Residential Income Property with
New
For Sale
$259,900
3209 GARFIELD AVENUE, Reading, PA 19605
Two-bedroom condo includes a vaulted living room, outdoor deck, and additional family room.
Property Size1,440 SF
Days on Market5
Property Features for 3209 GARFIELD AVENUE
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
hardwood flooring
fireplace
deck with awning
hard-surface countertops
eating bar
family room
gas heating
central air conditioning
attached garage
Building Details
Building Size
1,440 SF
Year Built
1993
Listing Agency:
Pagoda Realty ERA Powered
(610) 985-7700
Listed By:
Jose Madrigal
(610) 985-7700
Source:
Tylermillerteam.kw
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 12:37PM
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 Pagoda Realty ERA Powered
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.
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 = 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
$12,408
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
4.77%
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%
$248,160
$248.2K
Cap Rate 7%
$177,257
$177.3K
Cap Rate 9%
$137,867
$137.9K
Market Conditions
NOI Build-Up for 1,440 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
$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 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%
$248,160
Cap Rate 7%
$177,257
Cap Rate 9%
$137,867
Alternative Uses
Best Use
Apartment 5plus
$177.3K
$155.1K – $206.8K
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
NOI $16,547 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
