Building Details

Building Size 1,440 SF

Year Built 1993

Listing Agency: Pagoda Realty ERA Powered

Listed By: Jose Madrigal Show Phone

Source: Tylermillerteam.kw

Added: Aug 28 Changed: Oct 14 Last Checked: Oct 16 at 5:53AM

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Investment Insights

Based on property information with market context.

This two-bedroom condo, built in 1993, combines a practical layout with several interior and exterior improvements. Hardwood flooring extends throughout the residence, while the vaulted living room includes a fireplace and opens to a deck covered by an awning. The kitchen is equipped with hard-surface countertops and an eating bar with seating for two.

A separate family room adds flexible living space and may accommodate use as a third bedroom, office, or additional gathering area. Gas heating and central air conditioning support year-round comfort. The attached garage has an automatic opener, extra storage, and an interior stairway connecting directly to the kitchen. The property is located at 3209 Garfield Avenue in Reading, Pennsylvania.

Key Highlights

• Two‑bedroom condo with a flexible family room that may serve as a third bedroom or office
• Built in 1993 with hardwood flooring throughout
• Vaulted living room with fireplace and access to an outdoor deck

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,408

Cap Rate

4.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$248,160 $248.2K

Cap Rate 7%

$177,257 $177.3K

Cap Rate 9%

$137,867 $137.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,440 SF

Gross rent

$23.5K $16.32/SF

− Vacancy

−$940 −$0.65/SF

EGI

$22.6K $15.67/SF

− OpEx

−$10.2K −$7.05/SF

NOI

$12.4K $8.62/SF

Area

Berks County, PA

Vacancy

4.00%

Lease Rate

$16.32 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$248,160

Cap Rate 7%

$177,257

Cap Rate 9%

$137,867

Alternative Uses

Best Use

Apartment 5plus

$177.3K

$155.1K – $206.8K (±1% cap)

NOI $12,408 @ 7.0% cap · market cap 4.77%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$236.4K

$206.8K – $275.8K (±1% cap)

NOI $16,547 @ 7.0% cap · market cap 6.37%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Grocery & Convenience Store Garden Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

505

Businesses Nearby

Explore this area Business Placement

Demographics for 19605, PA

21,356

Population

8,100

Households

2.6

Avg Household Size

43

Median Age

27%

College-Educated

90%

High-School Grad

17.6 sq mi

ZIP Area

1,213

Density / Sq Mi

$85,775

Median Household Income

$45,578

Median Earnings

$1,310

Median Rent

$218,500

Median Home Value

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Frequently Asked Questions

What type of property is this?

Residential income property - Two-bedroom condo includes a vaulted living room, outdoor deck, and additional family room.

Where is this residential income property located?

The property is located at 3209 GARFIELD AVENUE Reading, PA.

What is the asking price?

The asking price for this property is $259,900.

What are key features of this property?

This property features: Two‑bedroom condo with a flexible family room that may serve as a third bedroom or office; Built in 1993 with hardwood flooring throughout; Vaulted living room with fireplace and access to an outdoor deck