Brick Duplex with Two-Car
For Sale
$175,000
120 W ELM Street, Reading, PA 19601
Multi-Family, READING, PA
Property Size1,080 SF
Lot Size0.04 Acres
Price / SF$162.04
Days on Market11
Property Features for 120 W ELM Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
2
Parking features
Garage - Attached
Elementary school district
READING
Middle school district
READING
High school district
READING
Standard status
Active
Size
1,080 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
1010
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Building Details
Year built
1910
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Iron Valley Real Estate of Berks
(484) 450-8771
Listed By:
MOUNA TABAT · License #RS375006
(484) 529-3923
Added: Aug 19
Changed: Aug 23
Last Checked: Aug 29 at 8:06AM
MLS# PABK2073522
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.
Located at 120 W Elm Street in Reading, Pennsylvania, this brick duplex contains two 1-bedroom units within 1,080 square feet. The first-floor apartment is vacant and freshly remodeled, while the second-floor unit is occupied. Both apartments are described as being in good condition and are supported by electric baseboard heating and window-unit cooling.
Each unit is separately metered, and both electric water heaters were replaced in 2024. The property includes a 0.04-acre lot, a basement, and an attached two-car garage that currently lacks a door. Additional two-car parking is positioned in front of the garage. Professional management is already in place, providing an established operating structure for the property.
Each unit is separately metered, and both electric water heaters were replaced in 2024. The property includes a 0.04-acre lot, a basement, and an attached two-car garage that currently lacks a door. Additional two-car parking is positioned in front of the garage. Professional management is already in place, providing an established operating structure for the property.
Key Highlights
- Two 1‑bedroom units in a 1,080‑square‑foot duplex
- First‑floor unit is vacant and freshly remodeled; second‑floor unit is occupied
- Separately metered apartments with electric baseboard heating
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
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 - Two separately metered units include electric baseboard heat and window-unit cooling.
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 1‑bedroom units in a 1,080‑square‑foot duplex; First‑floor unit is vacant and freshly remodeled; second‑floor unit is occupied; Separately metered apartments with electric baseboard heating
