PA > Norristown
Norristown, PA 19401,118-120 E MAIN ST
Norristown, PA 19401,118-120 E MAIN ST
Norristown, PA 19401,118-120 E MAIN ST
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Simone Velvel

Simone Velvel

Simone Velvel

+1(703) 507-7614
$2,890,000
Est. payment /mo
19,000 SqFt
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UPDATED:

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

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Bright MLS (BMLS)
Listed by Stephen B Ammon • Iron Valley Real Estate Doylestown
agent-avatar

"Simone's passion for real estate and her love for "The DMV" are a perfect match. She has made it her mission to help local residents sell their homes quickly and at the best possible prices. Equally, she takes immense pride in assisting homebuyers in finding their perfect piece of paradise in DC, Maryland and Virginia. "

+1(703) 507-7614

simone@thevelvelgroup.com

11003 Glueck Lane, Kensington, Maryland, 20895, USA

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118-120 E MAIN ST

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