12 Unit, Zoning conforming, development opportunity near the heart of downtown Reading and just blocks from Alvernia University's College town campus on Penn St. Note: Rent projections based on the finished project. Be sure to look at the attached floor plan drawings. 12 units require 1.5 parking spaces each unit. (18 total parking spaces needed with current zoning).
Gross Income estimates based on 12 units with an average income of $1,100 = $13,200 / month or $158,400 annually. Expenses unavailable as the property is vacant and has been for a few years. Market rents for average finish: | 1 bedroom $900 - $1,000 | 2 bedroom $1,200 - $1,400 | 3 bedroom $1,400 - $1,600. With a premium finish, add 20% to these rents. (Drawings are very rough, not to scale fire exit plans).
The exterior of the building is in good condition featuring a newer paint job, updated fire escapes recently installed rubber roof. The interior... is inside. (trying to be funny, but accurate... this is a complete re-do, a gut job. Bring your crew and make this the premier living destination in Reading)
Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 6th December, 2023 2:20 PM (UTC)