Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1238 Washington St Norristown, PA 19401-4376
    Back to Search
    Property profile & analytics

    1238 Washington St, Norristown, PA 19401-4376

    View on Map
    • Apartment buildings
    • 16,752 SF
    • 0.50 lot acres
    Off-Market
    Property ID
    US73-0303489
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $2,115,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Assa Apartments / Housing Complex / Apartment Building

    Property Details for 1238 Washington St

    Year built
    1960
    Lot size
    0.50 lot acres
    Zone code
    R2
    Property type
    Apartment buildings
    APN
    13-00-38252-00-3
    APU
    130038252003

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 29, 2017 $1,500,000 Assa Holdings LLC 1238 West Washington Partners Grant Deed · related $1.1M · New York Cmnty Bk
    Jun 24, 2015 $875,000 1238 W Washington Partners LP Daufuskie Partners LLC Deed —
    Oct 12, 2010 $1,660 Daufuskie Partners LLC Sheriff Of Montgomery County Trustees Deed · related —
    Apr 22, 2004 — Fleet Nat Bk Fleet Nat Bk Quit Claim Deed · related —
    Jan 4, 2001 $565,000 Jagruti Corp Disanto,jasper & Ruth Grant Deed $440k · Progress Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,415,000
      Current use
      OFFICE BUILDING
      $2,915,000
      Change: +21% Conversion: Moderate
      MEDICAL BUILDING
      $2,640,000
      Change: +9% Conversion: Moderate
      RESTAURANT
      $2,350,000
      Change: -3% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,185,000
      Change: -10% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norristown
    County
    Montgomery
    State
    Pennsylvania
    Longitude
    -75.3628
    Latitude
    40.1204
    CBSA code
    37980
    CBSA name
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $38,898
    $0.00
    $0.00
    $633,700
    -
    $0.00
    $0.00
    $633,700

    Comparable in this City

    • Value Estimation
      $2,520,000
      22,142 SF

      522 Russwood Dr, Unit 532

      APARTMENT HOUSE (5+ UNITS)
      522 Russwood Dr, Norristown, PA 19401-3175
      View Details
    • Value Estimation
      $895,000
      9,616 SF

      412 Marshall St

      APARTMENT HOUSE (5+ UNITS)
      412 Marshall St, Norristown, PA 19401-4678
      View Details
    • Value Estimation
      $1,220,000
      9,990 SF

      1800 Hls Dr

      APARTMENT HOUSE (5+ UNITS)
      1800 Hls Dr, Norristown, PA 19401-5708
      View Details
    • Value Estimation
      $1,355,000
      13,968 SF

      1433 Arch St

      APARTMENT HOUSE (5+ UNITS)
      1433 Arch St, Norristown, PA 19401-3567
      View Details
    • Value Estimation
      $550,000
      4,995 SF

      1005 Buttonwood St

      APARTMENT HOUSE (5+ UNITS)
      1005 Buttonwood St, Norristown, PA 19401-3648
      View Details
    • Value Estimation
      $1,280,000
      10,761 SF

      521 Janeway Dr

      APARTMENT HOUSE (5+ UNITS)
      521 Janeway Dr, Norristown, PA 19401-3162
      View Details

    Similar Nearby for Sale

    • $334,900
      3,346 SF

      Norristown Mixed-Use Investment Opportunity

      Mixed-use property with restaurant and apartment in revitalizing downtown.
      254 E Main St, Norristown, PA 19401
      View Details
    • $400,000
      3,352 SF

      Norristown Triplex Renovation Opportunity

      Triplex in Norristown, PA needing total renovation or redevelopment.
      1009 Dekalb St, Norristown, PA 19401
      View Details
    • $240,000
      2,430 SF

      Norristown Duplex: Investment Opportunity

      Three-story duplex in Norristown, Pennsylvania, with detached garage.
      1424 Powell St, Norristown, PA 19401
      View Details
    • $250,000
      2,448 SF

      Norristown Triplex with Off-Street Parking

      Turnkey triplex in Norristown with off-street parking and long-term tenants.
      151 West Airy St, Norristown, PA 19401
      View Details
    • $249,900
      1,368 SF

      Norristown Duplex Investment Opportunity

      Duplex with separate utilities near transportation, shopping, and entertainment.
      332 Green St, Norristown, PA 19401
      View Details
    • $265,000
      1,794 SF

      Norristown Duplex: Investment Opportunity

      Well-maintained duplex in Norristown, PA, near transportation and amenities.
      525 Kohn St, Norristown, PA 19401
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,514 SF

      Norristown Office Space For Lease

      Office suites available for lease with build-to-suit options.
      320 E Johnson Hwy, Norristown, PA 19401
      View Details
    • Contact for pricing
      7,100 SF

      Retail Space on Germantown Pike

      Retail opportunity with strong demographics and traffic counts.
      2991 Swede Rd, Norristown, PA 19401
      View Details
    • $10 SF/Yr
      2,252 SF

      Norristown Office Building For Lease

      Office building for lease, ideal for professional businesses.
      541-543 Swede St, Norristown, PA 19401
      View Details
    • Contact for pricing
      2,400 SF

      Norristown Office Space Available

      Recently renovated office space with modern amenities for rent.
      20 W Main St, Norristown, PA 19401
      View Details
    • Contact for pricing

      Norristown Retail Space Available

      Retail spaces available, ranging from 8,453 to 11,138 SqFt.
      2811 Dekalb Pike, Norristown, PA 19401
      View Details
    • $1.00 SF/Yr

      Norristown Warehouse Space Available

      Warehouse space for rent in Montgomery County.
      2 Noble St, Norristown, PA 19401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1238 Washington St
    Norristown, PA 19401-4376
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1238 Washington St, Norristown, PA, 19401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!