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    Property profile & analytics

    2045 Ctr Ave Reading, PA 19605-2816

    • Office buildings
    • 8,000 SF
    • 0.69 lot acres
    OFF-MARKET
    Last Sale
    Jun 01, 2021
    $670,000
    Value Estimations
    $715,000
    Show details
    Cap Rate Potential
    9.1%
    Office buildings
    Location Intelligence
    Property ID
    US73-4678525
    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

    • Champion Personnel / Employment Agency / Temp Agency

    Property Details for 2045 Ctr Ave

    Year built
    1970
    Lot size
    0.69 lot acres
    Property size
    8,000 SF
    Property type
    Office buildings
    APN
    5308-19-61-4623
    APU
    530819614623

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $785,000
      ML approach
      $735,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $918,000
      Market price range: $320k - $1.36M
      AI Estimate
      $537,000
      Market price range: $212k - $896k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $805,000
      Current use
      RESTAURANT
      $1,065,000
      Change: +32% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $755,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Reading
    County
    Berks
    State
    Pennsylvania
    Longitude
    -75.9322
    Latitude
    40.3667
    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
    $13,070
    $121,200
    $372,500
    $493,700
    -
    $121,200
    $372,500
    $493,700

    Comparable in this City

    • Value Estimation
      $12,025,000
      85,964 SF

      2800 Ctr Ave

      OFFICE BUILDING • 85,964 SF
      2800 Ctr Ave, Reading, PA 19605-2459
      View Details
    • Value Estimation by Request
      1,144 SF

      3328 Plz Dr

      OFFICE BUILDING • 1,144 SF
      3328 Plz Dr, Reading, PA 19605-2418
      View Details
    • Value Estimation by Request
      1,518 SF

      3907 Pottsville Pike

      OFFICE BUILDING • 1,518 SF
      3907 Pottsville Pike, Reading, PA 19605-1725
      View Details
    • Value Estimation
      $12,090,000
      97,278 SF

      2561 Bernville Rd

      OFFICE BUILDING • 97,278 SF
      2561 Bernville Rd, Reading, PA 19605-9611
      View Details
    • Value Estimation by Request
      1,600 SF

      2385 Bernville Rd

      OFFICE BUILDING • 1,600 SF
      2385 Bernville Rd, Reading, PA 19605-9400
      View Details
    • Value Estimation
      $6,735,000
      62,105 SF

      722 Hiesters Ln

      OFFICE BUILDING • 62,105 SF
      722 Hiesters Ln, Reading, PA 19605-3039
      View Details

    Similar Nearby for Sale

    • $3,900,000
      106,772 SF

      Redevelopment or Owner-User Opportunity

      106,772 SF facility on 10 acres with office condo.
      2047 Kutztown Rd, Reading, PA 19605
      View Details
    • Contact for pricing

      Laureldale Office Space for Lease

      Prime Laureldale Office/Medical Space Available
      3212 Kutztown Rd, Laureldale, PA 19605
      View Details
    • $175,000
      1.28 Acres

      High-Traffic Leesport Commercial Land

      Prime Route 61 location, 1.28 acres, C-zoned.
      5220 Pottsville Pike, Leesport, PA 19605
      View Details
    • $1,650,000
      8 SF

      8 Acres Industrial Land Available

      Partially improved industrial land with highway access and NPDES permits.
      Leisczs Bridge Rd, Reading, PA 19605
      View Details
    • $1,500,000
      20,000 SF

      Versatile Flex Space For Sale

      20,000 SF flex space suitable for various uses.
      500 George St, Reading, PA 19605
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    • $5,950,000
      171,181 SF

      Manufacturing Building Near Major Highways

      171,181 SF manufacturing building with easy highway access.
      615 Hiesters Ln, Reading, PA 19605
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      75,051 SF

      Residual Office Space Available

      Mix of private and open office areas with workstations.
      2503 Kutztown Rd, Reading, PA 19605
      View Details
    • Contact for pricing
      63,890 SF

      Versatile Commercial Space in Reading

      Prime location with flexible layout suitable for various businesses.
      2101 Centre Ave, Reading, PA 19605
      View Details
    • Contact for pricing

      Industrial Warehouse Space Available

      28,057 SF industrial space with loading docks and drive-in doors.
      600 Corporate Dr, Reading, PA 19605
      View Details
    • $4 SF/Yr
      4,200 SF

      Industrial Warehouse Space For Lease

      4,200 SF industrial warehouse space available for lease.
      1501 Frush Valley Rd, Reading, PA 19605
      View Details
    • Contact for pricing
      349,400 SF

      Reading Airport Industrial Building Available

      Industrial building with airport access, divisible, and strong workforce.
      1062 Macarthur Rd, Reading, PA 19605
      View Details
    • $4 SF/Yr
      171,181 SF

      Hiesters Lane Warehouse Trio

      Three industrial spaces available; 9,298 - 96,635 SF
      615 Hiesters Ln, Reading, PA 19605
      View Details
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    2045 Ctr Ave
    Reading, PA 19605-2816
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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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