505 Penn StReading, PA 19601

Property Details for 505 Penn St

Year built

1900

Lot size

0.24 AC

Property size (Sq ft)

45,030 SF

Property type

Office buildings

APN

5307-83-70-9470

APU

530783709470

Description

This stunning, four-story, 40,000 square foot Class A office building, originally constructed in 1900 and extensively renovated in 1909, is situated on a 0.24-acre lot in the heart of Reading, Pennsylvania's vibrant downtown. The property, boasting a prominent location near the Santander Arena, Performing Arts Center, and Alvernia University College Towne Campus, offers a unique blend of historic charm and modern functionality. Currently operating at 85% occupancy, generating a NOI of $99,034 and a 4.00% cap rate, this mixed-use building presents an exceptional investment opportunity. The asking price is $2,200,000 ($62.86/sq ft). The building features eight on-site parking spaces, plus ample nearby public parking. Zoned C-C, it's adaptable to various uses including traditional, medical, and creative office spaces. The building benefits from a 200+ amp, 440-volt electrical service. This fee-simple ownership opportunity allows for immediate possession and control, making it ideal for both owner-occupants and investors seeking a strong return on investment in a rapidly developing downtown area. The building's history as the Stichter Hardware Building adds to its unique appeal and potential for branding and marketing opportunities. This is a rare chance to acquire a piece of Reading's rich history and participate in its ongoing revitalization.

• CAP approach

  CAP return

  Valuation

  6%

  $6,950,380

  6.5%

  $6,415,736

  7%

  $5,957,469

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,452,879

  Geo Method

  $5,883,620

• Alternative Use

  Use

  Valuation

  Residential

  $7,955,512

  Hospitality

  $7,287,206

  Educational

  $6,062,870

  Medical

  $6,271,382

  Retail

  $9,431,132

Location Insight

City

Reading

County

Berks

State

Pennsylvania

Latitude

40.3358

Longitude

-75.9274

CBSA code

39740

CBSA name

READING, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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