Two-Unit Duplex with Separate
For Sale
$209,900
Pending
103 UPLAND AVENUE, Reading, PA 19611
Two distinct apartments offer dedicated utility equipment, basement storage, and separate interior layouts.
Property Size1,626 SF
Days on Market53
Property Features for 103 UPLAND AVENUE
General Information
Standard status
Pending
Size
1,626 SF
Property subtype
Duplex
Building Details
Building Size
1,626 SF
Year Built
1910
Listing Agency:
Daryl Tillman Realty Group
(610) 985-0224
Listed By:
Daryl E Tillman
(610) 985-0224
Source:
Tylermillerteam.kw
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 30 at 1:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Daryl Tillman Realty Group
Investment Insights
Based on property information with market context.
Built in 1910, this Reading duplex contains two separate apartments with distinct floor plans and dedicated utility equipment. The first-floor residence includes one bedroom, one full bathroom, a living room, kitchen with pantry storage, rear-yard access, and a direct connection to the basement. The upper apartment provides two bedrooms, a living room, kitchen entry, a walk-in closet with an adjoining half bath, and a separate full bathroom. Basement areas include dedicated storage for each unit, with laundry serving the second-floor apartment.
Each apartment has its own electrical panel and water heater. The property also includes radiator heat, supplemental electric heat in both full bathrooms, and a whole-house exhaust fan. Exterior features include a side porch, fenced rear yard, outdoor storage closet, emergency rear stairway, and a rear gravel parking space. Most windows have been replaced, and two gas ranges are included.
Each apartment has its own electrical panel and water heater. The property also includes radiator heat, supplemental electric heat in both full bathrooms, and a whole-house exhaust fan. Exterior features include a side porch, fenced rear yard, outdoor storage closet, emergency rear stairway, and a rear gravel parking space. Most windows have been replaced, and two gas ranges are included.
Key Highlights
- Two‑unit duplex with 1‑bedroom and 2‑bedroom apartments
- First‑floor unit has 1 full bathroom; second‑floor unit has 1.5 bathrooms
- Separate electrical panels and water heaters for each unit
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
$16,030
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
7.64%
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%
$320,600
$320.6K
Cap Rate 7%
$229,000
$229.0K
Cap Rate 9%
$178,111
$178.1K
Market Conditions
NOI Build-Up for 1,626 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
$23.8K $14.64/SF
− Vacancy
−$905 −$0.56/SF
EGI
$22.9K $14.08/SF
− OpEx
−$6.9K −$4.23/SF
NOI
$16.0K $9.86/SF
Area
Berks County, PA
Vacancy
3.80%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
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%
$320,600
Cap Rate 7%
$229,000
Cap Rate 9%
$178,111
Alternative Uses
Best Use
Multifamily LT 5
$229.0K
$200.4K – $267.2K
NOI $16,030 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$200.2K
$175.1K – $233.5K
NOI $14,011 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$266.9K
$233.6K – $311.4K
NOI $18,685 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Explore this area
Business Placement
Demographics for 19611, PA
11,238
Population
4,555
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
85%
High-School Grad
2.0 sq mi
ZIP Area
5,619
Density / Sq Mi
$56,379
Median Household Income
$40,791
Median Earnings
$1,098
Median Rent
$161,900
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?
Duplex - Two distinct apartments offer dedicated utility equipment, basement storage, and separate interior layouts.
Where is this duplex located?
The property is located at 103 UPLAND AVENUE Reading, PA.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two‑unit duplex with 1‑bedroom and 2‑bedroom apartments; First‑floor unit has 1 full bathroom; second‑floor unit has 1.5 bathrooms; Separate electrical panels and water heaters for each unit
