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329 W Johnson Highway

NORRISTOWN, PA 19401
  • $499,900
  • STATUS: Active
  • ON SITE: 122 Days
  • ID#: PAMC2098244
UPDATED: 20 min ago
$499,900
  • 0
    BEDS
  • 0.24
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,800
    SQFT
  • $132
    $/SQFT
Type:
Multi-Family
Built:
1930
County:

School Ratings & Info

School District:

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!

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Pierre Group | United Real Estate. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-07-19T14:59:06.297.
www.thepierreregroup.com/homes/148676907
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329 W Johnson Highway NORRISTOWN, PA 19401

  • Price: $499,900
  • Status: Active
  • On Site: 122 Days
  • Updated: 20 min ago
  • ID#: PAMC2098244
0
Beds
0
Baths
0
½ Baths
0.24
Acres
3,800
SQFT
$132
$/SQFT
1930
Built
Neighborhood:
East Norriton Twp (10633)
County:
Montgomery
Area:
East Norriton Twp (10633)
School District:
Norristown Area
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!
Exterior Features

Architectural Style Other Construction Materials BrickStuccoVinyl Siding Garage YN No Parking Types Parking Lot Patio And Porch Features Deck(s) Pool No Pool Property Condition Very Good Water Access YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 3800 Appliances WasherDryer Basement Full Basement YN Yes Below Grade Finished Area 0 Below Grade Unfinished Area 0 Cooling Central A/C Exclusions Laser machineEsthetician EquipmentMicromistEsthetician Bed Fireplace YN Yes Fireplaces Total 1 Heating Forced Air Heating YN Yes Inclusions Washer/dryerTV'sSalon Chairs Interior Features Ceiling Fan(s)CarpetCrown MoldingsKitchen - Eat-InKitchen - IslandRecessed Lighting Single Room Units 0 Three Bedroom Units 1 Two Bedroom Units 0

Property Features

Acceptable Financing CashConventionalFHAVA Accessibility Features None Central Air YN Yes Cooling Fuel Electric Foundation Details Concrete Perimeter Heating Fuel Natural Gas Hot Water Natural Gas Municipality EAST NORRITON TWP Navigable Water YN N New Construction YN No Number Of Units Total 2 Original MLSNumber 802927591676 Ownership Interest Fee Simple Property Sub Type Duplex Sale Type Standard Sewer Public Sewer Structure Design Type Detached Tax Annual Amount 8208.00 Tax Lot 18 Vacation Rental YN No Water Source Public Zoning C Zoning Description Mixed-use comm/res apt

Listing courtesy of Keller Williams Real Estate-Blue Bell: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Pierre Group | United Real Estate. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-07-19T14:59:06.297.
 
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