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 Market55
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: Oct 31
Last Checked: Nov 1 at 12:44PM
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
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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 / Yr
$13,308
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
