515 Penn St Reading, PA 19601-3410

This exceptional redevelopment opportunity presents a 40,000-square-foot, three-story Class B apartment building situated on a 0.33-acre lot in downtown Reading, Pennsylvania. Located at 515 Penn St, between 5th and 6th Streets, this property boasts a prime location within the Reading Downtown Improvement District and the Penn Square Overlay District (with an underlying Commercial Core (C-C) district zoning). The building features a striking 40-foot atrium ceiling, multiple elevators, a sprinkler system, and a recently installed new roof. A full basement with numerous vaults adds significant potential. Currently configured for single or multiple tenant occupancy, this property offers immense potential for conversion into approximately 30 apartments, while maintaining commercial space on the first floor. Its central location provides easy access to the Reading Post Office, Attorney Row, City Hall, County Offices, and The Sovereign Center. Several parking garages are within walking distance, and public transportation is readily available on 5th Street. The asking price is $3,000,000 ($75/sq ft, $30,000/unit). Significant grant funding may be available to support redevelopment, potentially covering up to 75% of acquisition and rehabilitation costs for housing projects. This presents a unique chance to capitalize on a prime location and substantial grant opportunities for a high-return investment.