Four-Unit
For Sale
$499,900
643 N 3RD STREET, Reading, PA 19601
Residential income property with varied unit layouts, a private patio, and off-street parking.
Property Size2,730 SF
Price / SF$183.11
Days on Market8
Property Features for 643 N 3RD STREET
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Quadruplex
Units
Unit Mix
3 x 1BR, 1 x 2BR
Multifamily Units
4
Amenities
private patio
off-street parking
Building Details
Year Built
1903
Listing Agency:
Pagoda Realty ERA Powered
(610) 927-7466
Listed By:
Jimmy Thelusca · License #RS333622
(610) 927-7466
Source:
Cummingsrealtors
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 6:27AM
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.
Located at 643 N 3rd Street in Reading, this 1903 quadplex contains four residential units: three one-bedroom apartments and one two-bedroom apartment. The property also includes a garage loft apartment with potential for conversion to a fifth unit; the space may alternatively serve as storage or an owner’s office or suite.
Additional features include a private patio and off-street parking. The owner currently pays for heat, electric, water, sewer, and trash, providing a clearly defined operating arrangement for the property.
Additional features include a private patio and off-street parking. The owner currently pays for heat, electric, water, sewer, and trash, providing a clearly defined operating arrangement for the property.
Key Highlights
- Four‑unit configuration with three one‑bedroom units and one two‑bedroom unit
- Garage loft apartment may offer potential for a fifth unit
- Garage loft can also serve as storage or an owner’s office or suite
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
$26,914
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
5.38%
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%
$538,280
$538.3K
Cap Rate 7%
$384,486
$384.5K
Cap Rate 9%
$299,044
$299.0K
Market Conditions
NOI Build-Up for 2,730 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
$40.0K $14.64/SF
− Vacancy
−$1.5K −$0.56/SF
EGI
$38.4K $14.08/SF
− OpEx
−$11.5K −$4.23/SF
NOI
$26.9K $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%
$538,280
Cap Rate 7%
$384,486
Cap Rate 9%
$299,044
Alternative Uses
Best Use
Multifamily LT 5
$384.5K
$336.4K – $448.6K
NOI $26,914 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$336.1K
$294.1K – $392.1K
NOI $23,524 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$448.2K
$392.1K – $522.9K
NOI $31,371 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 19601, PA
35,477
Population
14,024
Households
2.5
Avg Household Size
34
Median Age
12%
College-Educated
73%
High-School Grad
3.8 sq mi
ZIP Area
9,336
Density / Sq Mi
$41,133
Median Household Income
$30,433
Median Earnings
$986
Median Rent
$110,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with varied unit layouts, a private patio, and off-street parking.
Where is this quadplex located?
The property is located at 643 N 3RD STREET Reading, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Four‑unit configuration with three one‑bedroom units and one two‑bedroom unit; Garage loft apartment may offer potential for a fifth unit; Garage loft can also serve as storage or an owner’s office or suite
