31-Unit Apartment
For Sale
$950,000
1259 North 10th Street, Reading, PA 19604
Three brick buildings offer residential units alongside a ground-floor commercial space in a unified Reading portfolio.
Property Size3,485 SF
Price / SF$272.60
Days on Market172
Property Features for 1259 North 10th Street
General Information
Standard status
Active
Size
3,485 SF
Property subtype
Multi-Family / Fee Simple
Zoning
MIXED
Taxes and HOA fees
Annual Taxes
$8,090
Amenities
No Pool
Building Details
Year Built
1910
Listing Agency:
TCS Management, LLC
(215) 431-5652
Listed By:
Alex C Prince · License #RS322309
(215) 431-5652
Source:
Compass
Added: Mar 14
Changed: Aug 31
Last Checked: Aug 30 at 11:17PM
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 TCS Management, LLC
Investment Insights
Based on property information with market context.
This fee-simple portfolio includes three nearby buildings totaling 31 residential units and one commercial space. The assets include two adjacent three-story brick buildings at 17 and 19 South 3rd Street with 10 apartments, a three-story mixed-use property at 1259 North 10th Street with 9 apartments and a ground-floor commercial space, and a three-story apartment building at 831 North 10th Street with 12 units. The properties were built between 1890 and 1910 and feature brick, stone, or stucco exteriors.
Building systems include electric baseboard heat, central steam heat, gas-fired hot water, in-unit hot water heaters, copper wiring, wood joist framing, and stone and mortar foundations. Roofs at the South 3rd Street buildings were replaced within the past five years, while the 1259 North 10th Street roof was replaced within the last five to seven years. Tenant utility responsibilities vary by property, with ownership providing water, hot water, or central heat in specified buildings. The properties are located near Penn Street in Reading, Pennsylvania, and the three buildings are within minutes of one another.
Building systems include electric baseboard heat, central steam heat, gas-fired hot water, in-unit hot water heaters, copper wiring, wood joist framing, and stone and mortar foundations. Roofs at the South 3rd Street buildings were replaced within the past five years, while the 1259 North 10th Street roof was replaced within the last five to seven years. Tenant utility responsibilities vary by property, with ownership providing water, hot water, or central heat in specified buildings. The properties are located near Penn Street in Reading, Pennsylvania, and the three buildings are within minutes of one another.
Key Highlights
- 31 residential units plus 1 commercial space across 3 nearby buildings
- 17 and 19 South 3rd Street include 10 apartments in two adjacent three‑story brick buildings
- 1259 North 10th Street offers 9 residential units and 1 ground‑floor commercial space
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
$34,502
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
3.63%
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%
$690,040
$690.0K
Cap Rate 7%
$492,886
$492.9K
Cap Rate 9%
$383,356
$383.4K
Market Conditions
NOI Build-Up for 3,485 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
$62.7K $18.00/SF
− Vacancy
−$7.5K −$2.16/SF
EGI
$55.2K $15.84/SF
− OpEx
−$20.7K −$5.94/SF
NOI
$34.5K $9.90/SF
Area
Berks County, PA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$690,040
Cap Rate 7%
$492,886
Cap Rate 9%
$383,356
Alternative Uses
Best Use
Mixed Use
$492.9K
$431.3K – $575.0K
NOI $34,502 @ 7.0% cap · market cap 3.63%
Second Best
Apartment 5plus
$429.0K
$375.4K – $500.5K
NOI $30,030 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$572.1K
$500.6K – $667.5K
NOI $40,047 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Explore this area
Business Placement
Demographics for 19604, PA
29,347
Population
10,089
Households
2.9
Avg Household Size
29
Median Age
10%
College-Educated
70%
High-School Grad
2.5 sq mi
ZIP Area
11,739
Density / Sq Mi
$52,863
Median Household Income
$30,975
Median Earnings
$1,100
Median Rent
$110,800
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?
Apartment building - Three brick buildings offer residential units alongside a ground-floor commercial space in a unified Reading portfolio.
Where is this apartment building located?
The property is located at 1259 North 10th Street Reading, PA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 31 residential units plus 1 commercial space across 3 nearby buildings; 17 and 19 South 3rd Street include 10 apartments in two adjacent three‑story brick buildings; 1259 North 10th Street offers 9 residential units and 1 ground‑floor commercial space
