Residential Income Property For
357 S 3rd St, Reading, PA 19602
For Sale
$460,000
Seven-unit residential building with mix of one- to three-bedroom apartments.
Property Size2,946 SF
Price / SF$156.14
Days on Market231
Property Features for 357 S 3rd St
General Information
Standard status
Size
Building Details
Year Built
Listing Agency:
Century 21 Gold
Listed By:
F. Scott Goetz · License PA RS110187A
(610) 621-8342
Source:
Jennysoldmine
Added: Mar 27
Changed: Nov 9
Last Checked: Nov 12 at 10:08AM
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 Century 21 Gold
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Investment Insights
Based on property information with market context.
This is a seven-unit residential building featuring a mix of one- to three-bedroom apartments. Located across the street from a park and baseball field. Tenants are responsible for all utilities except water and sewer. The property contains a total of 2946 square feet. All units are in great condition. Two units are currently vacant but easily rentable. This property is intended for residential income purposes.
Key Highlights
- Great return on investment potential.
- Seven units ranging from 1‑3 bedrooms.
- Tenants pay all utilities except water and sewer.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,386
Cap Rate
5.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$507,720
$507.7K
Cap Rate 7%
$362,657
$362.7K
Cap Rate 9%
$282,067
$282.1K
Market Conditions
NOI Build-Up for 2,946 SF
Gross rent
$48.1K $16.32/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$46.2K $15.67/SF
− OpEx
−$20.8K −$7.05/SF
NOI
$25.4K $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%
$507,720
Cap Rate 7%
$362,657
Cap Rate 9%
$282,067
Alternative Uses
Best Use
Apartment 5plus
$362.7K
$317.3K – $423.1K
NOI $25,386 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.6K
$423.2K – $564.2K
NOI $33,853 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,671
Businesses Nearby
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Business Placement
Demographics for 19602, PA
19,782
Population
7,907
Households
2.5
Avg Household Size
32
Median Age
11%
College-Educated
71%
High-School Grad
2.0 sq mi
ZIP Area
9,891
Density / Sq Mi
$38,179
Median Household Income
$30,848
Median Earnings
$978
Median Rent
$73,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Reading, PA
Properties on Market for Apartment buildings in Reading
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit residential building with mix of one- to three-bedroom apartments.
Where is this apartment building located?
The property is located at 357 S 3rd St Reading, PA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Great return on investment potential.; Seven units ranging from 1‑3 bedrooms.; Tenants pay all utilities except water and sewer.
