Brick Duplex with Two
New
For Sale
$264,900
1388 PERKIOMEN Avenue, Reading, PA 19602
Multi-Family, READING, PA
Property Size2,425 SF
Lot Size0.06 Acres
Price / SF$109.24
Days on Market7
Property Features for 1388 PERKIOMEN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Middle school
SOUTHERN
Elementary school district
READING
Middle school district
READING
High school district
READING
Standard status
Active
Size
2,425 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
1616
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1900
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Iron Valley Real Estate of Berks
(484) 450-8771
Listed By:
John H Gantkowski Jr. · License #rs299403
(610) 780-3024
Added: Aug 23
Last Checked: Aug 29 at 9:06AM
MLS# PABK2077208
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.
This brick duplex contains 2,425 square feet and is fully rented. The first-floor residence has two bedrooms, while the second unit is configured as a four-bedroom residence extending across the second and third floors. Built in 1900, the property uses hot-water heating and includes on-street parking.
Set on a 0.06-acre lot at 1388 Perkiomen Avenue in Reading, Pennsylvania, the property is located in Berks County and carries the 19602 postal designation. Its two-unit layout provides distinct residential spaces within a compact multifamily building.
Set on a 0.06-acre lot at 1388 Perkiomen Avenue in Reading, Pennsylvania, the property is located in Berks County and carries the 19602 postal designation. Its two-unit layout provides distinct residential spaces within a compact multifamily building.
Key Highlights
- Two‑unit building with 2,425 square feet
- First‑floor unit includes 2 bedrooms
- Upper residence contains 4 bedrooms across the 2nd and 3rd floors
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
$23,907
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
9.02%
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%
$478,140
$478.1K
Cap Rate 7%
$341,529
$341.5K
Cap Rate 9%
$265,633
$265.6K
Market Conditions
NOI Build-Up for 2,425 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
$35.5K $14.64/SF
− Vacancy
−$1.3K −$0.56/SF
EGI
$34.2K $14.08/SF
− OpEx
−$10.2K −$4.23/SF
NOI
$23.9K $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%
$478,140
Cap Rate 7%
$341,529
Cap Rate 9%
$265,633
Alternative Uses
Best Use
Multifamily LT 5
$341.5K
$298.8K – $398.5K
NOI $23,907 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$298.5K
$261.2K – $348.3K
NOI $20,896 @ 7.0% cap · market cap 7.89%
Theoretical Best
Office A
$398.1K
$348.3K – $464.4K
NOI $27,866 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Explore this area
Business Placement
Demographics for 19602, PA
19,782
Population
7,907
Households
2.5
Avg Household Size
32
Median Age
11%
College-Educated
71%
High-School Grad
2.0 sq mi
ZIP Area
9,891
Density / Sq Mi
$38,179
Median Household Income
$30,848
Median Earnings
$978
Median Rent
$73,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied residential income property with a two-bedroom unit and a larger four-bedroom unit across two upper floors.
Where is this duplex located?
The property is located at 1388 PERKIOMEN Avenue Reading, PA.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: Two‑unit building with 2,425 square feet; First‑floor unit includes 2 bedrooms; Upper residence contains 4 bedrooms across the 2nd and 3rd floors
