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Property profile & analytics
OFF-MARKET
Estimated value
$580,000
Theaters & concert halls
249 Penn St, Reading, PA 19601
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US73-0997366
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
1940
Total area
15,930 SF
Lot
0.58 ac (25,265 SF)
APN
5307-82-60-6387
UPID
US73-0997366
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
-
Berks County Diabetes Strips Big Box & Wholesale Store (Bike/Boat/Book/etc) Store
-
BLN Multiservice LLC Law Firm
-
U-Haul Neighborhood Dealer Car Rental Facility
-
Diego Nicolas Garces Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$615k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$580k
Owner & transaction history
Madison Project LP · 1 yrs held
Madison Project LP
since 2025
Last sale
$500,000
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$875,000
+199.9%
Auto repair, garage
$810,000
+178.1%
Office building
$800,000
+173.1%
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
$700,000
ML approach
$615,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$875,000
Change: +200% · Conversion: Difficult
AUTO REPAIR, GARAGE
$810,000
Change: +178% · Conversion: Difficult
OFFICE BUILDING
$800,000
Change: +173% · Conversion: Difficult
RESTAURANT
$660,000
Change: +127% · Conversion: Difficult
Blend value · Realmo final
$580k
Range $522k – $638k · ±10% · vs last sale $500k (Mar 12 2025)
Last sale anchor
$500k
Mar 12 2025
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
$36 / 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
$8,980
Tax year 2024
Assessed value
$339,200
Assessed 2024
Previous assessed
$339,200
+0.0% YoY
Effective rate
2.65%
On assessed value
Assessed land
$113,800
Assessed improvement
$225,400
Land market value
$113,800
Improvement market value
$225,400
Total market value
$339,200
Applied tax rate
1.0000
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
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
Off-Market
Year built
1940
Heating
NONE
Stories
2
Total area
15,930 SF
Lot
0.58 ac (25,265 SF)
APN
5307-82-60-6387
UPID
US73-0997366
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
RETAIL STORES
Est. value
$875,000
AUTO REPAIR, GARAGE
Est. value
$810,000
OFFICE BUILDING
Est. value
$800,000
RESTAURANT
Est. value
$660,000
RETAIL STORES
AUTO REPAIR, GARAGE
OFFICE BUILDING
RESTAURANT
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
1940
Heating
NONE
Stories
2
Lot
0.58 ac
Current owner
From public records · entity-resolved
Madison Project LP
Entity
Mailing address
344 HAMPSHIRE RD, READING, PA 19608-9110
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 12, 2025
$500,000
Madison Project LP
Daniel V Decarlo
Deed
$450,000 · Diamond Cu
Oct 8, 2024
—
Daniel V Decarlo
—
Deed
related
$1,445,000 · Victor Pytleski, An Adult Individual
Sep 21, 2022
—
Daniel V Decarlo
Daniel V Decarlo
Intrafamily Transfer
related
—
May 10, 2019
$475,000
Daniel V Decarlo
C R B INC
Deed
$337,500 · Fulton Bank NA
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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