5-Unit Apartment
For Sale
$524,900
315 W FORNANCE Street, Norristown, PA 19401
Multi-Family, NORRISTOWN, PA
Property Size2,630 SF
Lot Size0.10 Acres
Price / SF$199.58
Days on Market17
Property Features for 315 W FORNANCE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Subdivision
NORRISTOWN
Elementary school
HANCOCK
Middle school
EISENHOWER
High school
NORRISTOWN AREA
Elementary school district
NORRISTOWN AREA
Middle school district
NORRISTOWN AREA
High school district
NORRISTOWN AREA
Standard status
Active
Size
2,630 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5321
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1920
Number of units
4
Building materials
Aluminum Siding, Brick
Architectural style
Other
Listing Agency:
Springer Realty Group
(484) 498-4000
Listed By:
Gregory Martire · License #RS225353L
(484) 997-8068
Added: Oct 7
Changed: Oct 21
Last Checked: Oct 23 at 3:06PM
MLS# PAMC2195682
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.
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Investment Insights
Based on property information with market context.
This 2,630-square-foot apartment building contains five units: three one-bedroom apartments and two studios. Each unit is leased, with lease terms running into 2027. The building dates to 1920 and has aluminum siding and brick construction, electric baseboard heat, and a basement.
The property occupies a 0.1018-acre lot at 315 W Fornance Street in Norristown, Pennsylvania. Parking is on street.
The property occupies a 0.1018-acre lot at 315 W Fornance Street in Norristown, Pennsylvania. Parking is on street.
Key Highlights
- Five apartments: three one‑bedroom units and two studios
- All five units are leased, with leases extending into 2027
- 2,630 square feet on a 0.1018‑acre lot
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
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - All five apartments are leased under agreements 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; All five units are leased, with leases extending into 2027; 2,630 square feet on a 0.1018‑acre lot
