Two-Unit Office
New
For Sale
$370,000
922 PENN AVENUE, Reading, PA 19610
The property is fully leased, with two separate units serving professional services uses.
Property Size1,760 SF
Price / SF$210.23
Days on Market5
Property Features for 922 PENN AVENUE
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Office Units
2
Building Details
Year Built
1935
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Of Reading
Listed By:
Randy L Weidner · License #RS-196634-L
(610) 670-2770
Source:
Cummingsrealtors
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:58PM
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 RE/MAX Of Reading
Investment Insights
Based on property information with market context.
This 1,760-square-foot office building was constructed in 1935 and is configured as two units. Both units are currently leased, providing an established multi-tenant arrangement.
The property is in Wyomissing, close to Reading Hospital and areas with retail, restaurants, and other professional services. Its address is 922 Penn Avenue in Reading, Pennsylvania.
The property is in Wyomissing, close to Reading Hospital and areas with retail, restaurants, and other professional services. Its address is 922 Penn Avenue in Reading, Pennsylvania.
Key Highlights
- 1,760‑square‑foot office building
- Two units, both currently leased
- Built in 1935
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
$14,746
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
3.99%
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%
$294,920
$294.9K
Cap Rate 7%
$210,657
$210.7K
Cap Rate 9%
$163,844
$163.8K
Market Conditions
NOI Build-Up for 1,760 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
$22.8K $12.96/SF
− Vacancy
−$3.1K −$1.79/SF
EGI
$19.7K $11.17/SF
− OpEx
−$4.9K −$2.79/SF
NOI
$14.7K $8.38/SF
Area
Berks County, PA
Vacancy
13.80%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
25.00%
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%
$294,920
Cap Rate 7%
$210,657
Cap Rate 9%
$163,844
Alternative Uses
Best Use
Office B
$210.7K
$184.3K – $245.8K
NOI $14,746 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$288.9K
$252.8K – $337.1K
NOI $20,225 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 19610, PA
16,024
Population
7,327
Households
2.2
Avg Household Size
46
Median Age
54%
College-Educated
98%
High-School Grad
7.1 sq mi
ZIP Area
2,257
Density / Sq Mi
$91,034
Median Household Income
$52,707
Median Earnings
$1,669
Median Rent
$320,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - The property is fully leased, with two separate units serving professional services uses.
Where is this office building located?
The property is located at 922 PENN AVENUE Reading, PA.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 1,760‑square‑foot office building; Two units, both currently leased; Built in 1935
