128-130 Elm St, Reading, PA 19601

Property Description

Investment Opportunity in the Heart of Reading! Don't miss this fantastic multifamily investment opportunity at 128 and 130 Elm Street, Reading, PA! Renovated in 2024, this end-row property features five residential units in the R-3 zoning district, along with additional income potential from rental parking spaces. The property offers a mix of three 2-bedroom apartments, one studio, and one spacious 4-bedroom apartment. The 2-bedroom units rent for $1,200 each, the studio rents for $900, and the 4-bedroom apartment rents for $1,300. One 2-bedroom unit is currently vacant, providing an opportunity for a new owner to increase rental income. Additional revenue is generated from individually rented parking spaces. The annual gross income is $73,500, with annual operating expenses totaling $19,656, including $2,266 in real estate taxes, $2,500 in insurance, $6,000 WSTR, $100 for permits, $1,440 in electricity, and 10% of gross income for property management. This results in a net operating income (NOI) of $53,844 and an approximate 11% cap rate Conveniently located near downtown Reading, public transportation, shopping, restaurants, and everyday amenities, this property offers an attractive opportunity for seasoned investors looking to expand their portfolios or buyers entering the multifamily market. With renovations in 2024, multiple income streams, and additional rental potential, this property deserves your attention! Schedule your showing today and explore the possibilities this investment has to offer!