Mixed-Use Property with
523 Bingaman Street Reading, PA 19602
For Sale
$350,000
Well-maintained mixed-use building with an operating first-floor restaurant and five separately rented second/rear bedrooms.
Property Size3,252 SF
Price / SF$107.63
Days on Market29
Property Features for 523 Bingaman Street
General Information
- Standard status
- Active
- Size
- 3,252 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1900
Listing Agency:
Realty One Group Alliance
(484) 516-5870
Listed By:
Francis Acosta
(484) 516-5870
Source:
Xome
Added: Jun 26
Changed: Jul 23
Last Checked: Jul 24 at 5:39AM
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 Realty One Group Alliance
Investment Insights
Based on property information with market context.
This well-maintained mixed-use property offers a fully operational restaurant on the first floor along with residential apartments in the rear and on the second floor. The residential component consists of five individual bedrooms, each currently rented separately and occupied. The restaurant location has been in operation for over 20 years, and the property is described as having the licenses and permits necessary for its present operation.
The restaurant business is available separately from the real estate for an additional price, and includes listed wall-mounted air conditioning units, commercial refrigerators and coolers, range/stove, smoker, commercial exhaust hood and ventilation system, steam table, beverage dispensers, and substantially all restaurant furniture, fixtures, and equipment used in the business. The restaurant business will not be sold separately unless the purchaser also purchases the real estate. The property also has eight gaming/amusement machines on site; these machines are owned by a third-party vendor and are not included in the sale.
Current rents and leases are expected to be provided to qualified buyers during due diligence. Buyer is responsible for independently verifying zoning, permitted uses, licensing requirements, occupancy, room rental regulations, measurements, and any intended future use of the property with the City of Reading and other applicable governmental authorities, including verifying any proposed structural or use modifications prior to settlement. Showings are expected to begin next week.
The restaurant business is available separately from the real estate for an additional price, and includes listed wall-mounted air conditioning units, commercial refrigerators and coolers, range/stove, smoker, commercial exhaust hood and ventilation system, steam table, beverage dispensers, and substantially all restaurant furniture, fixtures, and equipment used in the business. The restaurant business will not be sold separately unless the purchaser also purchases the real estate. The property also has eight gaming/amusement machines on site; these machines are owned by a third-party vendor and are not included in the sale.
Current rents and leases are expected to be provided to qualified buyers during due diligence. Buyer is responsible for independently verifying zoning, permitted uses, licensing requirements, occupancy, room rental regulations, measurements, and any intended future use of the property with the City of Reading and other applicable governmental authorities, including verifying any proposed structural or use modifications prior to settlement. Showings are expected to begin next week.
Key Highlights
- Well‑maintained mixed‑use building with a fully operational first‑floor restaurant and rear/second‑floor residential rental rooms
- Restaurant has been in operation for over 20 years and includes current operating licenses and permits
- Five individual bedrooms on the second/rear floor, each rented separately; all five rental rooms are currently occupied
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $58.5k | $18.00 |
| − Vacancy | −$7.0k | −$2.16 |
| EGI | $51.5k | $15.84 |
| − OpEx | −$19.3k | −$5.94 |
| NOI | $32.2k | $9.90 |
3,252 SF · lease $18.00/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Uses
Best Use
Specialty Retail
$462.3K
$404.5K – $539.3K
NOI $32,360 @ 7.0% cap · market cap 9.25%
Second Best
Mixed Use
$459.9K
$402.4K – $536.6K
NOI $32,195 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$533.8K
$467.1K – $622.8K
NOI $37,369 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
El Reencuentro Restaurant
Restaurant
FAQs
What type of property is this?
Conventional restaurant - Well-maintained mixed-use building with an operating first-floor restaurant and five separately rented second/rear bedrooms.
Where is this conventional restaurant located?
The property is located at 523 Bingaman Street Reading, PA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Well‑maintained mixed‑use building with a fully operational first‑floor restaurant and rear/second‑floor residential rental rooms; Restaurant has been in operation for over 20 years and includes current operating licenses and permits; Five individual bedrooms on the second/rear floor, each rented separately; all five rental rooms are currently occupied
