302 Elm St Reading, PA 19601
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 302 Elm St
- Year built
- 1900
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a portfolio of three multifamily buildings totaling 11 units, situated in Reading, Pennsylvania's Callow Hill district. The properties, located at 302 N. 5th St, 427 Elm St, and 439 Elm St (all within close proximity for efficient management), offer a compelling value-add proposition. Currently boasting 100% occupancy, the portfolio generates a current NOI of $79,613, with a pro-forma NOI projected at $103,013, reflecting a significant upside potential. The buildings, constructed in 1900, are classified as Class C and sit on fee simple ownership. The asking price is $1,400,000, translating to $127,273 per unit. With below-market rents and a substantial number of month-to-month tenants, there's significant room for rental increases. The property benefits from its location near Alvernia University's new campus, presenting a strong opportunity to transition into student housing. Furthermore, the area enjoys good demographics and strong housing demand, complemented by the nearby 5th Street highway's retail and franchise presence. The permitted zoning is R, and owner financing may be available. This portfolio represents a rare assembly of units in the Callow Hill district, offering a unique chance for significant returns. The current cap rate stands at 6.40%, with a pro-forma cap rate projected at 7.36%. This is a first sale in over 17 years, with the current owners having operated and maintained the properties.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Reading
- County
- Berks
- State
- Pennsylvania
- Longitude
- -75.928
- Latitude
- 40.3402
