Two-Bedroom Residential
New
For Sale
$189,900
415 MIFFLIN BOULEVARD, Reading, PA 19607
Residential condominium with a flexible lower-level room, covered porch, and association-maintained common areas.
Property Size1,230 SF
Price / SF$154.39
Days on Market5
Property Features for 415 MIFFLIN BOULEVARD
General Information
Standard status
Active
Size
1,230 SF
Property subtype
Apartment
Amenities
laundry chute
covered front porch
Building Details
Year Built
1956
Listing Agency:
Iron Valley Real Estate of Berks
(610) 621-3736
Listed By:
Vashni Lynn Rodriguez · License #Rs355384
(610) 621-3736
Source:
Cummingsrealtors
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 12 at 6:18AM
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 residential condominium offers 1,230 square feet of finished living space with two bedrooms and one bathroom. Built in 1956, the home includes a living area, kitchen, separate dining space, and a laundry chute. A lower level adds storage and a bonus room suitable for office, fitness, hobby, or other flexible use.
The property also features a covered front porch and access to on-street and nearby parking. The monthly association fee includes common area maintenance, supporting a lower-maintenance ownership structure. Located at 415 Mifflin Boulevard in Reading, Pennsylvania, the condominium is within the Mifflin Park community.
The property also features a covered front porch and access to on-street and nearby parking. The monthly association fee includes common area maintenance, supporting a lower-maintenance ownership structure. Located at 415 Mifflin Boulevard in Reading, Pennsylvania, the condominium is within the Mifflin Park community.
Key Highlights
- 1,230 square feet of finished living space
- Two‑bedroom, one‑bath condominium built in 1956
- Lower level includes storage and a flexible bonus room
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
$10,599
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
5.58%
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%
$211,980
$212.0K
Cap Rate 7%
$151,414
$151.4K
Cap Rate 9%
$117,767
$117.8K
Market Conditions
NOI Build-Up for 1,230 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
$20.1K $16.32/SF
− Vacancy
−$803 −$0.65/SF
EGI
$19.3K $15.67/SF
− OpEx
−$8.7K −$7.05/SF
NOI
$10.6K $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%
$211,980
Cap Rate 7%
$151,414
Cap Rate 9%
$117,767
Alternative Uses
Best Use
Apartment 5plus
$151.4K
$132.5K – $176.7K
NOI $10,599 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$201.9K
$176.7K – $235.6K
NOI $14,134 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 19607, PA
23,431
Population
10,177
Households
2.3
Avg Household Size
42
Median Age
31%
College-Educated
94%
High-School Grad
11.2 sq mi
ZIP Area
2,092
Density / Sq Mi
$80,550
Median Household Income
$46,953
Median Earnings
$1,283
Median Rent
$210,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Residential condominium with a flexible lower-level room, covered porch, and association-maintained common areas.
Where is this residential income property located?
The property is located at 415 MIFFLIN BOULEVARD Reading, PA.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 1,230 square feet of finished living space; Two‑bedroom, one‑bath condominium built in 1956; Lower level includes storage and a flexible bonus room
