Central downtown Reading commercial multi unit.

501 Penn St, Reading, Pa

$790,000

Price

$85,865

NOI

10,200 sqft

Building Size

Gallery
Street
Map
Overview
NOI
$85,865
Building Size
10,200 sqft
Year Built
1793
Price Per Sqft
$77.45
Zoning
CC
Floors
3
Year Last Renovated
2019
Number of Elevators
1
Roof
Flat
HVAC
Gas forced air HVAC
Restrooms
10
CeilingHeight
814
Investment Strategy
Opportunistic
Description

Level, Road Frontage, Zero Lot Line

Built in the late 1700's, this Historic Building is located at the Center of Reading's Business District. Great visibility, excellent location. The mostly occupied, diverse tenant mix includes 8 units: five retail at street level, three on the upper floors operating as office and service providers. Utilities are separated and each unit has their own HVAC , gas and electric meters. Owner expenses are very manageable. Buy today, collect rent tomorrow! The second and third floors are serviced by an elevator, allowing access to everyone.

Regarding residential conversion: the commercial core zoning of this building requires commercial use on the ground level, but allows for residential use on the upper floors (with parking accommodations.) See the attached CC Zoning doc as well as floor plans. Easy to show with preferred 36 hours notice, come on out!

Highlights
  • Days on Market: 393
  • Development Status: Zoned
  • Parking Features: Public, Unassigned
  • Heating: Heat Pump - Gas BackUp
Location
Gallery