Renovated Two-Unit
New
For Sale
$295,000
535 E LAFAYETTE STREET, Norristown, PA 19401
Both residences are leased and feature updated kitchens, baths, flooring, and neutral paint.
Property Size1,456 SF
Price / SF$202.61
Days on Market6
Property Features for 535 E LAFAYETTE STREET
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$31,500
Building Details
Year Built
1920
Construction
brick
Tenancy
Multi
Listing Agency:
Keller Williams Realty Wilmington
(302) 299-1100
Listed By:
sAAJAN Patel
(484) 544-2352
Source:
Cummingsrealtors
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:54PM
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 Keller Williams Realty Wilmington
Investment Insights
Based on property information with market context.
This 1,456-square-foot duplex, built in 1920, contains two renovated residences. The unit mix is one two-bedroom, one-bathroom apartment and one one-bedroom, one-bathroom apartment. Both are leased. Interior improvements include LVP flooring, neutral paint, stainless steel kitchen appliances, tile backsplashes, and updated bathroom fixtures. The building has a brick exterior.
The property is located at 535 E Lafayette Street in Norristown, Pennsylvania. Its two-unit configuration combines occupied apartments with recent interior updates.
The property is located at 535 E Lafayette Street in Norristown, Pennsylvania. Its two-unit configuration combines occupied apartments with recent interior updates.
Key Highlights
- Two leased apartments: one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom unit
- 1,456 square feet; built in 1920
- Updated interiors include LVP flooring, neutral paint, stainless appliances, and tile kitchen backsplashes
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
$21,156
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
7.17%
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%
$423,120
$423.1K
Cap Rate 7%
$302,229
$302.2K
Cap Rate 9%
$235,067
$235.1K
Market Conditions
NOI Build-Up for 1,456 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
$32.3K $22.20/SF
− Vacancy
−$2.1K −$1.44/SF
EGI
$30.2K $20.76/SF
− OpEx
−$9.1K −$6.23/SF
NOI
$21.2K $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%
$423,120
Cap Rate 7%
$302,229
Cap Rate 9%
$235,067
Alternative Uses
Best Use
Multifamily LT 5
$302.2K
$264.5K – $352.6K
NOI $21,156 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$281.0K
$245.9K – $327.9K
NOI $19,671 @ 7.0% cap · market cap 6.67%
Theoretical Best
Specialty Retail
$837.5K
$732.8K – $977.1K
NOI $58,625 @ 7.0% cap · market cap 19.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,473
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased and feature updated kitchens, baths, flooring, and neutral paint.
Where is this duplex located?
The property is located at 535 E LAFAYETTE STREET Norristown, PA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two leased apartments: one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom unit; 1,456 square feet; built in 1920; Updated interiors include LVP flooring, neutral paint, stainless appliances, and tile kitchen backsplashes
