212 6Th StReading, PA 19601

  • Office properties
  • 4,464 SF
For Sale
$1,750,000 View listing

Property Details for 212 6Th St

Year built
1900
Lot size
0.05 AC
Property size (Sq ft)
4,464 SF
Property type
Office properties
Property subtype
Office buildings
APN
5307-75-81-3511
APU
530775813511

Description

This exceptional investment opportunity presents a portfolio of five Class C apartment buildings totaling 16 units, situated on a single block in downtown Reading, Pennsylvania. The property, built in 1900, offers a compelling value-add proposition with significant upside potential. Currently boasting 100% occupancy and a Net Operating Income (NOI) of $107,162, resulting in a 6.12% cap rate, the pro-forma NOI is projected at $156,242, yielding an 8.93% cap rate. This substantial increase is achievable through readily implemented rent increases; current rents are 20-30% below market rates, with most tenants on month-to-month leases. The portfolio's strategic location within walking distance of Alvernia University's new student campus presents a unique opportunity to transition into student housing without incurring construction costs. The absence of rent control in Reading further enhances the investment's appeal. The properties are conveniently located near various employment centers, including manufacturing, distribution, warehousing, and numerous retail establishments. This fee-simple ownership offers a rare assembly of units in a prime downtown location, with the seller potentially offering owner financing. The asking price is $1,750,000, or $109,375 per unit. Individual building addresses include 212 N. 6th St (3 units), 225 N. 6th St (2+1 units), 235 N. 6th St (3 units), 237 N. 6th St (5 units), and 239 N. 6th St (2 units). This portfolio represents a first sale in over 17 years, presenting a rare opportunity for significant returns.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $689,018
    6.5%
    $636,017
    7%
    $590,587
  • Comparable approach

    Method
    Valuation
    Relative Method
    $342,297
    Geo Method
    $583,266
  • Alternative Use

    Use
    Valuation
    Residential
    $788,661
    Hospitality
    $722,409
    Educational
    $601,036
    Medical
    $621,707
    Retail
    $934,945
212 6Th St, Reading, Pennsylvania

Location Insight

City
Reading
County
Berks
State
Pennsylvania
Latitude
40.3389
Longitude
-75.9261
CBSA code
39740
CBSA name
READING, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$1,543
$11,000
$47,300
$58,300
-
$11,000
$47,300
$58,300

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