10 Franklin St Reading, PA 19602
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 10 Franklin St
- Year built
- 1900
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a portfolio of four Class C multifamily buildings totaling 16 units, strategically located in Reading, Pennsylvania. The properties, situated at 10 N. 11th St, 11 S. 11th St, 21 S. 11th St, and 1136 Franklin St, are conveniently clustered together, simplifying management and maintenance. Currently boasting 100% occupancy and a Net Operating Income (NOI) of $105,833, resulting in a 6.40% cap rate, this portfolio offers significant upside potential. A pro-forma NOI of $181,800 projects a compelling 9.09% cap rate, reflecting the potential for substantial rent increases. Built in 1900, these solid brick buildings feature long-term tenants, many on month-to-month leases, with rents currently 20-30% below market value. The proximity to Alvernia University's new campus presents a unique value-add opportunity to transition the property into student housing. The portfolio benefits from a strong local economy, with nearby manufacturing, distribution, warehousing, and retail establishments. The permitted zoning is R, and the property is offered fee simple. Owner financing may be available. This is one of seven packages within a larger portfolio. This is a rare opportunity to acquire city park-adjacent properties with significant potential for increased profitability.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Reading
- County
- Berks
- State
- Pennsylvania
- Longitude
- -75.9405
- Latitude
- 40.3537
