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    1790 Locust St Norristown, PA 19401-3079
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    Property profile & analytics

    1790 Locust St, Norristown, PA 19401-3079

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    • Apartment buildings
    • 15,870 SF
    • 0.44 lot acres
    Off-Market
    Property ID
    US73-1750559
    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
    $1,855,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Tornetta Apartments / Apartment Building
    • Norris Hills at Locust Street / Apartment Building

    Property Details for 1790 Locust St

    Year built
    1965
    Lot size
    0.44 lot acres
    Zone code
    R1A
    Property type
    Apartment buildings
    APN
    13-00-20712-00-2
    APU
    130020712002

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 8, 2018 — Norris Hills Apts Ltd Ptshp Norris Hills Apartments Ltd Quit Claim Deed · related $2.7M · Santander Bk NA
    Dec 5, 2012 — Norris Hills Apartments Ltd Pt — Deed Of Trust · related $14.5M · Sovereign Bank
    Jun 1, 2012 $844,720 Norris Hills Apt LP Keeney,robert L & Patricia A Grant Deed —
    — — Robert L Keeney — Deed Of Trust · related $400k · Pnc Bank
    — — Robert L Keeney — Deed Of Trust · related $385k · First Niagara Bank
    — — Robert L Kenney — Deed Of Trust · related $400k · Progress Bank
    — — Robert Kenney — Deed Of Trust · related $50k · Progress Bank
    — — Robert L Keeney — Deed Of Trust · related $400k · Pnc Bank
    — — Robert Keeney — Deed Of Trust · related $25k · Pnc Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,290,000
      Current use
      OFFICE BUILDING
      $2,765,000
      Change: +21% Conversion: Moderate
      MEDICAL BUILDING
      $2,500,000
      Change: +9% Conversion: Moderate
      RESTAURANT
      $2,230,000
      Change: -3% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,070,000
      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
    -75.3292
    Latitude
    40.1298
    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
    $34,955
    $65,500
    $503,950
    $569,450
    -
    $65,500
    $503,950
    $569,450

    Comparable in this City

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      22,142 SF

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      1800 Hls Dr

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      1433 Arch St

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    • Value Estimation
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      10,761 SF

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      View Details

    Similar Nearby for Sale

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      Norristown Mixed-Use Investment Opportunity

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      View Details
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      Norristown Mixed-Use Investment Opportunity

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    • New
      $300,000
      0.05 Acres

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      Well-maintained duplex with two rented units, offering separate heating systems and shared common-area services.
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    • $275,000
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      Three-Story Duplex with Garage

      Large three-story duplex with detached garage, sold as-is.
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      Norristown Triplex Renovation Opportunity

      Triplex in Norristown, PA needing total renovation or redevelopment.
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      Three-story duplex in Norristown, Pennsylvania, with detached garage.
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    Similar Nearby for Lease

    • $350 /Mo

      Norristown Office Suites For Lease

      Professional office suites in a centrally located Norristown building.
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      Downtown Retail/Mixed-Use Land Opportunity

      0.75-acre land for retail or mixed-use development in Norristown.
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      View Details
    • Contact for pricing
      19,500 SF

      Retail End Cap for Sublease

      19,448 SF end cap in busy shopping center.
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    • Contact for pricing
      2,480 SF

      Norristown Retail Space for Lease

      Retail space in Keystone Enterprise Zone, Main Street Economic Initiative.
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      Industrial Space in Norristown

      Industrial space available for lease in Norristown, Pennsylvania.
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    • Contact for pricing

      Norristown Retail Space Available

      Retail spaces available, ranging from 8,453 to 11,138 SqFt.
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      View Details
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    Norristown, PA 19401-3079
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    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
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