113 Greenwich StReading, PA 19602
- Apartment buildings
Property Details for 113 Greenwich St
- Year built
- 1900
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a portfolio of four Class C multifamily buildings totaling 12 units, situated in Reading, Pennsylvania's City Park Historic District. The portfolio, offered at $1,500,000, boasts a current NOI of $82,707 and a 6.50% cap rate, with significant upside potential. A pro-forma NOI of $116,367 projects an 8.50% cap rate, reflecting the substantial rental growth opportunity. Currently 100% occupied, the buildings—located at 113 Windsor St, 725 N. 2nd St, 1023 N. Front St, and 214 W. Greenwich St—each contain three units and are within close proximity for efficient management. Built in 1900, these solid brick structures are zoned R and represent a rare assembly of units in the historic district. The properties benefit from their proximity to Alvernia University's new campus, various employment centers, and retail amenities. Rents are currently 20-30% below market, offering immediate value-add potential with no rent control restrictions. Owner financing may be available. This is a fee-simple ownership opportunity with a price per unit of $125,000. This portfolio presents a compelling value-add investment with strong potential for significant returns.
Location Insight
- City
- Reading
- County
- Berks
- State
- Pennsylvania
- Latitude
- 40.328
- Longitude
- -75.9144
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