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    Property profile & analytics

    216 Lancaster Ave Reading, PA 19611-1628

    • Auto shops
    • 4,470 SF
    • 0.22 lot acres
    OFF-MARKET
    Last Sale
    Mar 26, 2021
    $290,000
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0999306
    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

    • Standard Grinding Shop / Saw Sharpening Service

    Property Details for 216 Lancaster Ave

    Year built
    1980
    Lot size
    0.22 lot acres
    Property size
    4,470 SF
    Property type
    Auto shops
    APN
    5306-50-65-2289
    APU
    530650652289

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $340,000
      ML approach
      $335,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $387,000
      Market price range: $254k - $669k
      AI Estimate
      $370,000
      Market price range: $183k - $593k

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

    Location Insight

    • Map
    • Local Demand
    City
    Reading
    County
    Berks
    State
    Pennsylvania
    Longitude
    -75.9338
    Latitude
    40.3219
    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
    $4,419
    $93,500
    $73,400
    $166,900
    -
    $93,500
    $73,400
    $166,900

    Comparable in this City

    • Value Estimation
      $255,000
      2,183 SF

      730 Penn Ave

      AUTO REPAIR, GARAGE • 2,183 SF
      730 Penn Ave, West Reading, PA 19611-1006
      View Details
    • Value Estimation
      $290,000
      3,200 SF

      30 Eberly St

      AUTO REPAIR, GARAGE • 3,200 SF
      30 Eberly St, Reading, PA 19611
      View Details
    • Value Estimation
      $625,000
      22,000 SF

      103 Lancaster Ave

      AUTO REPAIR, GARAGE • 22,000 SF
      103 Lancaster Ave, Reading, PA 19611-1622
      View Details
    • Value Estimation
      $1,395,000
      6,546 SF

      125 Morgantown Rd

      AUTO REPAIR, GARAGE • 6,546 SF
      125 Morgantown Rd, Reading, PA 19611-1957
      View Details
    • Value Estimation
      $270,000
      1,710 SF

      411 Cherry St

      AUTO REPAIR, GARAGE • 1,710 SF
      411 Cherry St, West Reading, PA 19611
      View Details
    • Value Estimation
      $760,000
      8,787 SF

      430 Franklin St

      AUTO REPAIR, GARAGE • 8,787 SF
      430 Franklin St, West Reading, PA 19611-1218
      View Details

    Similar Nearby for Sale

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      3,392 SF

      Prime PA Retail Portfolio

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      Lancaster Ave Retail Portfolio

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    • $850,000
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      West Reading Mixed-Use Retail Property

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      Lancaster Avenue Retail Opportunity

      Retail properties available for sale on Lancaster Avenue.
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    • $324,900
      0.14 Acres

      West Reading Office Space For Sale

      Office space in West Reading's Central Business District.
      612 Reading Ave, Reading, PA 19611
      View Details
    • $400,000
      4,860 SF

      Reading Industrial Flex Building

      4,860 SF Flex Space - $400,000
      415 Gregg Ave, Reading, PA 19611
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    Similar Nearby for Lease

    • Contact for pricing
      3,203 SF

      Fenced Lot with Shop Building

      1.45-acre lot with a 3,203 SF five-bay shop.
      615R Kenhorst Blvd, Reading, PA 19611
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    • Contact for pricing
      4,550 SF

      100 Lancaster Ave

      Restaurants • 4,550 SF
      100 Lancaster Ave, Reading, PA 19611
      View Details
    • Contact for pricing
      12,075 SF

      100-128 Lancaster Ave,100 Memory Lane,2178 W 38th Street

      Restaurants • 12,075 SF
      100-128 Lancaster Ave, Reading, PA 19611
      View Details
    • Contact for pricing
      10,569 SF

      West Reading Restaurant/Retail Opportunity

      Classic red brick building suitable for restaurant or retail use.
      421 Penn Ave, Reading, PA 19611
      View Details
    • Contact for pricing
      11,200 SF

      Retail Space in West Reading

      Shell condition retail space in West Reading's retail district.
      525 Penn Ave, Reading, PA 19611
      View Details
    • Contact for pricing
      210,650 SF

      West Reading Flex Office Space

      Prime West Reading location, renovated office space.
      739 Reading Ave, Reading, PA 19611
      View Details
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    216 Lancaster Ave
    Reading, PA 19611-1628
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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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