$499,900 Price Analysis    ♡   Norristown, PA 19401 3 bed 2 bath 3,800 SqFt ($131/SqFt) 0.24 acre lot. Built 1930 Listed 2024-03-18, Taxes $8,112 | Ⓧ USDA Ineligible due to location near Norristown |
Optimal investment opportunity situated in a heavily traveled and busy business district of East Norriton Township!
This 3-story multi-use property has been meticulously maintained by a long-time owner. The first-floor unit houses the hair salon/clinic and is an established business in the area. The unit features a reception area, a waiting area, roomy workstations, two therapy rooms, a private office, a kitchenette and access to a full basement with plenty of storage space. The current owners wife owns and operates the salon business and would like to lease the space from the new owner to continue operating the business. Move upstairs from the rear and enter the bi-level residential apartment, which is currently leased for $1, 200/month until September 30th, 2024. Comparable rentals in the area have been leased in the $1700-2000 per month range. The main floor of the unit offers an updated kitchen, a comfortable living room with a gas fireplace, wall-to-wall carpeting and access to the huge back deck.
Finishing off the main floor is a convenient half bathroom. The top floor shows off a sizable bedroom with a vaulted ceiling and skylight. Two additional bedrooms also have a skylight and ample closet space and a full bathroom completes the level. Other features of the apartment include a washer/dryer and ceiling fans in all living spaces. Both units have all separate utilities. Parking is easy with 12 parking spaces (two parking spaces are dedicated to the residential apartment). The property is strategically located close to major shopping areas, banks, hospitals, apartment buildings and residential areas. Easy access t Schuylkill Expressway, rt 202 and PA Turnpike. Looking to the future, the potential cash flow is significant. With the current owners leasing the salon and the apartment being leased at current market value come September under new ownership, the cap rate stands to potentially reach an impressive 6.5-7%. This building is a cash flow machine and will be a tremendous addition to any investor's portfolio!
Presented by Jim Romano at
Keller Williams Real Estate-Blue Bell.
Property MLS #PAMC2098244 from BrightMLS
Carpet
Crown Moldings
Kitchen - Eat-In
Kitchen - Island
Recessed Lighting
Basement
Dryer
Heating Features: Forced Air
Heating: Yes
1/2 Bathrooms: 1
Lot Size Square Feet: 10300
Number of 3 Bedroom Units: 1
Bedrooms in Unit-2: 3
Full Bathrooms in Unit-2: 1
Half Bathrooms in Unit-2: 1
Map directions Map directions Map directions Map directionsSource Listing Status: Active
County: MONTGOMERY
Source Property Type: Multi-Family
Area: MONTGOMERY
Source Neighborhood: MONTGOMERY
Postal Code Plus 4: 1992
Township: EAST NORRITON TWP
Property Subtype: Duplex
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2023 | $unknown + $unknown $174,240 | $8,112 |
| 2022 | $unknown + $unknown $174,240 | $8,057 |
| 2021 | $unknown + $unknown $174,240 | $8,006 |
| 2020 | $unknown + $unknown $174,240 | $7,758 |
| 2019 | $unknown + $unknown $174,240 | $7,578 |
| 2018 | $unknown + $unknown $174,240 | $7,397 |
| 2017 | $unknown + $unknown $174,240 | $7,137 |
| 2016 | $unknown + $unknown $174,240 | $6,858 |
| 2015 | $unknown + $unknown $174,240 | $6,699 |
| 2014 | $unknown + $unknown $174,240 | $6,410 |
| 2013 | $unknown + $unknown $174,240 | $6,410 |
| 2012 | $unknown + $unknown $174,240 | $6,410 |
| 2011 | $unknown + $unknown $174,240 | $6,222 |
| 2010 | $unknown + $unknown $174,240 | $6,108 |
| 2009 | $unknown + $unknown $174,240 | $5,823 |
| 2008 | $unknown + $unknown $174,240 | $5,639 |
$499,900
BrightMLS
Listed 2024-03-18
$525,000
BrightMLS
Listing removed 2023-06-02
$0
BrightMLS
Price Changed 2023-02-27
$559,900
BrightMLS
Price Changed 2022-12-16
$575,000
BrightMLS
Price Changed 2022-09-15
$585,000
BrightMLS
Listed 2022-08-24
$599,900
BrightMLS
Listing removed 2012-02-07
$675,000
BrightMLS
Sold 2007-12-27
$618,000
BrightMLS
Listed 2007-08-14
$675,000
BrightMLS
Listed 2007-08-14
$618,000
BrightMLS
Sold 1992-11-05
$170,000
Public Record
Year Built: 1930
Construction Materials: Brick, Stucco, Vinyl Siding
Property Age: 94
Structure Type: Detached
Architectural Style: Detached
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.