821 10Th StReading, PA 19601

Property Details for 821 10Th St

Year built

1900

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of three solid brick multifamily buildings totaling seven units, located in Reading, Pennsylvania. The properties, situated at 821 Walnut St, 54 N. 10th St, and 32 N. 10th St, are conveniently clustered for efficient management. Currently boasting 100% occupancy, this portfolio offers significant upside potential due to below-market rents, which are approximately 30-40% below current market rates. With no rent control in Reading, immediate and substantial rental increases are feasible. The buildings, constructed in 1900, are owner-operated and maintained, representing a first sale in over 17 years. The current Net Operating Income (NOI) stands at $49,910, yielding a 6.25% cap rate. However, a pro-forma NOI of $68,570 projects a significantly improved 8.58% cap rate, reflecting the substantial rental growth potential. The property is zoned R and offers fee simple ownership. The portfolio benefits from a strong local economy, with nearby manufacturing, distribution, warehousing, and various retail establishments. Owner financing may be available. This is a rare chance to acquire a well-positioned, value-add multifamily portfolio with considerable upside potential in a desirable location. This package is one of seven packages comprising a larger portfolio.

Location Insight

City

Reading

County

Berks

State

Pennsylvania

Latitude

40.3361

Longitude

-75.9184

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