Brick Quadplex With Garage
For Sale
$385,000
Pending
400 North 5th Street, Reading, PA 19601
Fully occupied multifamily property with rear parking, a fenced side yard, and CR zoning.
Property Size3,385 SF
Days on Market151
Property Features for 400 North 5th Street
General Information
Standard status
Pending
Size
3,385 SF
Total Parking Spaces
1
Property subtype
Multi-Family / Fee Simple
Zoning
CR
Taxes and HOA fees
Annual Taxes
$2,299
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1900
Listing Agency:
Pagoda Realty
(610) 927-7466
Listed By:
Jimmy Thelusca · License #RS333622
(610) 927-7466
Source:
Compass
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 11:02AM
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
Investment Insights
Based on property information with market context.
This semi-detached corner brick multifamily property was built in 1900 and is fully occupied. The building includes finished apartment interiors with separate kitchen, bathroom, and living areas, along with rear garage parking and a fenced rear side yard. Interior unit details include spacious layouts, while the property’s exterior features include two covered parking spaces consisting of one carport and one garage.
Tenants pay their own heat and electric, with the owner responsible for water, sewer, and trash. The property is located on North 5th Street in Reading, Pennsylvania, within the Reading City MLS area and Reading School District. Zoning is CR.
Tenants pay their own heat and electric, with the owner responsible for water, sewer, and trash. The property is located on North 5th Street in Reading, Pennsylvania, within the Reading City MLS area and Reading School District. Zoning is CR.
Key Highlights
- Fully occupied semi‑detached corner brick multifamily property
- Built in 1900 with finished apartment interiors
- Rear parking includes 1 carport and 1 garage
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
$33,371
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
8.67%
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%
$667,420
$667.4K
Cap Rate 7%
$476,729
$476.7K
Cap Rate 9%
$370,789
$370.8K
Market Conditions
NOI Build-Up for 3,385 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
$49.6K $14.64/SF
− Vacancy
−$1.9K −$0.56/SF
EGI
$47.7K $14.08/SF
− OpEx
−$14.3K −$4.23/SF
NOI
$33.4K $9.86/SF
Area
Berks County, PA
Vacancy
3.80%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
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%
$667,420
Cap Rate 7%
$476,729
Cap Rate 9%
$370,789
Alternative Uses
Best Use
Multifamily LT 5
$476.7K
$417.1K – $556.2K
NOI $33,371 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$416.7K
$364.6K – $486.1K
NOI $29,168 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$555.7K
$486.2K – $648.3K
NOI $38,898 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
529
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?
Quadplex - Fully occupied multifamily property with rear parking, a fenced side yard, and CR zoning.
Where is this quadplex located?
The property is located at 400 North 5th Street Reading, PA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Fully occupied semi‑detached corner brick multifamily property; Built in 1900 with finished apartment interiors; Rear parking includes 1 carport and 1 garage
