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    Turn-Key Investment in Exeter School Title is generated by Realmo AI

    197 OLD FRIEDENSBURG Road, Reading, PA 19606

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    For Sale
    $279,900

    MULTI_FAMILY - Other - READING, PA

    Property size:
    1,680 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $166/SF
    Added:
    May 21, 2026
    Days on Market:
    3
    Last Refresh:
    May 23 at 7:06 pm

    Property Features for 197 OLD FRIEDENSBURG Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    4
    Parking features
    Driveway
    Standard status
    Active
    Size
    1,680 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2574

    Utilities

    Heating system
    Baseboard, Other (Heating), Electric (Heating)
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1950
    Number of units
    2
    Building materials
    Block
    Architectural style
    Other

    We can help!

    Listing Contact
    Chris Marrella

    Listing agent Chris Marrella License #RS362685

    Listing office Keller Williams Platinum Realty - Wyomissing 60 Commerce Drive, Reading, PA

    Listing date May 21, 2026

    MLS# PABK2072440 Listing URL

    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.

    HighLights

    • Turn‑key investment property with immediate cash flow.
    • Located in the desirable Exeter School District.
    • Fully leased 2‑unit property with $31,200 gross annual income.
    • Newly renovated first‑floor unit with modern upgrades.
    • Established long‑term tenant in the second‑floor unit providing income stability.
    • Well water with UV light filtration system.

    Overview

    This turn-key investment opportunity is located in the Exeter School District. The property features a fully-leased 2-unit building with immediate cash flow. Each unit offers two bedrooms and one bathroom. The first-floor apartment has been newly renovated and includes a custom tile shower with a stackable washer/dryer, new windows, fresh drywall and paint, and a generously sized eat-in kitchen and family room. This unit is currently rented at $1,400 per month, with the owner covering the electric bill. The second-floor unit features an established long-term tenant paying $1,200 per month plus utilities. The owner pays sewer for the building, averaging $100-$120 per month. Well water is treated with a UV light filtration system. Both tenants are currently on a month-to-month lease. The property generates $31,200 in gross annual income with 100% occupancy. The recent first-floor upgrades and strong rental rates offer investors an opportunity for consistent returns. The property size is 1,680 square feet and the lot size is 0.09 acres.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $184.0K
    NOI $16,562 @ 9.00% cap · cautious / downside scenario
    Moderate
    $236.6K
    NOI $16,562 @ 7.00% cap · market / base-case scenario
    Aggressive
    $331.2K
    NOI $16,562 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $24.6k $14.64
    − Vacancy −$935 −$0.56
    EGI $23.7k $14.08
    − OpEx −$7.1k −$4.23
    NOI $16.6k $9.86
    1,680 SF · lease $14.64/SF/yr · vacancy 3.80% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $236.6K
    $207.0K – $276.0K (±1% cap)
    NOI $16,562 @ 7.0% cap · market cap 5.92%
    Second Best
    Apartment 5plus
    $206.8K
    $181.0K – $241.3K (±1% cap)
    NOI $14,476 @ 7.0% cap · market cap 5.17%
    Theoretical Best
    Office A
    $275.8K
    $241.3K – $321.8K (±1% cap)
    NOI $19,305 @ 7.0% cap · market cap 6.90%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Bar & Pub Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Reading
    County
    Berks
    State
    Pennsylvania
    Longitude
    -75.83614
    Latitude
    40.36073

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    FAQs

    What type of property is this?
    Duplex - Fully leased duplex in Exeter School District with immediate cash flow.
    Where is this duplex located?
    The property is located at 197 OLD FRIEDENSBURG Road Reading, PA.
    What is the asking price?
    The asking price for this property is $279,900.
    What are key features of this property?
    This property features: Turn‑key investment property with immediate cash flow.; Located in the desirable Exeter School District.; Fully leased 2‑unit property with $31,200 gross annual income.
    (609) 442-9946
    We can help!
    Listing Contact
    Chris Marrella
    Real Estate License ID: RS362685
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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