515 Penn StReading, PA 19601

Property Details for 515 Penn St

Lot size

0.16 AC

Property type

Banks

APN

5307-83-80-0348

APU

530783800348

Description

This exceptional redevelopment opportunity presents a 40,000-square-foot, three-story Class B apartment building situated on a 0.33-acre lot in downtown Reading, Pennsylvania. Located at 515 Penn St, between 5th and 6th Streets, this property boasts a prime location within the Reading Downtown Improvement District and the Penn Square Overlay District (with an underlying Commercial Core (C-C) district zoning). The building features a striking 40-foot atrium ceiling, multiple elevators, a sprinkler system, and a recently installed new roof. A full basement with numerous vaults adds significant potential. Currently configured for single or multiple tenant occupancy, this property offers immense potential for conversion into approximately 30 apartments, while maintaining commercial space on the first floor. Its central location provides easy access to the Reading Post Office, Attorney Row, City Hall, County Offices, and The Sovereign Center. Several parking garages are within walking distance, and public transportation is readily available on 5th Street. The asking price is $3,000,000 ($75/sq ft, $30,000/unit). Significant grant funding may be available to support redevelopment, potentially covering up to 75% of acquisition and rehabilitation costs for housing projects. This presents a unique chance to capitalize on a prime location and substantial grant opportunities for a high-return investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,581,455

  6.5%

  $1,459,804

  7%

  $1,355,533

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,346,830

  Geo Method

  $2,294,964

• Alternative Use

  Use

  Valuation

  Residential

  $1,231,400

  Hospitality

  $1,127,955

  Educational

  $938,446

  Medical

  $970,720

  Retail

  $1,459,804

Location Insight

City

Reading

County

Berks

State

Pennsylvania

Latitude

40.3358

Longitude

-75.9271

CBSA code

39740

CBSA name

READING, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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