Three-Unit Residential Income
For Sale
$309,900
1038 WALNUT STREET, Reading, PA 19601
Triplex with three separate units and four utility meters for tenant-paid electric, heat, and hot water.
Property Size1,355 SF
Price / SF$228.71
Days on Market11
Property Features for 1038 WALNUT STREET
General Information
Standard status
Active
Size
1,355 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Light House Realtors, LLC
(610) 507-4933
Listed By:
Jorge Diaz Jr. · License #RS328499
(610) 507-4933
Source:
Cummingsrealtors
Added: Jul 21
Changed: Jul 27
Last Checked: Jul 30 at 5:32AM
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 Light House Realtors, LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property (triplex) offers a tenant-occupied 1-bedroom unit, plus two additional residential units currently vacant. The vacant 1st floor rear studio unit has been recently updated, and the vacant 2nd floor unit is a spacious 2-bedroom configuration. Heat and hot water systems vary by unit: the 1-bedroom unit uses electric heat and an electric stove, while the 2-bedroom unit provides gas boiler heat with electric hot water.
The property includes four separate utility meters, supporting straightforward billing and tenant responsibility. The tenant-occupied unit and the vacant units are described as having their own electric, hot water, and heat provisions, which may simplify day-to-day utility management.
All three units are positioned to support a multi-tenant rental structure within a single building, making it an option for both investors and owner-occupants seeking rental income from the other units.
The property includes four separate utility meters, supporting straightforward billing and tenant responsibility. The tenant-occupied unit and the vacant units are described as having their own electric, hot water, and heat provisions, which may simplify day-to-day utility management.
All three units are positioned to support a multi-tenant rental structure within a single building, making it an option for both investors and owner-occupants seeking rental income from the other units.
Key Highlights
- Triplex with three residential units
- Tenant‑occupied 1‑bedroom unit rented for $800/month; tenant pays electric heat, hot water, and electric stove
- Vacant, recently updated 1st‑floor rear studio unit with projected rent of approximately $1,100/month
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $19.8k | $14.64 |
| − Vacancy | −$754 | −$0.56 |
| EGI | $19.1k | $14.08 |
| − OpEx | −$5.7k | −$4.23 |
| NOI | $13.4k | $9.86 |
1,355 SF · lease $14.64/SF/yr · vacancy 3.80% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$190.8K
$167.0K – $222.6K
NOI $13,358 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$166.8K
$146.0K – $194.6K
NOI $11,676 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$222.4K
$194.6K – $259.5K
NOI $15,571 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,151
Businesses Nearby
Explore this area
Business Placement
Demographics for 19601, PA
35,477
Population
14,024
Households
2.5
Avg Household Size
34
Median Age
12%
College-Educated
73%
High-School Grad
3.8 sq mi
ZIP Area
9,336
Density / Sq Mi
$41,133
Median Household Income
$30,433
Median Earnings
$986
Median Rent
$110,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with three separate units and four utility meters for tenant-paid electric, heat, and hot water.
Where is this triplex located?
The property is located at 1038 WALNUT STREET Reading, PA.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Triplex with three residential units; Tenant‑occupied 1‑bedroom unit rented for $800/month; tenant pays electric heat, hot water, and electric stove; Vacant, recently updated 1st‑floor rear studio unit with projected rent of approximately $1,100/month
