Mixed-Use Retail and
For Sale
$234,900
Pending
929 PIKE STREET, Reading, PA 19604
Two-unit mixed-use property with a street-level storefront and an upstairs two-bedroom apartment with private entry and balcony.
Property Size1,506 SF
Days on Market50
Property Features for 929 PIKE STREET
General Information
Standard status
Pending
Size
1,506 SF
Property subtype
Duplex
Additional Details
Multifamily Units
1
Building Details
Year Built
1935
Listing Agency:
Coldwell Banker Realty
(610) 373-9900
Listed By:
Joe Colon
(484) 650-6749
Source:
Cummingsrealtors
Added: Jul 18
Changed: Sep 4
Last Checked: Sep 4 at 6:06AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
929 Pike Street is a renovated two-unit mixed-use property on a corner lot in Northeast Reading. The first unit is a commercial storefront with a private entrance. The second unit is a two-bedroom apartment with a private entrance, a balcony, and an attic for additional storage.
Recent updates include brand new flooring, fresh paint throughout, updated light fixtures, renovated bathrooms, new electric baseboard heating, and upgraded electrical panels. Each unit has separate utilities, which can simplify day-to-day property management and tenant responsibility.
The property combines retail storefront space at street level with residential living above, providing flexibility for investors or an owner-occupant seeking rental income from the apartment unit.
Recent updates include brand new flooring, fresh paint throughout, updated light fixtures, renovated bathrooms, new electric baseboard heating, and upgraded electrical panels. Each unit has separate utilities, which can simplify day-to-day property management and tenant responsibility.
The property combines retail storefront space at street level with residential living above, providing flexibility for investors or an owner-occupant seeking rental income from the apartment unit.
Key Highlights
- Renovated two‑unit mixed‑use property on a prominent corner lot in Northeast Reading; built in 1935.
- Street‑level commercial storefront with its own private entrance for flexible business use.
- Upstairs two‑bedroom apartment with a private entrance, balcony, and attic storage.
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
$15,270
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
6.50%
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%
$305,400
$305.4K
Cap Rate 7%
$218,143
$218.1K
Cap Rate 9%
$169,667
$169.7K
Market Conditions
NOI Build-Up for 1,506 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 $15.12/SF
− Vacancy
−$956 −$0.64/SF
EGI
$21.8K $14.48/SF
− OpEx
−$6.5K −$4.35/SF
NOI
$15.3K $10.14/SF
Area
Berks County, PA
Vacancy
4.20%
Lease Rate
$15.12 /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%
$305,400
Cap Rate 7%
$218,143
Cap Rate 9%
$169,667
Alternative Uses
Best Use
Retail
$218.1K
$190.9K – $254.5K
NOI $15,270 @ 7.0% cap · market cap 6.50%
Second Best
Multifamily LT 5
$212.1K
$185.6K – $247.5K
NOI $14,847 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$247.2K
$216.3K – $288.4K
NOI $17,306 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Explore this area
Business Placement
Demographics for 19604, PA
29,347
Population
10,089
Households
2.9
Avg Household Size
29
Median Age
10%
College-Educated
70%
High-School Grad
2.5 sq mi
ZIP Area
11,739
Density / Sq Mi
$52,863
Median Household Income
$30,975
Median Earnings
$1,100
Median Rent
$110,800
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-unit mixed-use property with a street-level storefront and an upstairs two-bedroom apartment with private entry and balcony.
Where is this duplex located?
The property is located at 929 PIKE STREET Reading, PA.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Renovated two‑unit mixed‑use property on a prominent corner lot in Northeast Reading; built in 1935.; Street‑level commercial storefront with its own private entrance for flexible business use.; Upstairs two‑bedroom apartment with a private entrance, balcony, and attic storage.
