Two-Bedroom Residential Income
For Sale
$290,000
359 NORRIS HALL LANE, Norristown, PA 19403
Condominium residence with an open layout, updated kitchen finishes, and convenient access to everyday services and highways.
Property Size985 SF
Price / SF$294.42
Days on Market10
Property Features for 359 NORRIS HALL LANE
General Information
Standard status
Active
Size
985 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,212
Building Details
Building Size
985 SF
Year Built
1990
Listing Agency:
Coldwell Banker Realty
Listed By:
William Paul Herron IV · License #RS361013
(610) 716-8620
Source:
Lizclarkrealestate
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 18 at 10:42AM
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 Realty
Investment Insights
Based on property information with market context.
This two-bedroom, two-bathroom condominium offers approximately 985 square feet of living space within a bright, open floor plan. Hardwood-style flooring extends through the main living areas, while the kitchen includes stainless steel appliances, substantial cabinetry, and generous counter space. The bathroom is arranged with a roomy shower, large vanity, and additional storage. A spacious closet, accent-wall finish, and thoughtfully placed lighting add practical and visual detail throughout the residence. The property was built in 1990.
Located just off Trooper Road, the condominium provides access to restaurants, grocery stores, highways, and other nearby services.
Located just off Trooper Road, the condominium provides access to restaurants, grocery stores, highways, and other nearby services.
Key Highlights
- Two‑bedroom, two‑bathroom condominium
- Approximately 985 square feet of living space
- Open layout with abundant natural light and hardwood‑style flooring
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
$13,308
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
4.59%
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%
$266,160
$266.2K
Cap Rate 7%
$190,114
$190.1K
Cap Rate 9%
$147,867
$147.9K
Market Conditions
NOI Build-Up for 985 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
$25.8K $26.16/SF
− Vacancy
−$1.6K −$1.60/SF
EGI
$24.2K $24.56/SF
− OpEx
−$10.9K −$11.05/SF
NOI
$13.3K $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%
$266,160
Cap Rate 7%
$190,114
Cap Rate 9%
$147,867
Alternative Uses
Best Use
Apartment 5plus
$190.1K
$166.4K – $221.8K
NOI $13,308 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$566.6K
$495.8K – $661.0K
NOI $39,661 @ 7.0% cap · market cap 13.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 19403, PA
43,734
Population
19,720
Households
2.2
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
22.4 sq mi
ZIP Area
1,952
Density / Sq Mi
$101,996
Median Household Income
$59,809
Median Earnings
$1,640
Median Rent
$355,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with an open layout, updated kitchen finishes, and convenient access to everyday services and highways.
Where is this residential income property located?
The property is located at 359 NORRIS HALL LANE Norristown, PA.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom condominium; Approximately 985 square feet of living space; Open layout with abundant natural light and hardwood‑style flooring
