1437 Dekalb St Norristown, PA 19401

Property Details for 1437 Dekalb St

Year built

1991

Lot size

1.62 lot acres

Property size

24,498 SF

Zone code

OCR

Property type

Medical offices

Property subtype

Medical centers

APN

13-00-10236-40-7

APU

130010236407

Description

This fee-simple multi-tenant medical office building, totaling 17,973 square feet, presents a compelling investment opportunity. Anchored by Children's Hospital of Philadelphia (CHOP), an investment-grade tenant (Moody's Aa2), and Jefferson Health (Moody's A2), the property boasts a strong tenant profile. CHOP occupies the space under a 10-year NNN lease (commencing April 1, 2020, expiring March 31, 2030), with rent bumps included. The building underwent a significant expansion and renovation in 2019. Norristown Family Physicians, a Jefferson Health entity, also occupies space within the building, demonstrating long-term commitment to the location. The property features a 7.00% cap rate and a Net Operating Income (NOI) of $270,984. The asking price is $3,871,000 ($215.38/SF). Located on DeKalb Street (Route 202) in Norristown, Pennsylvania (Montgomery County, zip code 19401), this 1.5-acre property benefits from high visibility and proximity to other major medical facilities. The seller will provide a 5-year master lease for the remaining vacancy, ensuring 100% economic occupancy upon acquisition. Lease options include one (1) and five (5) year options. The building was constructed in 1991. The property's location within affluent Montgomery County, with a high percentage of insured residents and a strong concentration of families, further enhances its investment appeal. The area boasts a high average household income of $137,000 within a five-mile radius.

Location Insight

City

Norristown

County

Montgomery

State

Pennsylvania

Longitude

-75.3332

Latitude

40.1241

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments