Apartment Building
For Sale
$950,000
1719 3RD STREET, Reading, PA 19602
Three Reading properties combine apartment units with a ground-floor commercial component and established brick construction.
Property Size5,288 SF
Price / SF$179.65
Days on Market171
Property Features for 1719 3RD STREET
General Information
Standard status
Active
Size
5,288 SF
Property subtype
Multi-Family
Financials
Asking Price
$3,225,000
Average Monthly Rent
$1,200
Additional Details
Multifamily Units
31
Taxes and HOA fees
Annual Taxes
$1,411
Amenities
3
No Parking.
Building Details
Year Built
1900
Listing Agency:
TCS Management, LLC
(215) 431-5652
Listed By:
Alex Prince · License #RS322309
(215) 431-5652
Source:
Xome
Added: Mar 14
Changed: Aug 31
Last Checked: Aug 31 at 2:16PM
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 Reading portfolio brings together three multifamily assets with 31 residential units and one commercial space. The properties range from three-story brick buildings constructed between 1890 and 1910. Two adjacent buildings near South 3rd Street contain 10 apartments, while the North 10th Street assets add 9 apartments, a ground-floor commercial space, and 12 additional apartments. Building features include stone and mortar foundations, wood joist framing, brick, stone veneer, stucco, rubber roofing, copper wiring, and multiple heating systems.
The properties are located within minutes of one another in Reading, Pennsylvania, supporting coordinated oversight across the portfolio. The 1259 North 10th Street building measures over 14,000 square feet, and 831 North 10th Street contains approximately 19,000 square feet. Roofing at the South 3rd Street buildings was replaced within the past five years, while the North 10th Street roofs were replaced within the last five to seven years. Tenant utility responsibilities vary by property, with ownership providing certain heat, water, or hot-water services.
The properties are located within minutes of one another in Reading, Pennsylvania, supporting coordinated oversight across the portfolio. The 1259 North 10th Street building measures over 14,000 square feet, and 831 North 10th Street contains approximately 19,000 square feet. Roofing at the South 3rd Street buildings was replaced within the past five years, while the North 10th Street roofs were replaced within the last five to seven years. Tenant utility responsibilities vary by property, with ownership providing certain heat, water, or hot-water services.
Key Highlights
- 31 residential units and 1 commercial space across 3 Reading properties
- Three‑story brick buildings constructed between 1890 and 1910
- 1259 North 10th Street includes 9 apartments 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
$52,351
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
5.51%
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%
$1,047,020
$1.0M
Cap Rate 7%
$747,871
$747.9K
Cap Rate 9%
$581,678
$581.7K
Market Conditions
NOI Build-Up for 5,288 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
$95.2K $18.00/SF
− Vacancy
−$11.4K −$2.16/SF
EGI
$83.8K $15.84/SF
− OpEx
−$31.4K −$5.94/SF
NOI
$52.4K $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%
$1,047,020
Cap Rate 7%
$747,871
Cap Rate 9%
$581,678
Alternative Uses
Best Use
Mixed Use
$747.9K
$654.4K – $872.5K
NOI $52,351 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$650.9K
$569.6K – $759.4K
NOI $45,566 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$868.1K
$759.6K – $1.01M
NOI $60,765 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
31
Residential units
Location Intelligence
Trade Area within ½ mile
426
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Three Reading properties combine apartment units with a ground-floor commercial component and established brick construction.
Where is this apartment building located?
The property is located at 1719 3RD 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 and 1 commercial space across 3 Reading properties; Three‑story brick buildings constructed between 1890 and 1910; 1259 North 10th Street includes 9 apartments and 1 ground‑floor commercial space
