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Penn Corridor Apartments 11.7% Cap, 24% Cash/Cash - 1039-1041 Penn Street, Reading, PA 19601
Property Type: Multifamily Price: $599,000 http://listing.loopnet.com/16307340
Garden/Low-Rise Price/Unit: $42,786
No. Units: 14 Cap Rate: 11.70%
Building Size: 7,000 SF Occupancy: 100%
LoopNet ID: 16307340
Status: Active
Property Description:
Property consists of 13 RES units, 1 COM unit used for storage and a first floor Laundry Mat. The most recent analysis of the income justifies a 10%
capitalization rate with 100% Occupancy (APR09). The current owners have made significant upgrade to the property including a new roof, new retaining
wall, new pipes, and interior work. The east side ally provides enough room for out door porch or deck. Rare Onsite parking lot with Net Operating
Income is calculated to be $70,525.00 annually (2008 actual). The building is 100% code compliant fully inspected. $69,950 NOI number based on
incorporated vacancy factor. Further details can be found in the Offering Packet.
West Reading 2 Unit, 9.8 CAP, 11% Cash on cash - 555 Chestnut Street, West Reading, PA 19611
Property Type: Multifamily Price: $195,000 http://listing.loopnet.com/16277376
Duplex/Triplex/Fourplex Price/Unit: $97,500
No. Units: 2 Cap Rate: 9.80%
Building Size: 1,660 SF Occupancy: 100%
LoopNet ID: 16277376
Status: Active
Property Description:
Charming 2 unit investment property in the heart of booming West Reading. One of the counties largest employers, The Reading Hospital and Medical
Center, is 2 blocks away. This property has not been vacant more then 1 month and has low tenant turnover. Tenants pay EVERYTHING. The front unit
is a single family 3 BD/ 1 Bth, 5 rooms, 1,061 Sq. Ft. and earns $850 / mo. Tenant pays: oil heat, washer/dryer, electric, water and sewer, A/C is electric
window units. Rear unit and a completely renovated 1 bed/ 1 bath with down stairs storage area and 1 car indoor parking garage. The rear unit also has
new appliances, electric central air and tenant pays for everything. Owner does maintain the lawn which runs between the two units. Front unit has street
parking with street and rear walkway access. Rear unit has alley (Grape Street) and front access via side walkway. Rear unit has deck, balcony and hot
tub.
Reading Outlet Center Building #1 - 801 North 9th Street, Reading, PA 19604
Property Type: Multifamily Price: $1,995,000 http://listing.loopnet.com/15511579
Mid/High-Rise Price/Unit: $7,980
No. Units: 250 Cap Rate: 12.00%
Building Size: 320,000 SF LoopNet ID: 15511579
Year Built: 1904 Status: Active
Property Description:
NOW A KEYSTONE OPPORTUNITY ZONE - NO TAXES THROUGH 2020!!! 90% NON-RECOURSE financing available through HUD 221d4
program can be used with a 20% HISTORIC TAX CREDIT for a TOTAL OF 110% FINANCING!!! Former Reading Outlet Center Building #1 totaling
320,000 square feet on 2.4 acres, an entire city block!! All heavy timber construction in need of complete restoration/renovation. Property is zoned
high density residential/retail outlet. This property can qualify for Historic Tax Credits, New Market Tax Credits, and most PHFA financing. SERIOUS
REDEVELOPERS ONLY!!! See attached proposed construction budget and income/expense numbers!!
Reading Outlet Center Building #10 - 702 North 8th Street, Reading, PA 19604
Property Type: Multifamily Price: $1,095,000 http://listing.loopnet.com/15512001
Mid/High-Rise Price/Unit: $10,950
No. Units: 100 LoopNet ID: 15512001
Building Size: 120,000 SF Status: Active
Year Built: 1906
Property Description:
NOW A KEYSTONE OPPORTUNITY ZONE - NO TAXES THROUGH 2020!!! 120,000 Square foot heavy timber building surrounding two courtyards.
20,000 square feet per floor with 6 floors. One passenger elevator and one freight elevator, four loading docks. Building was last used at part of the
Reading Outlet Center. Building has a new $200,000 roof and roof deck installed but suffered some interior damage due to leakage. Nice floorplans,
great views, lots of original wood flooring. Phase I and Phase II environmentals are done. Some preliminary floorplans are done for 100 apartments and
20,000 square feet of retail space. SERIOUS REDEVELOPMENT INQUIRIES ONLY!! Property needs complete renovation/restoration. Rentometer
places potential rents as high as $1198 (rentometer.com) per unit even though attached projections and cash flows are only at about $600 per month.
That means the Net Income could be about $300,000 higher than included projections!! Building can qualify for a 39% New Market Tax Credit and either
a 10% or 20% Historic Tax Credit, and/or PHFA financing!! Owner just finished appealing taxes from $94,000 down to $450 PER YEAR!
The Saint Lawrence Hall - 3400 Saint Lawrence Rd., Reading, PA 19606
Property Type: Special Purpose Price: $145,000 http://listing.loopnet.com/16053339
Religious Facility Price/SF: $13.81/SF
Building Size: 10,500 SF LoopNet ID: 16053339
Status: Active
Property Description:
Large open spaces thorough out this property, first floor with open ceiling heights of over 20' with clear span. Great for meetings, possible loft apartment
conversion. Building consists of two parts. The first section is a former church built in the late 1800's and includes a large sanctuary on the first floor and
two large rooms below once used as the kitchen and most recently used as living space. The second building section, Three stories tall, was built in 1924
as an add on to the sanctuary and used as the Boro community Center for many years. Most recently, the lower level of this building housed a dinner
theater. There is also an old two lane bowling alley in the basement level.
4th & Elm Street Complex - 225 - 243 N 4th Street, Reading, PA 19601
Property Type: Special Purpose Price: $1,130,000 http://listing.loopnet.com/15075742
Special Purpose (Other) Price/SF: $12.10/SF
Building Size: 93,400 SF LoopNet ID: 15075742
Year Built: 1930 Status: Active
Property Description:
Keystone Opportunity Zone at the 229 N 4th Street Address! see http://www.newpa.com/default.aspx?id=346 for more details. This offering consists
of four deeded properties, beginning at the corner of 4th & Elm Street and extending South on 4th Bldg #1 (243 N 4th St) is a former School house
with parking for 25+ cars. The building is stable, but will require extensive rehabilitation. There is great potential for redevelopment, just blocks from the
Goggle Works artist collony. Bldg #2 (229 N 4th St) is adjcent to the school building to the South. It was formerly used as the City Garage and consists of
a two story garage with indoor parking for over 30 cars on each floor. The lower level is being leased as an auto repair shop. On the same deed as the
garage, is a three unit apartment building, reciently updated from the ground up. New Electrical service, new plumbing, and fully occupied. Bldgs #3&4
(225 & 227 N 4th St) are two apartment buildinjgs with three units each. These two buildings were also reciently updated. New Electrical service, new
plumbing. Will be delivered with Occupancy permit.