118-120 E MAIN ST, Norristown, PA 19401 - MLS#PAMC2133248

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Doug Strickland

doug@residentialguru.com +1(610) 724-3801

Listed by Stephen B Ammon • Iron Valley Real Estate Doylestown

$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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Doug Strickland

+1(610) 724-3801

Agent | License ID: RS275319

Agent License ID: RS275319

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118-120 E MAIN ST Norristown, PA 19401

Doug Strickland

Key Details

Location

Interior

Exterior

Building

Schools

Others

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