10 Franklin St Reading, PA 19602
16-Unit Value-Add Opportunity
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 135
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
Nearby Similar for Sale
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.
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