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525 Penn Street

READING, PA 19601
  • $1,300,000
  • STATUS: Active
  • ON SITE: 21 Days
  • ID#: PABK2039426
$1,300,000
  • 0
    BEDS
  • 0.1
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1880
County:

School Ratings & Info

School District:

Description

525 Penn Street in Reading City is located on the heaviest traveled block within the city. This building is situated one block off of the Berks County Court house and Santander Arena. Most outside public events throughout the year are held on the 500 block. 525 Penn St. building has a total of 6 units, 4 units are leased, generating incoming with a cap rate over 10%, with projected cap rates to go as high as 13%. The building itself is located in the Commercial-Core, historic district of Reading. The roof has been replaced in the past two years, and each unit has its own central air/heat system, for easy utility billing. Downtown Penn St. has recently added Alvernia University to the 400 block, and a new state of the art hospital is scheduled to be coming to the American House on the corner of the 300 block. In the past few weeks, several sections of the 400 block have been purchased and the improvement and revitalization of Penn St has accelerated. The benefits of 525 Penn St. is that the property is turnkey and incoming generating, leaving no delay for a build out or renovation process. This property is ahead of the rest and is located among the best. All documents available to show you the analytics of success this building has to offer.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or LoCoMusings | Century 21 Redwood Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-02-28T23:51:32.987.
www.locomusings.com/homes/147366946
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525 Penn Street READING, PA 19601

  • Price: $1,300,000
  • Status: Active
  • On Site: 21 Days
  • ID#: PABK2039426
0
Beds
0
Baths
0
½ Baths
0.1
Acres
1880
Built
Neighborhood:
Reading City (10201)
County:
Berks
Area:
Reading City (10201)
School District:
Reading
Property Description
525 Penn Street in Reading City is located on the heaviest traveled block within the city. This building is situated one block off of the Berks County Court house and Santander Arena. Most outside public events throughout the year are held on the 500 block. 525 Penn St. building has a total of 6 units, 4 units are leased, generating incoming with a cap rate over 10%, with projected cap rates to go as high as 13%. The building itself is located in the Commercial-Core, historic district of Reading. The roof has been replaced in the past two years, and each unit has its own central air/heat system, for easy utility billing. Downtown Penn St. has recently added Alvernia University to the 400 block, and a new state of the art hospital is scheduled to be coming to the American House on the corner of the 300 block. In the past few weeks, several sections of the 400 block have been purchased and the improvement and revitalization of Penn St has accelerated. The benefits of 525 Penn St. is that the property is turnkey and incoming generating, leaving no delay for a build out or renovation process. This property is ahead of the rest and is located among the best. All documents available to show you the analytics of success this building has to offer.
Exterior Features

Construction Materials BrickCement SidingStoneWood Siding Door Features Double Entry Garage YN No Parking Features Paved ParkingPublic Parking Types On StreetPublic GarageOther Property Condition Very Good Riparian Rights YN No Roof FlatRubber View City Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 14837.00 Cooling Central A/C Flooring Ceramic TileHardwoodLaminatedLuxury Vinyl PlankCarpetWood Heating Central Heating YN Yes Net Square Feet 14837.00

Property Features

Acceptable Financing CashOtherConventionalExchange Accessibility Features 36"+ wide HallsElevatorLevel Entry - MainOther Assessment Year 2023 Business Type FlexInstitutionalMedicalOther/General RetailProfessionalStorageHair Salon and Spa Central Air YN Yes Cooling Fuel Electric Elevators 1 Entry Level 1 Foundation Details StoneConcrete Perimeter Gross Income 165000.00 Heating Fuel Electric Hot Water Electric Municipality READING CITY Navigable Water YN N Net Operating Income 133688.00 New Construction YN No Number Of Units Total 6 Operating Expense 31312.00 Operating Expense Includes Repair/MaintenanceTrashInsuranceManagement FeesOther Original MLSNumber 802853171152 Owner Pays WaterSewer Ownership Interest Fee Simple Possession Immediate Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 10439.00 Tax Assessment Amount 238800.00 Tax Lot 1316 Total Actual Rent 165000.00 Utilities Electric AvailableCable TV AvailablePhone AvailableSewer AvailableWater Available Vacation Rental YN No Water Source Public Zoning COMMERICAL-CORE Zoning Description This building is in commercial core historic district with penn overlay of Reading city. All zoning docs available.

Listing courtesy of Coldwell Banker Realty: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or LoCoMusings | Century 21 Redwood Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-02-28T23:51:32.987.
 
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