118-120 E MAIN ST new to site Save Request In-Person Tour Request Virtual Tour
Norristown,PA 19401
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 19,000 sqft
Price per Sqft $152
MLS Listing ID PAMC2133248
Originating Board BRIGHT
Year Built 1965
Annual Tax Amount $9,186
Tax Year 2024
Lot Size 5,233 Sqft
Acres 0.12
Property Sub-Type Five Or More Units
Property Description
18-120 E. Main Street presents a standout investment opportunity with a 7.83% cap rate and significant growth potential in a revitalizing market—this fully renovated, mixed-use property, spanning approximately 19,000 SF, underwent a 2022-2023 gut rehab and features 17 residential units (16 efficiencies and one 1-bedroom) with modern kitchens, stainless appliances, hardwood floors, split-unit HVAC, high ceilings, and large windows, complemented by a common area with a full kitchen and bathroom plus an income-generating laundry facility, while the 9,300 SF “El Jefe” Mexican restaurant, secured by a long-term NNN lease through 2032, includes a highly valuable liquor license at no additional cost, enhancing its appeal with a full basement kitchen, expansive dining/lounge areas with pool tables and entertainment platforms, an outdoor courtyard, and an untapped rooftop deck, generating $331,246 in annual income ($240,714 residential, $90,532 commercial) and a $204,537 NOI after expenses. The property sits just minutes from I-476 and the Norristown Transportation Center amidst $531M+ in nearby redevelopment including the $400M Montgomery County Justice Center, $100M Lafayette Street Extension, and $31M MM Partners project—don't miss out, act now to secure this cash-flowing asset with liquor license included!
Location
State PA
County Montgomery
Area Norristown Boro (10613)
Zoning COMMERCIAL
Interior
Hot Water Electric
Heating Central
Cooling Central A/C
Flooring Hardwood,Heavy Duty,Laminate Plank,Tile/Brick
Heat Source Electric
Exterior
Water Access N
Roof Type Asphalt,Flat,Rubber
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Norristown Area
Others
Tax ID 13-00-21348-005
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash,Conventional,Other
Listing Terms Cash,Conventional,Other
Financing Cash,Conventional,Other
Special Listing Condition Standard