Restaurant with Outdoor
New
For Sale
Contact for pricing
428 PENN AVENUE, Reading, PA 19611
The dining room accommodates 32 guests, with additional seating available on an outdoor patio.
Property Size1,237 SF
Price / SF$2.59
Days on Market4
Property Features for 428 PENN AVENUE
General Information
Standard status
Active
Size
1,237 SF
Property subtype
Commercial
Building Details
Year Built
2022
Listing Agency:
NextHome Legacy Real Estate
(610) 702-6398
Listed By:
Vincent Rollins
(484) 269-0617
Source:
Cummingsrealtors
Added: Nov 1
Changed: Nov 3
Last Checked: Nov 3 at 2:54PM
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 NextHome Legacy Real Estate
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Investment Insights
Based on property information with market context.
This business-only restaurant offering occupies 1,237 square feet at 428 Penn Avenue. Built in 2022, the space includes indoor seating for 32 guests and an outdoor patio with capacity for 12 to 20 more. The existing concept serves Colombian-style food; the property information also indicates the business may continue with that menu or introduce a different concept.
The restaurant is located on Penn Avenue in Reading, Pennsylvania.
The restaurant is located on Penn Avenue in Reading, Pennsylvania.
Key Highlights
- 1,237‑square‑foot restaurant space
- Built in 2022
- Indoor seating for 32 guests
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,309
Suggested Prices Based on Cap Rates
Cap Rate 5%
$246,180
$246.2K
Cap Rate 7%
$175,843
$175.8K
Cap Rate 9%
$136,767
$136.8K
Market Conditions
NOI Build-Up for 1,237 SF
Gross rent
$17.4K $14.04/SF
− Vacancy
−$955 −$0.77/SF
EGI
$16.4K $13.27/SF
− OpEx
−$4.1K −$3.32/SF
NOI
$12.3K $9.95/SF
Area
Berks County, PA
Vacancy
5.50%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$246,180
Cap Rate 7%
$175,843
Cap Rate 9%
$136,767
Alternative Uses
Best Use
Specialty Retail
$175.8K
$153.9K – $205.2K
NOI $12,309 @ 7.0% cap · market cap 384.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$203.1K
$177.7K – $236.9K
NOI $14,215 @ 7.0% cap · market cap 444.22%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,752
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19611, PA
11,238
Population
4,555
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
85%
High-School Grad
2.0 sq mi
ZIP Area
5,619
Density / Sq Mi
$56,379
Median Household Income
$40,791
Median Earnings
$1,098
Median Rent
$161,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The dining room accommodates 32 guests, with additional seating available on an outdoor patio.
Where is this conventional restaurant located?
The property is located at 428 PENN AVENUE Reading, PA.
What are key features of this property?
This property features: 1,237‑square‑foot restaurant space; Built in 2022; Indoor seating for 32 guests
