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515 Penn St Reading, PA 19601

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For Sale
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100-Unit Apartment Building, Prime Location

Property size:
40,000 SF

Property Features for 515 Penn St

General Information

Property type
Multifamily properties
Square Feet
40,000 SF
Class
B
Lot Size
14,375 SF

Building Details

Units
100

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Listing Contact
Peter B Gustis
Peter B Gustis

Listing Agency: Springer Realty Group Listing Agent: Peter B Gustis

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

This exceptional redevelopment opportunity presents a 40,000-square-foot, three-story Class B apartment building situated on a 0.33-acre lot in downtown Reading, Pennsylvania. Located at 515 Penn St, between 5th and 6th Streets, this property boasts a prime location within the Reading Downtown Improvement District and the Penn Square Overlay District (with an underlying Commercial Core (C-C) district zoning). The building features a striking 40-foot atrium ceiling, multiple elevators, a sprinkler system, and a recently installed new roof. A full basement with numerous vaults adds significant potential. Currently configured for single or multiple tenant occupancy, this property offers immense potential for conversion into approximately 30 apartments, while maintaining commercial space on the first floor. Its central location provides easy access to the Reading Post Office, Attorney Row, City Hall, County Offices, and The Sovereign Center. Several parking garages are within walking distance, and public transportation is readily available on 5th Street. The asking price is $3,000,000 ($75/sq ft, $30,000/unit). Significant grant funding may be available to support redevelopment, potentially covering up to 75% of acquisition and rehabilitation costs for housing projects. This presents a unique chance to capitalize on a prime location and substantial grant opportunities for a high-return investment.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Warren Portable Toilet ... Building Supply

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Reading
County
Berks
State
Pennsylvania
Longitude
-75.927159609562
Latitude
40.335347246598

FAQs

What type of property is this?
Multifamily property - 100-Unit Apartment Building, Prime Location
Where is this multifamily property located?
The property is located at 515 Penn St Reading, PA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 40,000 SF, three-story Class B building on a 0.33-acre lot in downtown Reading, PA.; Prime location in the Reading Downtown Improvement District and Penn Square Overlay District (C-C zoning).; Features a 40-foot atrium ceiling, multiple elevators, a sprinkler system, and a new roof.
(610) 209-9219 Call to check price and availability
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