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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    119 Prospect St Reading, PA 19606

    • Medical offices
    • 9,755 SF
    • 1.26 lot acres
    OFF-MARKET
    Last Sale
    Aug 01, 2022
    $1,675,000
    Value Estimations
    $2,355,000
    Show details
    Cap Rate Potential
    3.3%
    Medical offices
    Location Intelligence
    Property ID
    US73-1575237
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical offices

    Property Details for 119 Prospect St

    Year built
    1960
    Lot size
    1.26 lot acres
    Property size
    9,755 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    5326-10-27-7454
    APU
    532610277454

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,460,000
      ML approach
      $2,285,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,032,000
      Market price range: $792k - $2.29M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,615,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Reading
    County
    Berks
    State
    Pennsylvania
    Longitude
    -75.8747
    Latitude
    40.3269
    CBSA code
    39740
    CBSA name
    READING, PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $16,130
    $159,300
    $816,800
    $976,100
    -
    $159,300
    $816,800
    $976,100

    Comparable in this City

    • Value Estimation
      $1,195,000
      36,568 SF

      3970 Perkiomen Ave

      MEDICAL BUILDING • 36,568 SF
      3970 Perkiomen Ave, Reading, PA 19606-2757
      View Details
    • Value Estimation
      $500,000
      4,197 SF

      3703 Perkiomen Ave

      MEDICAL BUILDING • 4,197 SF
      3703 Perkiomen Ave, Reading, PA 19606-2714
      View Details
    • Value Estimation
      $315,000
      3,270 SF

      2509 Perkiomen Ave

      MEDICAL BUILDING • 3,270 SF
      2509 Perkiomen Ave, Reading, PA 19606-2051
      View Details
    • Value Estimation
      $710,000
      23,682 SF

      11 Fairlane Rd

      MEDICAL BUILDING • 23,682 SF
      11 Fairlane Rd, Reading, PA 19606-9567
      View Details
    • Value Estimation
      $340,000
      4,741 SF

      2615 Perkiomen Ave

      MEDICAL BUILDING • 4,741 SF
      2615 Perkiomen Ave, Reading, PA 19606-2001
      View Details
    • Value Estimation
      $310,000
      2,088 SF

      2951 Saint Lawrence Ave

      MEDICAL BUILDING • 2,088 SF
      2951 Saint Lawrence Ave, Reading, PA 19606-2256
      View Details

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      Indian Grocery & Restaurant Business

      Established Indian grocery and restaurant with growth potential in Reading.
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      928 SF

      New Mobile Home in Park

      New two-bedroom mobile home in Bordic Mobile Home Park.
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    • $129,900
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      New Mobile Home in Reading

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    Similar Nearby for Lease

    • Contact for pricing
      26,400 SF

      Exeter Medical Office Space

      Prime Reading, PA medical suites available.
      6 Hearthstone Ct, Reading, PA 19606
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      Land Available For Ground Lease

      0.5 acre commercial land with utilities and high traffic.
      4361 Perkiomen Ave, Reading, PA 19606
      View Details
    • Contact for pricing

      Renovated Shopping Center Retail Space

      Retail opportunities in a newly renovated shopping center with parking.
      2950 Saint Lawrence Ave, Reading, PA 19606
      View Details
    • $6,500 /Mo
      50,530 SF

      Versatile Commercial Building with Greenhouse

      8,000 sq ft commercial building with optional 5,000 sq ft greenhouse.
      3801-R Perkiomen Ave, Reading, PA 19606
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    • $850 /Mo
      15,246 SF

      Storefront in Mount Penn, PA

      Retail space with high foot traffic, easy downtown access.
      2433 Perkiomen Ave, Reading, PA 19606
      View Details
    • Contact for pricing

      Prime Commercial Land for Lease

      0.5 acre commercial land available for ground lease.
      Perkiomen Ave, Reading, PA 19606
      View Details
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    119 Prospect St
    Reading, PA 19606
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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