Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    506 12th St Reading, PA 19604

    • Warehouses
    • 37,600 SF
    • 0.24 lot acres
    OFF-MARKET
    Last Sale
    May 24, 2022
    $450,000
    Value Estimations
    $680,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-5351159
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Warehouses

    Property Details for 506 12th St

    Year built
    1920
    Lot size
    0.24 lot acres
    Property size
    37,600 SF
    Property type
    Warehouses
    APN
    5317-62-13-5169
    APU
    531762135169

    Description

    This 35,000 square foot, four-story building at 506 N 12th St, Reading, PA, presents a unique redevelopment opportunity. Originally constructed in 1920 with renovations in 1939, this Class C property offers significant potential for conversion into multifamily housing or commercial space. Currently vacant, the building features 29 units across its four stories, with 30,000 square feet of net rentable space. The property sits on a 10,454 square foot lot and includes 12 parking spaces located in the basement. Its central Reading location offers easy access to major transportation routes, including US Route 422 and Route 12, placing it within reach of Philadelphia and Allentown. Reading's economic growth and revitalization efforts create high demand for both residential and commercial spaces, making this a prime investment. The building's mixed construction, combining brick, wooden beams, steel, and concrete, blends historical charm with modern structural stability. High ceilings and large open spaces are ideal for various uses. Proposed redevelopment plans are available. The asking price is $795,000, or $27,413.79 per unit, and $22.71 per square foot. The permitted zoning is R3. This property is zoned for residential use and offers city-wide views from the upper floors. This is a rare chance to acquire a substantial property in a thriving urban area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $660,000
      ML approach
      $845,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $959,000
      Market price range: $959k - $3.97M
      AI Estimate
      $882,000
      Market price range: $882k - $3.72M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Reading
    County
    Berks
    State
    Pennsylvania
    Longitude
    -75.9143
    Latitude
    40.3433
    CBSA code
    39740
    CBSA name
    READING, PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $4,493
    $30,000
    $139,700
    $169,700
    -
    $30,000
    $139,700
    $169,700

    Comparable in this City

    • Value Estimation
      $295,000
      7,425 SF

      318 Moss Str

      WAREHOUSE, STORAGE • 7,425 SF
      318 Moss Str, Reading, PA 19604-2910
      View Details
    • Value Estimation
      $300,000
      2,024 SF

      513 Mulberry St

      WAREHOUSE, STORAGE • 2,024 SF
      513 Mulberry St, Reading, PA 19604
      View Details
    • Value Estimation
      $305,000
      784 SF

      401 14th St

      MINI-WAREHOUSE, STORAGE • 784 SF
      401 14th St, Reading, PA 19604
      View Details
    • Value Estimation
      $260,000
      5,681 SF

      333 Lombard St

      MINI-WAREHOUSE, STORAGE • 5,681 SF
      333 Lombard St, Reading, PA 19604
      View Details
    • Value Estimation
      $280,000
      2,940 SF

      1029 Locust St

      WAREHOUSE, STORAGE • 2,940 SF
      1029 Locust St, Reading, PA 19604
      View Details
    • Value Estimation
      $300,000
      3,094 SF

      912 Amity St

      MINI-WAREHOUSE, STORAGE • 3,094 SF
      912 Amity St, Reading, PA 19604-1810
      View Details

    Similar Nearby for Sale

    • $305,000
      40,000 SF

      Industrial Building - Reading, PA

      Spacious industrial building, prime location, great potential.
      1014 Windsor St, Reading, PA 19604
      View Details
    • $199,900
      12,000 SF

      Mulberry Street Industrial Gem

      12,000 sq ft, 0.15 acre lot, high potential
      904 Mulberry St, Reading, PA 19604
      View Details
    • $239,900

      Reading Two-Unit Investment Property

      Well-maintained two-unit property in northeast Reading with strong income potential.
      1205 Windsor St, Reading, PA 19604
      View Details
    • $165,000
      1,212 SF

      Turnkey Investment Property in Reading

      Four-bedroom home with Section 8 tenant, ideal for investors.
      622 N 12Th St, Reading, PA 19604
      View Details
    • $285,000
      1,359 SF

      Charming Turnkey Income-Ready Multi-Family

      Well-maintained 2-unit property, ideal for investors or owner-occupants.
      645 N 10Th St, Reading, PA 19604
      View Details
    • $250,000

      Northeast Reading Investment Property

      Two-unit property with detached garage in Northeast Reading.
      1216 N 10Th St, Reading, PA 19604
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      1,077,000 SF

      Premium Business Campus for Lease

      Redeveloped Bell Labs property with office, manufacturing, and distribution space.
      2525 N 12Th St, Reading, PA 19604
      View Details
    • $1,650 /Mo

      Spacious Five-Bedroom Reading Home

      Charming three-story home with five bedrooms and updated features.
      1240 Buttonwood St, Reading, PA 19604
      View Details
    • Contact for pricing
      23,300 SF

      Reading Office Space Available

      Office space available for rent in Reading, Pennsylvania.
      1801 N 12Th St, Reading, PA 19604
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    506 12th St
    Reading, PA 19604
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.