501 Penn St
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501 Penn St
10,200 SF 100% Leased Office Building Reading, PA 19601 $798,000 ($78/SF) 8.97% Cap Rate
Investment Highlights
- mostly leased - multi tenant property (2800 sf 2nd floor offices available for lease)
- Lots of nearby parking, three large covered lots within 3 blocks
- Tenants pay their own utilities, each with it's own heating system, electric and gas meters
- prime location at the center of Reading
- 5 retail spaces along 5th St
Executive Summary
Prime location at the North East corner of downtown Reading PA. This intersection is at the heart of the city and offers great views from the upper floors. Built in the late 1700's, this Historic Building is located at the Center of Reading's Business District. Great visibility, excellent location. Diverse tenant mix includes 8 units with five street level retail, three office suites on the upper floors. Utilities are separated, each unit has their own HVAC and pays their own gas and electric bills! Owner expenses are very manageable and include water, sewer and a small owner electric bill for common areas and the elevator! Buy today, collect rent tomorrow! Second and third floors are serviced by an elevator, allowing access to everyone!
Many are asking about residential conversion... the commercial core zoning does require commercial use on the ground level, but does allow residential use on the upper floors, (with parking accommodations). See attached CC Zoning doc as well as floor plans. Easy to show with preferred 36 hours notice, come on out!
Many are asking about residential conversion... the commercial core zoning does require commercial use on the ground level, but does allow residential use on the upper floors, (with parking accommodations). See attached CC Zoning doc as well as floor plans. Easy to show with preferred 36 hours notice, come on out!
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$117,864
|
$11.56
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$117,864
|
$11.56
|
| Taxes |
$10,108
|
$0.99
|
| Operating Expenses |
$16,006
|
$1.57
|
| Total Expenses |
$26,114
|
$2.56
|
| Net Operating Income |
$91,750
|
$9.00
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $117,864 |
| Annual Per SF | $11.56 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $117,864 |
| Annual Per SF | $11.56 |
| Taxes | |
|---|---|
| Annual | $10,108 |
| Annual Per SF | $0.99 |
| Operating Expenses | |
|---|---|
| Annual | $16,006 |
| Annual Per SF | $1.57 |
| Total Expenses | |
|---|---|
| Annual | $26,114 |
| Annual Per SF | $2.56 |
| Net Operating Income | |
|---|---|
| Annual | $91,750 |
| Annual Per SF | $9.00 |
Property Facts Under Contract
Sale Type
Investment
Property Type
Building Size
10,200 SF
Building Class
B
Year Built/Renovated
1793/1990
Price
$798,000
Price Per SF
$78
Cap Rate
8.97%
NOI
$71,574
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
2,800 SF
Building FAR
2.93
Land Acres
0.08 AC
Opportunity Zone
Yes
Zoning
CC - CC Zoning = Commercial Core
many permitted uses included in downloadable docs
Amenities
- Controlled Access
- Kitchen
- Central Heating
- High Ceilings
- Natural Light
- Air Conditioning
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Walk Score ®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 07-5307-83-70-9307 | Total Assessment | $228,700 |
| Land Assessment | $30,900 | Annual Taxes | $10,108 ($0.99/SF) |
| Improvements Assessment | $197,800 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
07-5307-83-70-9307
Land Assessment
$30,900
Improvements Assessment
$197,800
Total Assessment
$228,700
Annual Taxes
$10,108 ($0.99/SF)
Tax Year
2024
-
Sean Moretti -
Destination Realty
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501 Penn St
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