Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    228 Washington St Reading, PA 19607
    Back to Search
    Property profile & analytics

    228 Washington St, Reading, PA 19607

    View on Map
    • Specialty properties
    • 2,990 SF
    • 0.05 lot acres
    Off-Market
    Property ID
    US73-2675156
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Specialty properties

    Property Details for 228 Washington St

    Year built
    1924
    Lot size
    0.05 lot acres
    Property type
    Specialty properties
    APN
    5307-82-60-5754
    APU
    530782605754

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 10, 2016 — Zion Baptist Church — Deed · related $140k · Customers Bank
    — — Zion Baptist Church — Deed Of Trust · related $140k · Customers Bk
    — — Zion Baptist Church — Deed Of Trust · related $55k · Sovereign Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Reading
    County
    Berks
    State
    Pennsylvania
    Longitude
    -75.9325
    Latitude
    40.3369
    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
    $0.00
    $27,600
    $255,700
    $283,300
    -
    $27,600
    $255,700
    $283,300

    Comparable in this City

    • Value Estimation by Request
      2,500 SF

      Muncy Ave

      CHARITABLE ORGANIZATION
      Muncy Ave, Reading, PA 19607
      View Details
    • Value Estimation
      $500,000
      13,179 SF

      129 Lancaster Ave

      FUNERAL HOME
      129 Lancaster Ave, Shillington, PA 19607-2613
      View Details
    • Value Estimation by Request
      14,130 SF

      1 Lancaster Ave

      FUNERAL HOME
      1 Lancaster Ave, Shillington, PA 19607-2631
      View Details
    • Value Estimation by Request
      5,358 SF

      8 Philadelphia Ave

      CHARITABLE ORGANIZATION
      8 Philadelphia Ave, Shillington, PA 19607-2757
      View Details
    • Value Estimation by Request
      4,800 SF

      22 New Holland Ave

      CHARITABLE ORGANIZATION
      22 New Holland Ave, Shillington, PA 19607
      View Details
    • Value Estimation by Request
      16,626 SF

      403 Kenhorst Blvd

      CHARITABLE ORGANIZATION
      403 Kenhorst Blvd, Reading, PA 19607
      View Details

    Similar Nearby for Sale

    • $975,000

      Two-Story Building with Main Street Frontage

      13,000 SF building with flexible floor plan for sale.
      700 Lancaster Ave, Reading, PA 19607
      View Details
    • $235,000

      Kenhorst Village Professional Office Suite

      Versatile 1,000 SF commercial condo in Reading, PA.
      1829 New Holland Rd, Reading, PA 19607
      View Details
    • $74,900
      2.17 Acres

      2.17 Acre Wooded Building Lot

      2.17 acre wooded lot in Hidden Pond Community.
      10 Hidden Pond Dr, Reading, PA 19607
      View Details
    • Contact for pricing

      Retail Building with Warehouse Space

      12,500 SF building with retail and warehouse space.
      400 W Lancaster Ave, Shillington, PA 19607
      View Details
    • $695,900
      3,100 SF

      Morgantown Rd Industrial Property

      3,100 SF Warehouse, Owner/User
      1185 Morgantown Rd, Reading, PA 19607
      View Details
    • $479,900

      Kenhorst Mixed-Use Income Property

      High-visibility mixed-use property with multiple revenue streams in Kenhorst.
      418 Haig Blvd, Reading, PA 19607
      View Details

    Similar Nearby for Lease

    • Sponsored
      Contact for pricing

      PA, Reading - Lancaster Pike

      Discover many ways to work your way in PA, Reading - Lancaster Pike
      2395 Lancaster Pike, Reading, PA 19607
      View Details
    • Contact for pricing

      Shillington Mixed-Use Property For Rent

      Mixed-use property with office space and apartments in Shillington.
      34 E Lancaster Ave, Reading, PA 19607
      View Details
    • Contact for pricing
      3,780 SF

      Grocery Anchored Shopping Center Space

      Retail space available in Kenhorst Plaza shopping center.
      700 Kenhorst Plz, Reading, PA 19607
      View Details
    • $1,400 /Mo

      Versatile Commercial Space on Lancaster

      810 SF commercial space suitable for retail or office.
      203 W Lancaster Ave, Shillington, PA 19607
      View Details
    • Contact for pricing
      3,777 SF

      Versatile Medical/Professional Office Space

      Surgical dental office space for rent with on-site parking.
      517 E Lancaster Ave, Reading, PA 19607
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail space available, offering 1,400 square feet.
      38 E Lancaster Ave, Shillington, PA 19607
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    228 Washington St
    Reading, PA 19607
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    228 Washington St, Reading, PA, 19607
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!