601 W Main Street

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.