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511 Penn St Reading, PA 19601

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For Sale
$3,000,000

40,000 SF building in Reading's Central Business District.

Lot size:
0.33 Acres

Property Features for 511 Penn St

General Information

Standard status
Active
Lot size
0.33 Acres

Building Details

Year built
1900

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Listing Contact
Peter B Gustis
Peter B Gustis
Source: Exitrealty

Listing Agency: Springer Realty Group Listing Agent: Peter B Gustis

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Downtown Reading Commercial Redevelopment Opportunity

Located in the Central Business District of Reading, PA, the property at 511 - 515 Penn Street offers a 40,000 square foot building suitable for various uses. Situated in the Keystone Opportunity Zone, the 0.33-acre property features retail and commercial space in the heart of Penn Street, between 5th and 6th Streets, within the Reading Downtown Improvement District. Formerly Reading Trust, the building extends from Penn Street to Court Street, providing access from both streets. It falls within the Penn Square Overlay District, with an underlying Commercial Core (C-C) district designation. The three-story building includes a large 40-foot atrium ceiling and a full basement with multiple vaults. It is suitable for single or multiple tenant occupancy. The property benefits from its proximity to the Reading Post Office, Attorney Row, City Hall, County Offices, and The Sovereign Center. A new roof has been installed. Multiple elevators and a sprinkler system are in place, and several parking garages are within walking distance. Public transportation is available on 5th Street. This property presents a redevelopment project opportunity, with potential grant opportunities available for rehabilitation and development, including the CRIZ Grant, which may cover up to 80% of property acquisition and rehabilitation costs for commercial development. The property could potentially accommodate approximately 30 apartments, with the first floor remaining commercial.
Location Intelligence

Current Use by Public Records

SCO Attic Insulation ... Construction Company

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
Reading
County
Berks
State
Pennsylvania
Longitude
-75.9272534
Latitude
40.3358507

FAQs

What type of property is this?
Bank - 40,000 SF building in Reading's Central Business District.
Where is this bank located?
The property is located at 511 Penn St Reading, PA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: - 40,000 sq ft building in Reading's Central Business District, offering significant retail/commercial space.; - Located in the Keystone Opportunity Zone, providing potential tax benefits.; - Grant opportunities available, including CRIZ grants potentially covering up to 80% of acquisition and rehab costs.
More about this property
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