Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    249 Penn St Reading, PA 19601

    • Theaters & concert halls
    • 15,930 SF
    • 0.58 lot acres
    OFF-MARKET
    Last Sale
    Mar 12, 2025
    $500,000
    Value Estimations
    $580,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0997366
    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

    • Berks County Diabetes Strips / Diabetes Equipment Supplier
    • BLN Multiservice LLC / Notary Public
    • U-Haul Neighborhood Dealer / Trailer Rental Service / Truck Rental Agency
    • Diego Nicolas Garces / Law Firm

    Property Details for 249 Penn St

    Year built
    1940
    Lot size
    0.58 lot acres
    Property size
    15,930 SF
    Property type
    Theaters & concert halls
    APN
    5307-82-60-6387
    APU
    530782606387

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $700,000
      ML approach
      $615,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $875,000
      AUTO REPAIR, GARAGE
      $810,000
      OFFICE BUILDING
      $800,000
      RESTAURANT
      $660,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Reading
    County
    Berks
    State
    Pennsylvania
    Longitude
    -75.9321
    Latitude
    40.3358
    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
    $8,980
    $113,800
    $225,400
    $339,200
    -
    $113,800
    $225,400
    $339,200

    Comparable in this City

    • Value Estimation
      $895,000
      52,191 SF

      30 2nd St

      THEATER (MOVIE) • 52,191 SF
      30 2nd St, Reading, PA 19601-4008
      View Details
    • Value Estimation
      $910,000
      66,498 SF

      1400 Ctr Ave

      THEATER (MOVIE) • 66,498 SF
      1400 Ctr Ave, Reading, PA 19601-1413
      View Details
    • Value Estimation by Request
      9,024 SF

      151 10th St

      THEATER (MOVIE) • 9,024 SF
      151 10th St, Reading, PA 19601
      View Details
    • Value Estimation
      $1,085,000
      65,099 SF

      820 Clinton St

      THEATER (MOVIE) • 65,099 SF
      820 Clinton St, Reading, PA 19601-2306
      View Details
    • Value Estimation
      $795,000
      97,808 SF

      627 Washington St

      THEATER (MOVIE) • 97,808 SF
      627 Washington St, Reading, PA 19601
      View Details
    • Value Estimation by Request
      4,010 SF

      328 Walnut St

      THEATER (MOVIE) • 4,010 SF
      328 Walnut St, Reading, PA 19601
      View Details

    Similar Nearby for Sale

    • $495,000
      11,000 SF

      Prime Court Street Office Building

      Renovated Office Space, Excellent Location
      540 Court St, Reading, PA 19601
      View Details
    • $40,000
      0.10 Acres

      Reading Industrial Lot - $40K

      Prime location, buildable vacant lot.
      1112 Butler St, Reading, PA 19601
      View Details
    • $3,000,000
      40,000 SF

      Reading Trust Redevelopment Opportunity

      100-Unit Apartment Building, Prime Location
      515 Penn St, Reading, PA 19601
      View Details
    • $950,000
      6,500 SF

      Mixed-Use Property Facing City Park

      Four-unit mixed-use property in high-traffic location across from park.
      1049 Penn St, Reading, PA 19601
      View Details
    • Contact for pricing

      Retail Property in Muhlenberg, PA

      179,629 SF retail property with upside opportunity.
      3045 N 5Th St, Muhlenberg, PA 19601
      View Details
    • $1,900,000
      28,750 SF

      Historic Office Building For Sale

      Landmark office building in Reading's downtown business district.
      505 Penn St, Reading, PA 19601
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      12,000 SF

      Renovated Office Building with Parking

      High-profile office building in downtown Reading with heated parking.
      147 North 5Th Street Hwy, Reading, PA 19601
      View Details
    • $12 SF/Yr

      Downtown Reading Professional Office Building

      Adaptable office asset in downtown Reading, suitable for various uses.
      19 N 6Th St, Reading, PA 19601
      View Details
    • $13 SF/Yr
      2,073 SF

      Renovated Office Building with Parking

      Office building with heated parking garage, renovated in 2020.
      147 N 5Th St, Reading, PA 19601
      View Details
    • $15 SF/Yr
      52,000 SF

      Downtown Reading Office Building

      Professionally managed office building with on-site parking in downtown Reading.
      50 N 5Th St, Reading, PA 19601
      View Details
    • $1,795 /Mo
      13,504 SF

      Versatile Commercial Space For Lease

      Prime commercial space suitable for retail or office use.
      105-SUIT #101 Blair Ave, Reading, PA 19601
      View Details
    • Contact for pricing
      26,241 SF

      Executive Suites in Reading, PA

      Prime Berks County Office Space Available
      606 Court St, Reading, PA 19601
      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.
    249 Penn St
    Reading, PA 19601
    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

    Google sign-in failed. Please try again or use another login method.