212 6th St Reading, PA 19601-3337

Property Details for 212 6th St

Year built

1900

Lot size

0.05 lot acres

Property size

4,464 SF

Property type

Office buildings

APN

5307-75-81-3511

APU

530775813511

Description

This exceptional investment opportunity presents a portfolio of five Class C apartment buildings totaling 16 units, situated on a single block in downtown Reading, Pennsylvania. The property, built in 1900, offers a compelling value-add proposition with significant upside potential. Currently boasting 100% occupancy and a Net Operating Income (NOI) of $107,162, resulting in a 6.12% cap rate, the pro-forma NOI is projected at $156,242, yielding an 8.93% cap rate. This substantial increase is achievable through readily implemented rent increases; current rents are 20-30% below market rates, with most tenants on month-to-month leases. The portfolio's strategic location within walking distance of Alvernia University's new student campus presents a unique opportunity to transition into student housing without incurring construction costs. The absence of rent control in Reading further enhances the investment's appeal. The properties are conveniently located near various employment centers, including manufacturing, distribution, warehousing, and numerous retail establishments. This fee-simple ownership offers a rare assembly of units in a prime downtown location, with the seller potentially offering owner financing. The asking price is $1,750,000, or $109,375 per unit. Individual building addresses include 212 N. 6th St (3 units), 225 N. 6th St (2+1 units), 235 N. 6th St (3 units), 237 N. 6th St (5 units), and 239 N. 6th St (2 units). This portfolio represents a first sale in over 17 years, presenting a rare opportunity for significant returns.