Price Reduction
Address
329 W Johnson Highway, Norristown, PA
Price
$ 499,900
Property Attributes
- MLS#PAMC2098244
- TypeMulti-Family
- CountyMONTGOMERY
- CityNorristown
- AreaEast Norriton Twp
- Zip19401
- Style
- Year Built1930
- Taxes$ 8112
- Price$ 499,900
- Bedrooms3
- Full Bathrooms0
- Half Bathrooms0
- Lot Size10,454 SqFt
Data Source:
Bright MLS
Property Description
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, spacious 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 to 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 great addition to any investor's portfolio!
| Price History | |
|---|---|
| 3/18/2024 | Listed $525,000 |
| 4/15/2024 | 5% - $499,900 |
General Features
| Interior Features | Ceiling Fan(s),Carpet,Crown Moldings,Kitchen - Eat-In,Kitchen - Island,Recessed Lighting |
|---|---|
| Sewer | Public Sewer |
| Heating | Forced Air |
| Cooling | Central A/C |
| Possession | Negotiable |
| Appliances | Washer,Dryer |
| Zoning | C |
| Patio/Porch Features | Deck(s) |
| Architectural Style | Other |
| Construction Materials | Brick,Stucco,Vinyl Siding |
| Exclusions | Laser machine,Esthetician Equipment,Micromist,Esthetician Bed |
| Year Built | 1930 |
| Property SubType | Duplex |
| Tax Year | 2023 |
| Percent Ownership | Fee Simple |
| Cool Fuel | Electric |
| Accessibility | None |
| County | MONTGOMERY |
| New Construction | No |
| Property Type | Multi-Family |
| Garage Y/N | No |
| Water Access Y/N | No |
| Other Structures | Above Grade,Below Grade |
| Status | ACTIVE |
| Directions | Belvoir Rd. & Rt. 202-S,merge onto Ridge Pike,to R on Belvoir Rd.,L on Plymouth Rd.,follow SR 3017,to US-202S,to property on right. |
| ModificationTimestamp | 2024-05-09T05:54:14 |
| City | NORRISTOWN |
| Buyer Agent Compensation | 2.5 |
| Zoning Description | Mixed-use comm/res apt |
| Total Units | 2 |
| MLS Area | East Norriton Twp (10633) |
| Lot Size Square Feet | 10300.00 |
| Tax Assessed Value | 174240.0 |
| Waterfront Y/N | No |
| Street Name | JOHNSON |
| Tax Annual Amount | 8112.0 |
| Property Condition | Very Good |
| Structure Type | Detached |
| Other Units | Unit 1,Unit 2 |
| Price Per Sq Ft | 131.55 |
| Acceptable Financing | Cash,Conventional,FHA,VA |
| Vacation Rental Y/N | No |
| Total SQFT | 3800 |
| Days on Market | 53 |
| Standard Status | Active |
| Year Built Source | Assessor |
| Tax Lot | 18 |
| Buyer Agent Compensation Type | % Of Gross |
Interior Features
| Heating Fuel | Natural Gas |
|---|---|
| Basement | Full |
| Total Fireplaces | 1 |
| Hot Water | Natural Gas |
| Total Stories | 3 |
| Basement (Y/N) | Yes |
| Heating Y/N | Yes |
| Fireplace Y/N | Yes |
| Street Suffix | HIGHWAY |
| Central Air Y/N | Yes |
| LivingAreaSource | Estimated |
| Three Bedroom Units Count | 1 |
Exterior Features
| Pool Y/N | No Pool |
|---|---|
| Water Source | Public |
| Inclusions | Washer/dryer,TV's,Salon Chairs |
| Type of Parking | Parking Lot |
| Land Use Code | 4100 |
| Foundation Details | Concrete Perimeter |
| Water View Y/N | No |
| Lot Dimensions | 69.00 x 0.00 |
| Lot Size Acres | 0.24 |
| Lot Size Units | Square Feet |
| Lot Size Source | Assessor |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
| LotDimensionsSource | Assessor |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 19401
Price
Taxes
Visits
Year Built
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