Two-Unit Duplex with
For Sale
$175,000
120 W ELM STREET, Reading, PA 19601
Professionally managed residential income property with separate utility metering and a remodeled vacant unit.
Property Size1,080 SF
Price / SF$162.04
Days on Market15
Property Features for 120 W ELM STREET
General Information
Standard status
Active
Size
1,080 SF
Total Parking Spaces
4
Property subtype
Duplex
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1910
Buildings
1
Tenancy
Single
Listing Agency:
Iron Valley Real Estate of Berks
(484) 529-3923
Listed By:
MOUNA TABAT · License #RS375006
(484) 529-3923
Source:
Cummingsrealtors
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 28 at 12:02PM
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 Iron Valley Real Estate of Berks
Investment Insights
Based on property information with market context.
This 1,080-square-foot duplex, built in 1910, contains two one-bedroom units. The first-floor residence is vacant and freshly remodeled, while the second-floor unit is occupied. Both apartments are described as being in good condition, and each has its own electric water heater, replaced in 2024.
Separate metering covers heat and electric service, with tenants responsible for those utility costs. The property is professionally managed and includes a two-car garage at the rear without a current garage door, along with additional parking for two vehicles in front of the garage. The configuration supports continued rental use or an owner-occupant arrangement.
Separate metering covers heat and electric service, with tenants responsible for those utility costs. The property is professionally managed and includes a two-car garage at the rear without a current garage door, along with additional parking for two vehicles in front of the garage. The configuration supports continued rental use or an owner-occupant arrangement.
Key Highlights
- Two one‑bedroom units within a 1,080‑square‑foot duplex
- First‑floor unit is vacant and freshly remodeled
- Second‑floor unit is currently occupied
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
$10,647
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
6.08%
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%
$212,940
$212.9K
Cap Rate 7%
$152,100
$152.1K
Cap Rate 9%
$118,300
$118.3K
Market Conditions
NOI Build-Up for 1,080 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
$15.8K $14.64/SF
− Vacancy
−$601 −$0.56/SF
EGI
$15.2K $14.08/SF
− OpEx
−$4.6K −$4.23/SF
NOI
$10.6K $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%
$212,940
Cap Rate 7%
$152,100
Cap Rate 9%
$118,300
Alternative Uses
Best Use
Multifamily LT 5
$152.1K
$133.1K – $177.5K
NOI $10,647 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$132.9K
$116.3K – $155.1K
NOI $9,306 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$177.3K
$155.1K – $206.8K
NOI $12,410 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,121
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?
Duplex - Professionally managed residential income property with separate utility metering and a remodeled vacant unit.
Where is this duplex located?
The property is located at 120 W ELM STREET Reading, PA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two one‑bedroom units within a 1,080‑square‑foot duplex; First‑floor unit is vacant and freshly remodeled; Second‑floor unit is currently occupied
