Property
Reading, PA 19601 501 Penn Street
$790,000
Pending
32 more
Presented By: Destination Realty LLC
SQFT • 10,200
Home Details
Built in the late 1700's, this Historic Building is located at the Center of Reading's Business District. Great visibility, excellent location. The mostly occupied, diverse tenant mix includes 8 units: five retail at street level, three on the upper floors operating as office and service providers. Utilities are separated and each unit has their own HVAC , gas and electric meters. Owner expenses are very manageable. Buy today, collect rent tomorrow! The second and third floors are serviced by an elevator, allowing access to everyone.
Regarding residential conversion: the commercial core zoning of this building requires commercial use on the ground level, but allows for residential use on the upper floors (with parking accommodations.) See the attached CC Zoning doc as well as floor plans. Easy to show with preferred 36 hours notice, come on out!
Presented By: Destination Realty LLC
Interior Features for 501 Penn Street
Bathrooms
Total Restrooms10
Other Interior Features
Central Air Y/NNo
FlooringHardwood, Carpet, Laminate Plank, Partially Carpeted, Other
Heating FuelNatural Gas
Heating Y/NYes
Hot WaterElectric
Number of Elevators1
Total Stories3
Other Rooms
Entry Level1
General for 501 Penn Street
Acceptable FinancingConventional, Cash, Negotiable
Accessibility32 + wide Doors, 36 + wide Halls, 48 + Halls, Elevator
Association Recreation FeeN
Business TypeOther, Hair Salon and Spa, Institutional, Other/General Retail, Medical, Professional
CityREADING
Construction MaterialsBrick, Masonry
Cool FuelNone
CoolingNone
CountyBERKS
DirectionsStarting at Penn and Perkiomen turn left onto PENN and continue to 5th and PENN.
easy parking along Court St
FULLFee Simple
HeatingHeat Pump - Gas BackUp
Historic Y/NYes
Insurance Expense7014.00
Lease Considered Y/NNo
Location TypeDowntown
Lot Size Square Feet3049.00
Lot Size UnitsSquare Feet
MLS AreaReading City (10201)
MaintenanceExpense1214.00
ModificationTimestamp2024-08-19T22:57:00
MunicipalityREADING CITY
Net Operating Income85865.00
New ConstructionNo
NumberOfUnitsTotal8
Operating Expense26114.00
OwnerPaysAdvertising/Licenses and Permits, Common Area Maintenance, Electricity, Insurance, Pest Control, Repairs, Sewer, Sewer Maintenance, Snow Removal, Taxes - Real Estate, Trash Collection, Water
Possession0-30 Days CD, 31-60 Days CD, 61-90 Days CD, 90-120 Days CD, 120-180 Days, Immediate, Negotiable
Possible UseRecreational, Apartments, Bar/Tavern/Lounge, Barber/Beauty, Clothing, Commercial, Convenience Store, Financial, Flex Space, Food & Beverage, Food Market, Institutional, Investment, Medical/Dental, Mixed Use, Profes
Price Per Sq Ft Total AG77.45
Property ConditionAverage, Very Good
Property SubtypeFive Or More Units
Property TypeCommercial Sale
Property UseInvestment
RoofFlat
SewerPublic Sewer
Standard StatusPending
StatusPENDING
Tax Annual Amount9998.0
Tax Assessed Value228700.0
Tax Lot9307
Tax Year2023
TopographyStreet corner, level lot
Total Actual Rent118000.00
TransportationBus Stop less than 1 mile, Airport less than 10 miles
UtilitiesSewer Available, Water Available
Vacation Rental Y/NNo
ViewCity, Street
Virtual TourClick here
Water Access Y/NNo
Waterfront Y/NNo
Year Built1793
Year Built SourceEstimated
ZoningCC
Zoning DescriptionCommercial Core District
Exterior for 501 Penn Street
Building Area Total10200.00
Car Parking Spaces
Fencing Y/NN
Foundation DetailsBlock, Stone
Land Assessed Value30900.00
Land Use Code4126
Lot Dimensions32*100
Lot FeaturesLevel, Road Frontage, Zero Lot Line
Lot Size Acres0.07
Lot Size SourceAssessor
LotDimensionsSourceEstimated
Navigable Water Y/NNo
Parking FeaturesPublic, Unassigned
Road Frontage Length132
Road ResponsibilityCity/County
Road Surface TypePaved
Soil TypesUnknown
Topography DescriptionStreet corner, level lot
Total Loading Docks0
Total Parking Spaces0
Traffic Count10000-14999, 15000-19999
Type of ParkingOn Street
Water Oriented Y/NNo
Water SourcePublic
Water View Y/NNo
Additional Details
Price History
Tina Torres
Broker/Owner