Reading Multifamily Investment
For Sale
$460,000
357 S 3RD Street, Reading, PA 19602
MULTI_FAMILY - Other - READING, PA
Property Size2,946 SF
Lot Size0.05 Acres
Price / SF$156.14
Days on Market135
Property Features for 357 S 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Subdivision
SOUTHWEST READING
Elementary school district
READING
Middle school district
READING
High school district
READING
Standard status
Active
Size
2,946 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2026
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1900
Number of units
4
Building materials
Stucco
Architectural style
Other
Listing Agency:
Century 21 Gold · Century 21 Real Estate
(610) 779-2500
Listed By:
F. Scott Goetz · License #RS110187a
(610) 621-8342
Added: Mar 19
Changed: Jun 29
Last Checked: Jul 31 at 12:06AM
MLS# PABK2069610
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property in Reading, Pennsylvania, features five units with one to three bedrooms. The property is located across the street from a park and baseball field. According to the listing, all units are in great condition. The tenants are responsible for all utilities except water and sewer. The property has a size of 2946 square feet and sits on a lot of approximately 0.05 acres. The property is intended for use as a residential income property and offers a potential return on investment.
Key Highlights
- 5‑unit multifamily property with 1–3 bedroom units
- Tenants pay all utilities except water and sewer
- Two units currently vacant, described as easily rentable
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $43.1k | $14.64 |
| − Vacancy | −$1.6k | −$0.56 |
| EGI | $41.5k | $14.08 |
| − OpEx | −$12.4k | −$4.23 |
| NOI | $29.0k | $9.86 |
2,946 SF · lease $14.64/SF/yr · vacancy 3.80% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$414.9K
$363.0K – $484.1K
NOI $29,043 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$362.7K
$317.3K – $423.1K
NOI $25,386 @ 7.0% cap · market cap 5.52%
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.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
60%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,206
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Five-unit property near park, offering strong investment potential.
Where is this quadplex located?
The property is located at 357 S 3RD Street 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: 5‑unit multifamily property with 1–3 bedroom units; Tenants pay all utilities except water and sewer; Two units currently vacant, described as easily rentable
