Seller's Agent in 2023
William Howlett
RE/MAX
(610) 331-3257
4 in this area
51 Total Sales
601 W Main St Norristown, PA 19401
Estimated Value: $1,470,867
--
Bed
--
Bath
3,038
Sq Ft
$484/Sq Ft
Est. Value
Highlights
- 0.13 Acre Lot
- 4-minute walk to Main Street (Norristown)
- Premium Lot
- Curved or Spiral Staircase
- Colonial Architecture
- 3-minute walk to Crawford Park
About This Home
As of August 2023Welcome 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.
Last Agent to Sell the Property
(610) 331-3257 bill@billhowlett.com RE/MAX Ready License #RS319759 Listed on: 02/18/2023
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $6,889
Year Built
- Built in 1900
Lot Details
- 5,520 Sq Ft Lot
- Lot Dimensions are 31.00 x 0.00
- Premium Lot
- Corner Lot
- Property is in very good condition
Parking
- 2 Car Detached Garage
- Public Parking
- Parking Storage or Cabinetry
- On-Street Parking
Home Design
- Quadruplex
- Colonial Architecture
- Traditional Architecture
- Brick Exterior Construction
- Block Foundation
- Stone Foundation
- Slab Foundation
- Frame Construction
- Shingle Roof
- Masonry
- Stucco
Interior Spaces
- 3,038 Sq Ft Home
- Curved or Spiral Staircase
- Dual Staircase
- Efficiency Studio
Flooring
- Wood
- Carpet
- Ceramic Tile
- Vinyl
Schools
- Norristown High School
Utilities
- Central Air
- Window Unit Cooling System
- Radiator
- Natural Gas Water Heater
- Phone Available
- Cable TV Available
Community Details
- 4 Units
- Income includes apartment rentals, parking
Listing and Financial Details
- The owner pays for snow removal, sewer maintenance, real estate taxes, heat, water, trash collection
- Tax Lot 19
- Assessor Parcel Number 13-00-23024-003
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Sep 29, 2021
Sold by
M Peoples Inc
Bought by
Akshar 7 Realty Inc
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$650,000
Outstanding Balance
$592,739
Interest Rate
2.8%
Mortgage Type
New Conventional
Estimated Equity
$878,128
Purchase Details
Closed on
Dec 4, 2003
Sold by
M Peoples Inc
Bought by
Willow Grove Bank
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$468,000
Interest Rate
5.96%
Mortgage Type
Commercial
Purchase Details
Closed on
Feb 4, 1985
Bought by
People S M Inc
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Akshar 7 Realty Inc | $1,150,000 | None Available | |
| Willow Grove Bank | -- | -- | |
| People S M Inc | $175,000 | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Akshar 7 Realty Inc | $650,000 | |
| Previous Owner | Willow Grove Bank | $468,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 08/02/2023 08/02/23 | Sold | $385,000 | -6.1% | $127 / Sq Ft |
| 06/13/2023 06/13/23 | Price Changed | $410,000 | 0.0% | $135 / Sq Ft |
| 04/11/2023 04/11/23 | Pending | -- | -- | -- |
| 03/13/2023 03/13/23 | Price Changed | $410,000 | -3.5% | $135 / Sq Ft |
| 02/18/2023 02/18/23 | For Sale | $425,000 | -- | $140 / Sq Ft |
Source: Bright MLS
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $18,143 | $295,590 | $68,700 | $226,890 |
| 2024 | $18,143 | $295,590 | $68,700 | $226,890 |
| 2023 | $17,980 | $295,590 | $68,700 | $226,890 |
| 2022 | $17,593 | $295,590 | $68,700 | $226,890 |
| 2021 | $17,507 | $295,590 | $68,700 | $226,890 |
| 2020 | $16,701 | $295,590 | $68,700 | $226,890 |
| 2019 | $16,396 | $295,590 | $68,700 | $226,890 |
| 2018 | $10,913 | $295,590 | $68,700 | $226,890 |
| 2017 | $15,057 | $295,590 | $68,700 | $226,890 |
| 2016 | $14,941 | $295,590 | $68,700 | $226,890 |
| 2015 | $14,314 | $295,590 | $68,700 | $226,890 |
| 2014 | $14,314 | $295,590 | $68,700 | $226,890 |
Source: Public Records
Agents Affiliated with this Home
-
William Howlett
-
Kevin P. Gilmore
Buyer's Agent in 2023
Kevin P. Gilmore
Re/Max Centre Realtors
(215) 550-1803
1 in this area
67 Total Sales
Map
Source: Bright MLS
MLS Number: PAMC2064220
APN: 13-00-22220-006
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