Renovated Duplex with Leased
New
For Sale
$295,000
535 E LAFAYETTE Street, Norristown, PA 19401
Multi-Family, NORRISTOWN, PA
Property Size1,456 SF
Lot Size0.03 Acres
Price / SF$202.61
Days on Market2
Property Features for 535 E LAFAYETTE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Elementary school district
NORRISTOWN AREA
Middle school district
NORRISTOWN AREA
High school district
NORRISTOWN AREA
Standard status
Active
Size
1,456 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
2279
Utilities
Heating system
Central
Cooling system
Window Unit(s)
Building Details
Year built
1920
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Keller Williams Realty Wilmington
(302) 299-1100
Listed By:
sAAJAN Patel
(484) 544-2352
Added: Sep 23
Last Checked: Sep 24 at 11:06AM
MLS# PAMC2194910
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 1,456-square-foot duplex contains two renovated residences: a two-bedroom, one-bath unit and a one-bedroom, one-bath unit. Both are leased, providing an established occupancy profile for the next owner. Improvements include LVP flooring, neutral paint, stainless steel kitchen appliances, tile backsplashes, and updated bathroom fixtures. The brick exterior, Colonial design, basement, central heating, and window-unit cooling contribute to the property’s physical profile.
Built in 1920 on a 0.0348-acre parcel at 535 E Lafayette Street in Norristown, the property includes on-street parking. The layout may also suit an owner-occupant seeking separate residential space within the same building.
Built in 1920 on a 0.0348-acre parcel at 535 E Lafayette Street in Norristown, the property includes on-street parking. The layout may also suit an owner-occupant seeking separate residential space within the same building.
Key Highlights
- Two‑unit duplex with both residences leased
- 1,456 square feet on a 0.0348‑acre parcel
- Unit 1: 2 bed, 1 bath; Unit 2: 1 bed, 1 bath
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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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences feature updated kitchens, modern bathrooms, and tenants already in place.
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‑unit duplex with both residences leased; 1,456 square feet on a 0.0348‑acre parcel; Unit 1: 2 bed, 1 bath; Unit 2: 1 bed, 1 bath
