5-Unit Apartment
For Sale
$524,900
315 W FORNANCE STREET, Norristown, PA 19401
All apartments have active leases extending into 2027.
Property Size2,630 SF
Price / SF$199.58
Days on Market8
Property Features for 315 W FORNANCE STREET
General Information
Standard status
Active
Size
2,630 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
3 x 1BR, 2 x studio
Multifamily Units
5
Additional Details
Gross Income
$56,172
Building Details
Year Built
1920
Listing Agency:
Springer Realty Group
(484) 498-4000
Listed By:
Gregory Martire · License #RS225353L
(484) 997-8068
Source:
Cummingsrealtors
Added: Oct 7
Changed: Oct 13
Last Checked: Oct 12 at 7:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Springer Realty Group
Investment Insights
Based on property information with market context.
This 5-unit apartment building contains three one-bedroom apartments and two studios. The property totals 2,630 square feet and dates to 1920. All five apartments are leased, with lease terms extending into 2027.
Key Highlights
- Five apartments: three one‑bedroom units and two studios
- Leases are in place for all five units, with terms extending into 2027
- 2,630 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,532
Cap Rate
6.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$710,640
$710.6K
Cap Rate 7%
$507,600
$507.6K
Cap Rate 9%
$394,800
$394.8K
Market Conditions
NOI Build-Up for 2,630 SF
Gross rent
$68.8K $26.16/SF
− Vacancy
−$4.2K −$1.60/SF
EGI
$64.6K $24.56/SF
− OpEx
−$29.1K −$11.05/SF
NOI
$35.5K $13.51/SF
Area
Montgomery County, PA
Vacancy
6.10%
Lease Rate
$26.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$710,640
Cap Rate 7%
$507,600
Cap Rate 9%
$394,800
Alternative Uses
Best Use
Apartment 5plus
$507.6K
$444.2K – $592.2K
NOI $35,532 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,896 @ 7.0% cap · market cap 20.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,399
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - All apartments have active leases extending into 2027.
Where is this apartment building located?
The property is located at 315 W FORNANCE STREET Norristown, PA.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Five apartments: three one‑bedroom units and two studios; Leases are in place for all five units, with terms extending into 2027; 2,630 square feet
