501 Penn St - Office FOR SALE


Reading, PA 19601
$798,000 USD
484-769-3209
501 Penn St, Reading, PA for Sale
$798,000 USD
Office - FOR SALE
1/46
null | 8.97% Cap Rate

501 Penn St
Reading, PA 19601


HIGHLIGHTS

  • mostly leased - multi tenant property (2800 sf 2nd floor offices available for lease)
  • prime location at the center of Reading
  • Lots of nearby parking, three large covered lots within 3 blocks
  • 5 retail spaces along 5th St
  • Tenants pay their own utilities, each with it's own heating system, electric and gas meters

OVERVIEW

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!

FOR SALE DETAILS

PRICE

$798,000 USD

PRICE/SF

$78 USD /SF

CAP RATE

8.97%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

ADD'L SUBTYPES

Storefront Retail/Office, Loft/Creative Space, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1793

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.08 AC

LAND SF

3,485 SF

ZONING

CC

APN/PARCEL ID

07-5307-83-70-9307

ASK ABOUT THIS PROPERTY

Sean MorettiDestination RealtyMore Info
484-769-3209

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Sean MorettiDestination RealtyMore Info
484-769-3209

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.