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601 W MAIN ST Norristown, PA 19401
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Key Details
Sold Price $385,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 3,038 sqft
Price per Sqft $126
MLS Listing ID PAMC2063388
Sold Date 08/02/23
Originating Board BRIGHT
Year Built 1900
Annual Tax Amount $7,041
Tax Year 2023
Lot Size 5,520 Sqft
Acres 0.13
Lot Dimensions 31.00 x 0.00
Property Description
Welcome to 601 W Main St - a mixed-use building located in rapidly developing, red hot Downtown Norristown. Get in now and take advantage of this economic change. This large corner building currently features 4 efficiency apartments, a former dental office, a large attic space (could be a 2 bedroom or large 1 bedroom unit) and detached garage. All 4 apartments are occupied and tenants would prefer to stay if possible (3 are on a month to month basis). The detached garage is currently rented at $125/month. All the leases are below current market values. Currently the owner pays heat, water and sewer. If the office is rented as is, the building would be operating at an estimated 9% cap rate, with room for increased rents or potential conversation of office to residential. Great return in this market!! The office space has been fully rewired and does have AC. The boiler for the building is brand new (2023) and the chimney was recently certified. Two of the apartments have their own entrances. Don't hesitate on this cash cow with considerable future potential. A welcome addition to any Investment Portfolio.
Location
State PA
County Montgomery
Area Norristown Boro (10613)
Zoning MS-MU
Interior
Hot Water Natural Gas
Heating Radiator
Cooling Central A/C, Window Unit(s)
Flooring Ceramic Tile, Hardwood, Vinyl, Carpet
Equipment Negotiable
Heat Source Natural Gas
Exterior
Utilities Available Cable TV, Phone
Water Access N
Roof Type Shingle
Accessibility None
Road Frontage Boro/Township
Garage N
Building
Lot Description Corner, Premium, Road Frontage
Sewer Public Sewer
Water Public
New Construction N
Schools
High Schools Norristown
School District Norristown Area
Others
Tax ID 13-00-23024-003
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
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Bought with Kevin Gilmore • RE/MAX Centre Realtors