Second-Floor Residential Income
For Sale
$315,000
Pending
2502 NORAS COURT #2502, North Wales, PA 19454
Bright condo with vaulted ceilings, skylights, two balconies, and a loft suitable for office or storage use.
Property Size1,184 SF
Days on Market27
Property Features for 2502 NORAS COURT #2502
General Information
Standard status
Pending
Size
1,184 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Amenities
private balcony
skylights
vaulted ceilings
stainless steel appliances
dual entry bathroom
bonus loft
Building Details
Building Size
1,184 SF
Year Built
1993
Listing Agency:
RE/MAX Services
(215) 641-2500
Listed By:
Hak B Kim · License #RS305508
(215) 641-2500
Source:
Amyshearealtor.kw
Added: Aug 5
Changed: Aug 31
Last Checked: Aug 31 at 12:40PM
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 Services
Investment Insights
Based on property information with market context.
This 1,184-square-foot, second-floor condominium was built in 1993 and features a bright, open interior with vaulted ceilings and multiple skylights. The living room connects to a private balcony, while the primary suite adds a second balcony and a loft that can serve as an office or storage area. The kitchen includes 42-inch cabinetry, upgraded countertops, a stone backsplash, under-cabinet lighting, recessed lights, and stainless steel appliances. The layout also provides two bedrooms, one full bath, a hallway half bath with laundry, and a dining area sized for a full table and chairs.
The property is located at 2502 Noras Court in North Wales, Pennsylvania, near Rt-309, Welsh Road, and DeKalb Pike. Shopping, dining, and train stations are described as nearby, with access toward downtown Philadelphia. Parking is available for residents and guests, with direct access to the home.
The property is located at 2502 Noras Court in North Wales, Pennsylvania, near Rt-309, Welsh Road, and DeKalb Pike. Shopping, dining, and train stations are described as nearby, with access toward downtown Philadelphia. Parking is available for residents and guests, with direct access to the home.
Key Highlights
- 1,184 sq ft second‑floor condominium
- Built in 1993 with vaulted ceilings and multiple skylights
- Two private balconies, including one off the primary suite
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
$15,996
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
5.08%
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%
$319,920
$319.9K
Cap Rate 7%
$228,514
$228.5K
Cap Rate 9%
$177,733
$177.7K
Market Conditions
NOI Build-Up for 1,184 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
$31.0K $26.16/SF
− Vacancy
−$1.9K −$1.60/SF
EGI
$29.1K $24.56/SF
− OpEx
−$13.1K −$11.05/SF
NOI
$16.0K $13.51/SF
Area
Montgomery County, PA
Vacancy
6.10%
Lease Rate
$26.16 /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%
$319,920
Cap Rate 7%
$228,514
Cap Rate 9%
$177,733
Alternative Uses
Best Use
Apartment 5plus
$228.5K
$200.0K – $266.6K
NOI $15,996 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$681.0K
$595.9K – $794.6K
NOI $47,673 @ 7.0% cap · market cap 15.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 19454, PA
28,833
Population
11,212
Households
2.6
Avg Household Size
46
Median Age
53%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
2,344
Density / Sq Mi
$114,323
Median Household Income
$61,287
Median Earnings
$1,762
Median Rent
$438,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bright condo with vaulted ceilings, skylights, two balconies, and a loft suitable for office or storage use.
Where is this residential income property located?
The property is located at 2502 NORAS COURT #2502 North Wales, PA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,184 sq ft second‑floor condominium; Built in 1993 with vaulted ceilings and multiple skylights; Two private balconies, including one off the primary suite
