Duplex With Separate
New
For Sale
$650,000
2223 NOBLE STREET, Reading, PA 19609
Two residential units feature distinct layouts, off-street parking, a rear shed, and a partially rentable basement.
Property Size3,155 SF
Price / SF$206.02
Days on Market7
Property Features for 2223 NOBLE STREET
General Information
Standard status
Active
Size
3,155 SF
Property subtype
Duplex
Units
Unit Mix
1 x 4BR/2BA, 1 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$2,000
Utilities to Site
Yes
Building Details
Year Built
1925
Listing Agency:
Realty Mark Cityscape-King of Prussia
(610) 772-1488
Listed By:
Kris John
(610) 772-1488
Source:
Cummingsrealtors
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 5:41AM
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 Realty Mark Cityscape-King of Prussia
Investment Insights
Based on property information with market context.
This 3,155-square-foot duplex, built in 1925, contains two residential units with separate utilities paid by the tenants. The upper unit offers four bedrooms and two full baths, while the lower unit includes three bedrooms and one and a half baths. Tile finishes and detailed interior work extend through both residences. Gas heat and central air serve the property, with off-street parking and a shed at the rear.
A divided basement provides additional storage space, including one side that could be used as a storage rental. The upper unit is vacant for showings, while the lower unit is occupied. Located at 2223 Noble Street in Reading, the property also has a near-7% capitalization rate stated in the property information.
A divided basement provides additional storage space, including one side that could be used as a storage rental. The upper unit is vacant for showings, while the lower unit is occupied. Located at 2223 Noble Street in Reading, the property also has a near-7% capitalization rate stated in the property information.
Key Highlights
- 3,155 SF duplex at 2223 Noble Street, Reading, PA 19609
- Upper unit has 4 bedrooms and 2 full baths
- Lower unit includes 3 bedrooms and 1.5 baths
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
$31,104
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
4.79%
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%
$622,080
$622.1K
Cap Rate 7%
$444,343
$444.3K
Cap Rate 9%
$345,600
$345.6K
Market Conditions
NOI Build-Up for 3,155 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
$46.2K $14.64/SF
− Vacancy
−$1.8K −$0.56/SF
EGI
$44.4K $14.08/SF
− OpEx
−$13.3K −$4.23/SF
NOI
$31.1K $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%
$622,080
Cap Rate 7%
$444,343
Cap Rate 9%
$345,600
Alternative Uses
Best Use
Multifamily LT 5
$444.3K
$388.8K – $518.4K
NOI $31,104 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$388.4K
$339.8K – $453.1K
NOI $27,187 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$517.9K
$453.2K – $604.3K
NOI $36,255 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 19609, PA
10,478
Population
4,291
Households
2.4
Avg Household Size
40
Median Age
37%
College-Educated
93%
High-School Grad
2.3 sq mi
ZIP Area
4,556
Density / Sq Mi
$80,748
Median Household Income
$45,859
Median Earnings
$1,307
Median Rent
$222,000
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?
Duplex - Two residential units feature distinct layouts, off-street parking, a rear shed, and a partially rentable basement.
Where is this duplex located?
The property is located at 2223 NOBLE 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: 3,155 SF duplex at 2223 Noble Street, Reading, PA 19609; Upper unit has 4 bedrooms and 2 full baths; Lower unit includes 3 bedrooms and 1.5 baths
