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 Market71
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) 985-7700
Listed By:
Jimmy Thelusca · License #RS333622
(610) 927-7466
Source:
Cummingsrealtors
Added: Aug 8
Changed: Oct 16
Last Checked: Oct 16 at 9:15AM
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
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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 / Yr
$26,914
Cap Rate
5.38%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,461
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
