVILLE BOROUGH
Standard status
Active
Size
1,873 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
5405
Utilities
Heating system
Baseboard, Hot Water(Heating)
Cooling system
Ductless
Amenities
parking lot
oversized garage
rear partially fenced yard
gas baseboard heating
mini splits
Building Details
Year built
1895
Number of units
3
Building materials
Frame
Architectural style
Colonial
Listing Agency:
RE/MAX Properties · RE/MAX International
(215) 968-7400
Listed By:
Daniel J McCloskey · License #AB050673L
(215) 669-8333
Added: Sep 19
Last Checked: Sep 21 at 1:06AM
MLS# PABU2131698
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 1,873-square-foot triplex occupies a 0.1837-acre lot in Morrisville Borough. The frame Colonial, built in 1895, includes a basement, a rear partially fenced yard, and a large parking area. A detached oversized garage is rented separately, adding a distinct secondary component to the property.
Each unit has gas baseboard heating and ductless mini-split systems. Water and sewer are separately metered, while gas and electric are billed directly. The property also offers driveway, on-street, and detached-garage parking, with convenient access to major routes in the Morrisville area.
Each unit has gas baseboard heating and ductless mini-split systems. Water and sewer are separately metered, while gas and electric are billed directly. The property also offers driveway, on-street, and detached-garage parking, with convenient access to major routes in the Morrisville area.
Key Highlights
- Triplex with 1,873 square feet on a 0.1837‑acre lot
- Detached oversized garage is rented separately
- Separate utilities with water and sewer individually metered
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
$23,190
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
4.38%
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%
$463,800
$463.8K
Cap Rate 7%
$331,286
$331.3K
Cap Rate 9%
$257,667
$257.7K
Market Conditions
NOI Build-Up for 1,873 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
$43.6K $23.28/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$42.2K $22.51/SF
− OpEx
−$19.0K −$10.13/SF
NOI
$23.2K $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%
$463,800
Cap Rate 7%
$331,286
Cap Rate 9%
$257,667
Alternative Uses
Best Use
Apartment 5plus
$331.3K
$289.9K – $386.5K
NOI $23,190 @ 7.0% cap · market cap 4.38%
Second Best
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,223 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$567.9K
$496.9K – $662.5K
NOI $39,751 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
750
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with separate utilities, individual metering, and a detached garage that is rented separately.
Where is this triplex located?
The property is located at 228 WASHINGTON Morrisville, PA.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Triplex with 1,873 square feet on a 0.1837‑acre lot; Detached oversized garage is rented separately; Separate utilities with water and sewer individually metered
