5-Unit Apartment
For Sale
$460,000
357 S 3RD Street, Reading, PA 19602
Multi-Family, READING, PA
Property Size2,946 SF
Lot Size0.05 Acres
Price / SF$156.14
Days on Market171
Property Features for 357 S 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Subdivision
SOUTHWEST READING
Elementary school district
READING
Middle school district
READING
High school district
READING
Standard status
Active
Size
2,946 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2026
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1900
Number of units
4
Building materials
Stucco
Architectural style
Other
Listing Agency:
Century 21 Gold · Century 21 Real Estate
(610) 779-2500
Listed By:
F. Scott Goetz · License #RS110187a
(610) 621-8342
Added: Mar 19
Changed: Sep 2
Last Checked: Sep 5 at 7:06PM
MLS# PABK2069610
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,946-square-foot apartment property contains five residential units with layouts ranging from one to three bedrooms. Two units are currently vacant, while the remaining units are occupied. Tenants pay all utilities except water and sewer, and the building uses electric baseboard heating. Stucco construction dates to 1900, with on-street parking serving the property.
The building is located across from a park and baseball field in Reading, Pennsylvania. Its 0.05-acre site provides an established multifamily setting with nearby outdoor recreation. The unit mix and current vacancies offer a clear view of the existing configuration for prospective owners evaluating the property.
The building is located across from a park and baseball field in Reading, Pennsylvania. Its 0.05-acre site provides an established multifamily setting with nearby outdoor recreation. The unit mix and current vacancies offer a clear view of the existing configuration for prospective owners evaluating the property.
Key Highlights
- Five apartment units with one- to three‑bedroom layouts
- 2,946 square feet on a 0.05‑acre lot
- Two units currently vacant
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,386
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$507,720
$507.7K
Cap Rate 7%
$362,657
$362.7K
Cap Rate 9%
$282,067
$282.1K
Market Conditions
NOI Build-Up for 2,946 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.1K $16.32/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$46.2K $15.67/SF
− OpEx
−$20.8K −$7.05/SF
NOI
$25.4K $8.62/SF
Area
Berks County, PA
Vacancy
4.00%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$507,720
Cap Rate 7%
$362,657
Cap Rate 9%
$282,067
Alternative Uses
Best Use
Apartment 5plus
$362.7K
$317.3K – $423.1K
NOI $25,386 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.6K
$423.2K – $564.2K
NOI $33,853 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 19602, PA
19,782
Population
7,907
Households
2.5
Avg Household Size
32
Median Age
11%
College-Educated
71%
High-School Grad
2.0 sq mi
ZIP Area
9,891
Density / Sq Mi
$38,179
Median Household Income
$30,848
Median Earnings
$978
Median Rent
$73,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five residential units offer a one- to three-bedroom mix, with tenants paying utilities other than water and sewer.
Where is this apartment building located?
The property is located at 357 S 3RD Street Reading, PA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Five apartment units with one- to three‑bedroom layouts; 2,946 square feet on a 0.05‑acre lot; Two units currently vacant
