Triplex with Garage
New
For Sale
$460,000
237 OSBORNE AVENUE, Morrisville, PA 19067
Three-apartment residential property with month-to-month leases in place.
Property Size2,300 SF
Price / SF$200
Days on Market4
Property Features for 237 OSBORNE AVENUE
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Building Details
Year Built
1927
Construction
bungalow
Listing Agency:
BHHS Fox & Roach -Yardley/Newtown
(215) 882-3117
Listed By:
Mary D Dinneen · License #RS211425L
(215) 882-3117
Source:
Cummingsrealtors
Added: Aug 10
Changed: Aug 13
Last Checked: Aug 13 at 4:00AM
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 BHHS Fox & Roach -Yardley/Newtown
Investment Insights
Based on property information with market context.
This 2,300-square-foot triplex comprises two apartments within the main house and a third apartment positioned above the garage. The property was built in 1927 and is described as being in good condition.
All three apartments have month-to-month leases in place. The property is located at 237 Osborne Avenue in Morrisville, Pennsylvania.
All three apartments have month-to-month leases in place. The property is located at 237 Osborne Avenue in Morrisville, Pennsylvania.
Key Highlights
- Three total apartments across the main house and garage
- 2,300 square feet of property size
- Third apartment located above the garage
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
$28,477
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
6.19%
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%
$569,540
$569.5K
Cap Rate 7%
$406,814
$406.8K
Cap Rate 9%
$316,411
$316.4K
Market Conditions
NOI Build-Up for 2,300 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
$53.5K $23.28/SF
− Vacancy
−$1.8K −$0.77/SF
EGI
$51.8K $22.51/SF
− OpEx
−$23.3K −$10.13/SF
NOI
$28.5K $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%
$569,540
Cap Rate 7%
$406,814
Cap Rate 9%
$316,411
Alternative Uses
Best Use
Apartment 5plus
$406.8K
$356.0K – $474.6K
NOI $28,477 @ 7.0% cap · market cap 6.19%
Second Best
Multifamily LT 5
$389.9K
$341.1K – $454.8K
NOI $27,290 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$697.3K
$610.2K – $813.6K
NOI $48,814 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
685
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?
Triplex - Three-apartment residential property with month-to-month leases in place.
Where is this triplex located?
The property is located at 237 OSBORNE AVENUE Morrisville, PA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Three total apartments across the main house and garage; 2,300 square feet of property size; Third apartment located above the garage
