Two-Unit Duplex With Separate
For Sale
$249,900
349 N 4TH STREET, Reading, PA 19601
Both apartments are vacant, offering one one-bedroom unit and one four-bedroom unit for flexible occupancy or leasing.
Property Size2,637 SF
Price / SF$94.77
Days on Market32
Property Features for 349 N 4TH STREET
General Information
Standard status
Active
Size
2,637 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Iron Valley Real Estate of Berks
(267) 467-3162
Listed By:
Santos Julian Rivera · License #RS342817
(267) 467-3162
Source:
Cummingsrealtors
Added: Jul 23
Changed: Aug 23
Last Checked: Aug 23 at 9:03AM
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 Iron Valley Real Estate of Berks
Investment Insights
Based on property information with market context.
This 2,637-square-foot duplex contains two separate apartments arranged across the building’s first and upper levels. The lower residence includes one bedroom and one bathroom, while the upper residence provides four bedrooms and one bathroom. Both units are currently vacant, allowing the next owner to establish their preferred occupancy or leasing arrangement. Separate utility service supports independent management of the apartments.
Constructed in 1910, the property is located at 349 N 4th Street in Reading, Pennsylvania. The two-unit layout and distinct unit configurations provide a straightforward multifamily format for an owner-occupant or rental operation.
Constructed in 1910, the property is located at 349 N 4th Street in Reading, Pennsylvania. The two-unit layout and distinct unit configurations provide a straightforward multifamily format for an owner-occupant or rental operation.
Key Highlights
- Two‑unit duplex with 2,637 SF of building area
- First‑floor apartment has 1 bedroom and 1 bathroom
- Upper‑level apartment has 4 bedrooms and 1 bathroom
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
$22,723
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
9.09%
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%
$454,460
$454.5K
Cap Rate 7%
$324,614
$324.6K
Cap Rate 9%
$252,478
$252.5K
Market Conditions
NOI Build-Up for 2,637 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
$43.0K $16.32/SF
− Vacancy
−$1.7K −$0.65/SF
EGI
$41.3K $15.67/SF
− OpEx
−$18.6K −$7.05/SF
NOI
$22.7K $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%
$454,460
Cap Rate 7%
$324,614
Cap Rate 9%
$252,478
Alternative Uses
Best Use
Multifamily LT 5
$371.4K
$325.0K – $433.3K
NOI $25,997 @ 7.0% cap · market cap 10.40%
Second Best
Apartment 5plus
$324.6K
$284.0K – $378.7K
NOI $22,723 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$432.9K
$378.8K – $505.0K
NOI $30,302 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,718
Businesses Nearby
Explore this area
Business Placement
Demographics for 19601, PA
35,477
Population
14,024
Households
2.5
Avg Household Size
34
Median Age
12%
College-Educated
73%
High-School Grad
3.8 sq mi
ZIP Area
9,336
Density / Sq Mi
$41,133
Median Household Income
$30,433
Median Earnings
$986
Median Rent
$110,700
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 - Both apartments are vacant, offering one one-bedroom unit and one four-bedroom unit for flexible occupancy or leasing.
Where is this duplex located?
The property is located at 349 N 4TH STREET Reading, PA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,637 SF of building area; First‑floor apartment has 1 bedroom and 1 bathroom; Upper‑level apartment has 4 bedrooms and 1 bathroom
