Portfolio of 26 Multi-family buildings with 89 units in the City of Reading, Pennsylvania
Price on call
For Sale
7972
Property ID
Description
- Portfolio of 26 multi-family buildings with 89 units in the City of Reading, PA, portfolio is also divided into smaller packages from $1M to $1.5M
- Owners operated and maintained, first sale in over 17 years
- NO RENT CONTROL in Reading, rents can easily be increased no wait for turnovers.
- NOI $560,572 current CAP Rate 6.96% – Proforma NOI $721,973 CAP Rate 7.47%.
- All solid brick buildings, fully occupied, long term tenants most are month to month.
- Value add opportunity as Reading just became a college town with Alvernia University new student campus w/in walking blocks from most properties.
- Portfolio is poised to exceed $1M in gross income in the short term, poised CAP Rate to exceed 10% and upside over 20% presents a rare opportunity.
- Tremendous upside in buyers repositioning into student housing with ZERO construction cost,
- Buyers in 1031 Exchange could realize immediate equity gain over 30%. Future proof with CAP Rate mitigating cost of capital.
- Strong demand for affordable housing with manufacturing, distribution, ware housing and big box retail nearby.
Address
Address:
City of Reading, PA
- Province / State: Pennsylvania
- City / Town: Reading
- Postal code / ZIP: 19601
- Property ID 7972
- Price Price on call
- Property Type Multifamily
- Property status For Sale
- Year Built 1960
- Label Updated
- Sellers Motivation Motivated
- Number of Units 89
