Drive-Through Restaurant or Office
For Sale
$1,000,000
502 Fairview St, Reading, PA 19605
Former restaurant building with drive-through window, extensively renovated systems, and updated ADA-compliant restrooms.
Property Size2,900 SF
Price / SF$344.83
Days on Market146
Property Features for 502 Fairview St
General Information
Standard status
Active
Size
2,900 SF
Building Details
Year Built
2003
Listing Agency:
Coldwell Banker Realty
Listed By:
Shon Elk
(484) 755-3947
Source:
Southjerseyshorehomesfinder
Added: May 29
Changed: Oct 9
Last Checked: Oct 7 at 5:28PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This building was most recently used as a restaurant and has been updated with extensive recent renovations. The improvements include a new roof, new HVAC system, new plumbing, new water heater, and a heavy-duty 400-amp electric service. Interior finishes have been refreshed with new ceramic tile flooring, new drywall and paint, and new lighting throughout. Updated bathrooms include modern fixtures and ADA compliance, supporting a ready-to-occupy layout for a new operator.
The property is located directly on the 5th Street Highway corridor at 502 Fairview St. Parking is a key feature, with a newly sealed and striped main parking lot plus a second parking lot across the street included with the sale (the parcel at 438 Fairview St). The property is zoned for commercial use, and the versatile layout is described as suitable for a range of concepts subject to zoning approval.
The property is located directly on the 5th Street Highway corridor at 502 Fairview St. Parking is a key feature, with a newly sealed and striped main parking lot plus a second parking lot across the street included with the sale (the parcel at 438 Fairview St). The property is zoned for commercial use, and the versatile layout is described as suitable for a range of concepts subject to zoning approval.
Key Highlights
- Former restaurant on the 5th Street Highway corridor with a drive‑through window
- Extensive recent renovations include a complete infrastructure overhaul (2025), plus a brand‑new roof
- New HVAC, new plumbing, new water heater, and heavy‑duty 400‑amp electric service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,857
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$577,140
$577.1K
Cap Rate 7%
$412,243
$412.2K
Cap Rate 9%
$320,633
$320.6K
Market Conditions
NOI Build-Up for 2,900 SF
Gross rent
$40.7K $14.04/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$38.5K $13.27/SF
− OpEx
−$9.6K −$3.32/SF
NOI
$28.9K $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%
$577,140
Cap Rate 7%
$412,243
Cap Rate 9%
$320,633
Alternative Uses
Best Use
Specialty Retail
$412.2K
$360.7K – $481.0K
NOI $28,857 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$476.1K
$416.6K – $555.4K
NOI $33,324 @ 7.0% cap · market cap 3.33%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
653
Businesses Nearby
Explore this area
Business Placement
Demographics for 19605, PA
21,356
Population
8,100
Households
2.6
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
17.6 sq mi
ZIP Area
1,213
Density / Sq Mi
$85,775
Median Household Income
$45,578
Median Earnings
$1,310
Median Rent
$218,500
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Drive through restaurant - Former restaurant building with drive-through window, extensively renovated systems, and updated ADA-compliant restrooms.
Where is this drive through restaurant located?
The property is located at 502 Fairview St Reading, PA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Former restaurant on the 5th Street Highway corridor with a drive‑through window; Extensive recent renovations include a complete infrastructure overhaul (2025), plus a brand‑new roof; New HVAC, new plumbing, new water heater, and heavy‑duty 400‑amp electric service
