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Property profile & analytics
OFF-MARKET
Estimated value
$1,200,000
Bars & Pubs
238 3rd Ave Reading, PA 19611-1348
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US73-2017553
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1920
Construction
FRAME
Total area
7,708 SF
Lot
0.11 ac (4,792 SF)
APN
5306-06-38-1924
UPID
US73-2017553
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
ATM Atm
-
3rd & Spruce Drafthaus Bar & Pub Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.20M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$829k
Blend (final)
Blend
$1.20M
Owner & transaction history
Dvd Spruce LLC · 1 yrs held
Dvd Spruce LLC
since 2024
Last sale
$1.2M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.3M
+24.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Reading submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Reading submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,200,000
ML approach
$1,200,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$1,025,000
Current use
MEDICAL BUILDING
$1,275,000
Change: +24% · Conversion: Difficult
Blend value · Realmo final
$1.20M
Range $1.08M – $1.32M · ±10% · vs last sale $1.20M (Oct 8 2024)
Last sale anchor
$1.20M
Oct 8 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$156 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$6,682
Tax year 2024
Assessed value
$311,600
Assessed 2024
Previous assessed
$311,600
+0.0% YoY
Effective rate
2.14%
On assessed value
Assessed land
$39,400
Assessed improvement
$272,200
Land market value
$39,400
Improvement market value
$272,200
Total market value
$311,600
Applied tax rate
93.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Year built
1920
Construction
FRAME
Heating
NONE
Buildings
2
Stories
2
Total area
7,708 SF
Lot
0.11 ac (4,792 SF)
APN
5306-06-38-1924
UPID
US73-2017553
Jurisdiction
BERKS
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$1.3M
RESTAURANT Current
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1920
Construction
FRAME
Heating
NONE
Stories
2
Buildings
2
Lot
0.11 ac
Current owner
From public records · entity-resolved
Dvd Spruce LLC
Entity
Mailing address
120 SANDHURST BLVD, BLANDON, PA 19510-9573
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 8, 2024
$1,200,000
Dvd Spruce LLC
Dutch Ugly II LLC
Deed
$1,445,000 · Dutch Ugly II LLC A Pennsylvani
Apr 1, 2021
$900,000
Dutch Ugly II LLC
West Reading Properties LLC
Deed
—
Mar 6, 2006
$337,625
West Reading Properties LLC
Woodward,john C & Margaret G
Quit Claim Deed
related
$500,000 · National Penn Bank
—
—
West Reading Properties LLC
—
Deed Of Trust
related
$500,000 · National Penn Bk
—
—
Woodward,john C & Margaret G
—
Deed Of Trust
related
$50,000 · National Penn Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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