1437 Dekalb StNorristown, PA 19401

For Sale
$3,871,000

17,973 SF, 7% Cap Rate, NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
94
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.

Highlights

  • 2019 renovation expanded the building to accommodate Children's Hospital of Philadelphia (CHOP), increasing appointment capacity and service offerings, including behavioral health and social work.
  • Children's Hospital of Philadelphia (CHOP), an investment-grade (Aa2: Moody's) tenant, is the #2 ranked and largest pediatric care network nationally, serving over 1.28 million outpatients annually.
  • The property is anchored by Jefferson Health (Moody's: A2), a leading healthcare system, following its 2021 merger with Einstein Healthcare Network, which acquired Norristown Family Physicians in 2019.
  • Excellent location on Route 202 in Montgomery County, within three miles of Norristown State Hospital, Mercy Suburban Hospital, and Jefferson/Einstein Medical Center.
  • Strong local demographics: 26% of the population within one mile is under 18, and 96% are insured, exceeding the national average.
  • Prime location 25 minutes north of Philadelphia, in affluent Montgomery County (2nd wealthiest in Pennsylvania), with over 192,000 residents and $137,000 average household income within a five-mile radius.

Property Details for 1437 Dekalb St

Property type
Other office properties, Medical offices
Square Feet
17,973 SF
Year Built/Renovated
1991/2019
Lot Size (sq. ft)
65,340 SF

Location Insight

City
Norristown
County
Montgomery
State
Pennsylvania
Latitude
40.1242934
Longitude
-75.3329733
1437 Dekalb St, Norristown, Pennsylvania

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1437 Dekalb St
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