For Sale
$2,000,000

10 Franklin St Reading, PA 19602

16-Unit Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
135
This exceptional investment opportunity presents a portfolio of four Class C multifamily buildings totaling 16 units, strategically located in Reading, Pennsylvania. The properties, situated at 10 N. 11th St, 11 S. 11th St, 21 S. 11th St, and 1136 Franklin St, are conveniently clustered together, simplifying management and maintenance. Currently boasting 100% occupancy and a Net Operating Income (NOI) of $105,833, resulting in a 6.40% cap rate, this portfolio offers significant upside potential. A pro-forma NOI of $181,800 projects a compelling 9.09% cap rate, reflecting the potential for substantial rent increases. Built in 1900, these solid brick buildings feature long-term tenants, many on month-to-month leases, with rents currently 20-30% below market value. The proximity to Alvernia University's new campus presents a unique value-add opportunity to transition the property into student housing. The portfolio benefits from a strong local economy, with nearby manufacturing, distribution, warehousing, and retail establishments. The permitted zoning is R, and the property is offered fee simple. Owner financing may be available. This is one of seven packages within a larger portfolio. This is a rare opportunity to acquire city park-adjacent properties with significant potential for increased profitability.

Highlights

  • Owner-operated and maintained; first sale in 17+ years.
  • No rent control; below-market rents allow for immediate increases.
  • Current NOI $105,833 (6.4% cap rate); pro forma NOI $181,800 (9.09% cap rate).
  • Fully occupied, all-brick buildings.
  • Long-term, mostly month-to-month tenants; rents 20-30% below market.
  • Value-add opportunity: conversion to student housing near Alvernia University's new campus.

Property Details for 10 Franklin St

Property type
Apartment buildings
Class
C
Year Built
1900
Buildings
4
Units
16

Location Insight

City
Reading
County
Berks
State
Pennsylvania
Latitude
40.3537241
Longitude
-75.9405178

FAQs

What type of property is this?
Apartment building - 16-Unit Value-Add Opportunity
Where is the apartment building located?
The property is located at 10 Franklin St Reading, PA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Owner-operated and maintained; first sale in 17+ years.; No rent control; below-market rents allow for immediate increases.; Current NOI $105,833 (6.4% cap rate); pro forma NOI $181,800 (9.09% cap rate).
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
10 Franklin St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message