Two-Unit Duplex with Updated
New
For Sale
$229,900
412 Spruce St, Reading, PA 19602
Separate residences include a first-floor one-bedroom unit and a recently refreshed two-bedroom unit across two upper levels.
Property Size1,704 SF
Price / SF$134.92
Days on Market3
Property Features for 412 Spruce St
General Information
Standard status
Active
Size
1,704 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Pagoda Realty ERA Powered
Listed By:
Jimmy Thelusca
Source:
Jennysoldmine
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 18 at 11:44AM
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 duplex at 412 Spruce Street contains two distinct residential residences within a 1900-built property. The first-floor unit has one bedroom and is occupied by a month-to-month tenant. The second residence occupies the second and third floors, includes two bedrooms, and has been updated throughout; it is currently vacant and ready for occupancy or leasing.
Residents pay their own electricity and electric baseboard heating, with natural gas heat available as an option. The owner covers water, sewer, trash, and common-area electric service. A clear basement provides additional storage, and rear parking may be possible subject to verification. The property is located in Reading, Pennsylvania.
Residents pay their own electricity and electric baseboard heating, with natural gas heat available as an option. The owner covers water, sewer, trash, and common-area electric service. A clear basement provides additional storage, and rear parking may be possible subject to verification. The property is located in Reading, Pennsylvania.
Key Highlights
- Two separate residential units in a duplex configuration
- First‑floor one‑bedroom unit with a month‑to‑month tenant
- Two‑bedroom residence spans the second and third floors
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
$16,799
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
7.31%
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%
$335,980
$336.0K
Cap Rate 7%
$239,986
$240.0K
Cap Rate 9%
$186,656
$186.7K
Market Conditions
NOI Build-Up for 1,704 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
$24.9K $14.64/SF
− Vacancy
−$948 −$0.56/SF
EGI
$24.0K $14.08/SF
− OpEx
−$7.2K −$4.23/SF
NOI
$16.8K $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%
$335,980
Cap Rate 7%
$239,986
Cap Rate 9%
$186,656
Alternative Uses
Best Use
Multifamily LT 5
$240.0K
$210.0K – $280.0K
NOI $16,799 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$209.8K
$183.5K – $244.7K
NOI $14,683 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$279.7K
$244.8K – $326.4K
NOI $19,581 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,371
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences include a first-floor one-bedroom unit and a recently refreshed two-bedroom unit across two upper levels.
Where is this duplex located?
The property is located at 412 Spruce St Reading, PA.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two separate residential units in a duplex configuration; First‑floor one‑bedroom unit with a month‑to‑month tenant; Two‑bedroom residence spans the second and third floors
