Tenant-Occupied
New
For Sale
$350,000
1105 W AIRY Street, Norristown, PA 19401
Multi-Family, NORRISTOWN, PA
Property Size2,203 SF
Lot Size0.06 Acres
Price / SF$158.87
Days on Market3
Property Features for 1105 W AIRY Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Subdivision
NORRISTOWN
High school
NORRISTOWN AREA
Elementary school district
NORRISTOWN AREA
Middle school district
NORRISTOWN AREA
High school district
NORRISTOWN AREA
Standard status
Active
Size
2,203 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
5982
Utilities
Heating system
Other (Heating), Hot Water(Heating)
Building Details
Year built
1900
Number of units
3
Building materials
Vinyl Siding, Brick
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(215) 641-2727
Listed By:
Michael Marchese · License #RS306072
(610) 476-4651
Added: Aug 20
Last Checked: Aug 22 at 3:06PM
MLS# PAMC2191840
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property at 1105 W AIRY Street contains 2,203 square feet and was built in 1900. Each unit is currently occupied, creating an established rental configuration. The building combines vinyl siding and brick construction, with hot water heating and a basement. Gas and electric utilities are separately metered for the units.
The property occupies 0.0551 acres in Norristown, PA 19401, near local transportation and major roadways. Parking is available on the street. Its compact lot, three-unit layout, separate utilities, and existing occupancy define the principal physical and operational characteristics of the offering.
The property occupies 0.0551 acres in Norristown, PA 19401, near local transportation and major roadways. Parking is available on the street. Its compact lot, three-unit layout, separate utilities, and existing occupancy define the principal physical and operational characteristics of the offering.
Key Highlights
- Three‑unit residential property with all units currently tenant occupied
- 2,203 square feet on a 0.0551‑acre lot
- Separate gas and electric utilities for the units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,009
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$640,180
$640.2K
Cap Rate 7%
$457,271
$457.3K
Cap Rate 9%
$355,656
$355.7K
Market Conditions
NOI Build-Up for 2,203 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.9K $22.20/SF
− Vacancy
−$3.2K −$1.44/SF
EGI
$45.7K $20.76/SF
− OpEx
−$13.7K −$6.23/SF
NOI
$32.0K $14.53/SF
Area
Montgomery County, PA
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$640,180
Cap Rate 7%
$457,271
Cap Rate 9%
$355,656
Alternative Uses
Best Use
Multifamily LT 5
$457.3K
$400.1K – $533.5K
NOI $32,009 @ 7.0% cap · market cap 9.15%
Second Best
Apartment 5plus
$425.2K
$372.0K – $496.1K
NOI $29,763 @ 7.0% cap · market cap 8.50%
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,703 @ 7.0% cap · market cap 25.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 19401, PA
43,414
Population
18,236
Households
2.4
Avg Household Size
36
Median Age
28%
College-Educated
86%
High-School Grad
6.2 sq mi
ZIP Area
7,002
Density / Sq Mi
$68,646
Median Household Income
$38,050
Median Earnings
$1,392
Median Rent
$225,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased units feature separate gas and electric utilities in a Norristown residential property.
Where is this triplex located?
The property is located at 1105 W AIRY Street Norristown, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit residential property with all units currently tenant occupied; 2,203 square feet on a 0.0551‑acre lot; Separate gas and electric utilities for the units
