329 W Johnson Hwy, Norristown, PA 19401

Property Description

Optimal investment opportunity situated in a heavily traveled and busy business district of East Norriton Township! This 3-story multi-use property has been meticulously maintained by a long-time owner. The first-floor unit houses the hair salon/clinic and is an established business in the area. The unit features a reception area, a waiting area, spacious workstations, two therapy rooms, a private office, a kitchenette, and access to a full basement with plenty of storage space. The current owner’s wife owns and operates the salon business and would like to lease the space from the new owner to continue operating the business. Move upstairs from the rear and enter the bi-level residential apartment, which is currently leased for $1,200/month until September 30th, 2024. Comparable rentals in the area have been leased in the $1700-2000 per month range. The main floor of the unit offers an updated kitchen, a comfortable living room with a gas fireplace, wall-to-wall carpeting, and access to the huge back deck. Finishing off the main floor is a convenient half bathroom. The top floor shows off a sizable bedroom with a vaulted ceiling and skylight. Two additional bedrooms also have a skylight and ample closet space, and a full bathroom completes the level. Other features of the apartment include a washer/dryer, and ceiling fans in all living spaces. Both units have all separate utilities. Parking is easy with 12 parking spaces (two parking spaces are dedicated to the residential apartment). The property is strategically located close to major shopping areas, banks, hospitals, apartment buildings, and residential areas. Easy access to Schuylkill Expressway, rt 202, and PA Turnpike. Looking to the future, the potential cash flow is significant. With the current owners leasing the salon, and the apartment being leased at current market value come September under new ownership, the cap rate stands to potentially reach an impressive 6.5-7%. This building is a cash flow machine and will be a great addition to any investor's portfolio!