Multifamily with Parking
220 North 6th Street Reading, PA 19601
For Sale
$650,000
Four-unit multifamily includes two separately deeded parking lots with 15 rented spaces generating current income.
Property Size4,791 SF
Price / SF$135.67
Days on Market175
Property Features for 220 North 6th Street
General Information
- Standard status
- Active
- Size
- 4,791 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1900
Listing Agency:
Coldwell Banker Realty
(484) 797-0532
Listed By:
Ana M Menendez · License #RS312544
(484) 797-0532
Source:
Compass
Added: Jan 30
Changed: Jul 22
Last Checked: Jul 24 at 12:43PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This offering includes a four-unit residential building with rear parking and a separately deeded parking lot. The unit mix features Unit 1 (2 bedrooms), Unit 2 (3 bedrooms), Unit 3 (2 bedrooms), and Unit 4 (studio). In-place rents are listed for Units 1, 2, and 3, with the studio unit shown as a projected rent, and the landlord currently pays gas heat, water, sewer, and trash.
The parking component provides two income streams, with 15 total rented spaces across both parking lots at $60 per space per month. The rear parking lot is included as part of the residential offering, and the separately deeded parking lot is located at 221 Church St. The property notes potential to create additional parking spaces.
The asset is described as a central city location with nearby downtown amenities, public transportation (bus stop less than 1 mile), shopping, dining, and nearby daycare facilities, supporting ongoing rental demand.
The parking component provides two income streams, with 15 total rented spaces across both parking lots at $60 per space per month. The rear parking lot is included as part of the residential offering, and the separately deeded parking lot is located at 221 Church St. The property notes potential to create additional parking spaces.
The asset is described as a central city location with nearby downtown amenities, public transportation (bus stop less than 1 mile), shopping, dining, and nearby daycare facilities, supporting ongoing rental demand.
Key Highlights
- Four‑unit multifamily at 220 N. 6th St with unit rents: $900 (2BR), $1,500 (3BR), $1,100 (2BR), and Studio projected at $850/month.
- Two income‑producing parking lots: rear parking lot plus separately deeded parking at 221 Church St with 15 rented spaces at $60 per space per month.
- Parking income totals $900/month currently, with potential to add more parking spaces.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $70.1k | $14.64 |
| − Vacancy | −$2.7k | −$0.56 |
| EGI | $67.5k | $14.08 |
| − OpEx | −$20.2k | −$4.23 |
| NOI | $47.2k | $9.86 |
4,791 SF · lease $14.64/SF/yr · vacancy 3.80% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$674.7K
$590.4K – $787.2K
NOI $47,232 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$589.8K
$516.1K – $688.1K
NOI $41,284 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$786.5K
$688.2K – $917.6K
NOI $55,054 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
The Mortgage Outlet
Loan Service
FAQs
What type of property is this?
Quadplex - Four-unit multifamily includes two separately deeded parking lots with 15 rented spaces generating current income.
Where is this quadplex located?
The property is located at 220 North 6th Street Reading, PA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit multifamily at 220 N. 6th St with unit rents: $900 (2BR), $1,500 (3BR), $1,100 (2BR), and Studio projected at $850/month.; Two income‑producing parking lots: rear parking lot plus separately deeded parking at 221 Church St with 15 rented spaces at $60 per space per month.; Parking income totals $900/month currently, with potential to add more parking spaces.
