Tenant-Occupied Duplex
For Sale
$390,000
Pending
408 West Airy Street, Norristown, PA 19401
Two residences offer separate utilities, a two-bedroom layout, and a three-bedroom layout in an established Norristown location.
Property Size2,182 SF
Days on Market134
Property Features for 408 West Airy Street
General Information
Standard status
Pending
Size
2,182 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R2
Taxes and HOA fees
Annual Taxes
$4,040
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1900
Listing Agency:
BHHS Fox & Roach-Blue Bell
(215) 480-2665
Listed By:
Cindy Marcinkowski · License #RS347703
(215) 480-2665
Source:
Compass
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 31 at 10:22PM
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 BHHS Fox & Roach-Blue Bell
Investment Insights
Based on property information with market context.
This duplex contains two separately occupied residences with distinct utility arrangements. The unit mix includes one two-bedroom, one-bath residence and one three-bedroom, one-bath residence. Both units are currently tenant-occupied, and the existing onboarding and transition process will be supported by the owner. Buyer is responsible for U&O requirements.
The property is located at 408 West Airy Street in Norristown, Pennsylvania, within the Norristown Area School District and Montgomery County. Shopping, dining, and major commuter routes are identified nearby. Built in 1900, the property carries R2 zoning and includes above-grade and below-grade areas.
The property is located at 408 West Airy Street in Norristown, Pennsylvania, within the Norristown Area School District and Montgomery County. Shopping, dining, and major commuter routes are identified nearby. Built in 1900, the property carries R2 zoning and includes above-grade and below-grade areas.
Key Highlights
- Two tenant‑occupied residences with an existing onboarding and transition process
- Unit mix includes 2 bedrooms and 1 bath in Unit 1; 3 bedrooms and 1 bath in Unit 2
- Separate utilities allow tenants to pay their own expenses
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
$31,704
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
8.13%
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%
$634,080
$634.1K
Cap Rate 7%
$452,914
$452.9K
Cap Rate 9%
$352,267
$352.3K
Market Conditions
NOI Build-Up for 2,182 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
$48.4K $22.20/SF
− Vacancy
−$3.1K −$1.44/SF
EGI
$45.3K $20.76/SF
− OpEx
−$13.6K −$6.23/SF
NOI
$31.7K $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%
$634,080
Cap Rate 7%
$452,914
Cap Rate 9%
$352,267
Alternative Uses
Best Use
Multifamily LT 5
$452.9K
$396.3K – $528.4K
NOI $31,704 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$421.1K
$368.5K – $491.3K
NOI $29,480 @ 7.0% cap · market cap 7.56%
Theoretical Best
Specialty Retail
$1.26M
$1.10M – $1.46M
NOI $87,858 @ 7.0% cap · market cap 22.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,540
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer separate utilities, a two-bedroom layout, and a three-bedroom layout in an established Norristown location.
Where is this duplex located?
The property is located at 408 West Airy Street Norristown, PA.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two tenant‑occupied residences with an existing onboarding and transition process; Unit mix includes 2 bedrooms and 1 bath in Unit 1; 3 bedrooms and 1 bath in Unit 2; Separate utilities allow tenants to pay their own expenses
