Tenant-Occupied
For Sale
$229,000
728 Franklin St, Reading, PA 19602
Two occupied apartments offer separate gas heating systems and distinct unit layouts.
Property Size1,456 SF
Price / SF$157.28
Days on Market81
Property Features for 728 Franklin St
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,029
Amenities
private rear patio
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
BHHS Homesale Realty- Reading Berks
(610) 372-3200
Listed By:
Juan Cortes-Carreno · License #RS335816
(610) 372-3200
Source:
Exprealty
Added: Jun 11
Changed: Aug 30
Last Checked: Aug 30 at 10:03AM
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 BHHS Homesale Realty- Reading Berks
Investment Insights
Based on property information with market context.
The duplex at 728 Franklin St in Reading, PA contains 1,456 square feet and is configured as two occupied apartments. The first-floor residence has one bedroom, a living room, eat-in kitchen, full bathroom, and private rear patio. Upstairs, the three-bedroom unit includes a kitchen, living room, and three private bedrooms.
Each apartment has its own gas heating system. Tenants separately cover heat, hot water, and electric expenses, while both units are currently occupied. The property is directly across from the BARTA Transportation Center and within walking distance of Santander Arena and multiple public parking garages, placing downtown services and transportation nearby.
Each apartment has its own gas heating system. Tenants separately cover heat, hot water, and electric expenses, while both units are currently occupied. The property is directly across from the BARTA Transportation Center and within walking distance of Santander Arena and multiple public parking garages, placing downtown services and transportation nearby.
Key Highlights
- 1,456‑square‑foot duplex with two occupied apartments
- First‑floor one‑bedroom unit includes a private rear patio
- Second‑floor unit provides three bedrooms, kitchen, and living room
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
$14,354
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
6.27%
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%
$287,080
$287.1K
Cap Rate 7%
$205,057
$205.1K
Cap Rate 9%
$159,489
$159.5K
Market Conditions
NOI Build-Up for 1,456 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
$21.3K $14.64/SF
− Vacancy
−$810 −$0.56/SF
EGI
$20.5K $14.08/SF
− OpEx
−$6.2K −$4.23/SF
NOI
$14.4K $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%
$287,080
Cap Rate 7%
$205,057
Cap Rate 9%
$159,489
Alternative Uses
Best Use
Multifamily LT 5
$205.1K
$179.4K – $239.2K
NOI $14,354 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$179.2K
$156.8K – $209.1K
NOI $12,546 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$239.0K
$209.1K – $278.9K
NOI $16,731 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,104
Businesses Nearby
Explore this area
Business Placement
Demographics for 19602, PA
19,782
Population
7,907
Households
2.5
Avg Household Size
32
Median Age
11%
College-Educated
71%
High-School Grad
2.0 sq mi
ZIP Area
9,891
Density / Sq Mi
$38,179
Median Household Income
$30,848
Median Earnings
$978
Median Rent
$73,000
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?
Duplex - Two occupied apartments offer separate gas heating systems and distinct unit layouts.
Where is this duplex located?
The property is located at 728 Franklin St Reading, PA.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 1,456‑square‑foot duplex with two occupied apartments; First‑floor one‑bedroom unit includes a private rear patio; Second‑floor unit provides three bedrooms, kitchen, and living room
