Return to Previous Page

    324-326 N 5TH Street

    READING, PA 19601
    • $208,900
    • STATUS: Active
    • ON SITE: 163 days
    • ID#: PABK352236
    Price Reduced
    UPDATED: 35 min ago
    $208,900
    • 0
      BEDS
    • 0.2
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1930
    County:

    School Ratings & Info

    School District:

    Description

    Rehab opportunity, this large property consists of two parcels, 324 and 326 N 5th St. The first floor is set up across both parcels as office space ( estimated at 2490sf ). Upstairs above each the offices spaces are a large residential unit. Specifically, upstairs from 324 N 5th St is a 5 bedroom, 2 bathroom apartment, the same is duplicated above 326 N 5th St. The back of the property opens up to Madison Ave and includes a 2 car detached garage, and 15 paved parking spaces! Due in part to code violations the property is boarded up and secured by the city. Many items must be addressed in order for it to be occupied, there is a lot of work needed! So, bring your optimism, energy, and a bank roll, and get this beautiful property back to operation. Showings limited to daylight hours, no power, no heat........Proforma possibilities, (CAP rates in Reading vary from 8 to 12%)Assumptions:~B+ finish --- (practical and durable, but not high end, central ac a~plus.)owner pays water, taxes, mortgage, insurance etc.tenants to pay own utilities, (heat, electric, hot water, etc)324 N 5th St and 326 N 5th St are mirror images of each other.currently~configured (Zoned) as 2 units each side, total of 4 units.~~~ ~1st floor was a dentist office |30 years ago??|~ ~ * use as commercial space today @ $850 - $950/month modified gross~ ~ * converted to 3 bedroom apartment, same rent as above.~ ~2nd, 3rd floor, set up as one large apartment, 6 bedrooms, kitchen living room and 2 full bathrooms.~ ~ * use as a single large unit may rent for $1,200 - $1,400. (I'd suggest converting to 5 bedrooms with one master suite, making~it a 5 bedroom 3 bath apartment... add laundry and upgrade the finish and possibly get closer to $1,800 rent.)People have asked about dividing the property to gain units...The city has not favored increased density and you would have to go to a zoning appeal to convert into more units.~ That said, with 10 parking spaces and a 2 car garage, you may succeed with some conversion... parking is their primary concern, zoning R3 permits multi-units.~ ~ * 2nd, 3rd floor converted into two units of 2 of 3 bedrooms.~~~ ~ ~ ~$775 - $825 for 2 bedrooms) and $850 - $950 for 3 bedrooms~city of Reading zoning docs can be seen at : https://www.readingpa.gov/sites/default/files/CD/zoning/Zoning_Ordinance_012814.pdf

    Monthly Payment Calculator



    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Iron Valley Real Estate. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-06-04T15:51:42.3.
    www.amandakrall.com/homes/101876197

    324-326 N 5TH Street READING, PA 19601

    • Price: $208,900
    • Status: Active
    • Updated: 35 min ago
    • ID#: PABK352236
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.2
    Acres
    1930
    Built
    Neighborhood:
    None Available
    County:
    Berks
    Area:
    Reading City (10201)
    School District:
    Reading
    Property Description
    Rehab opportunity, this large property consists of two parcels, 324 and 326 N 5th St. The first floor is set up across both parcels as office space ( estimated at 2490sf ). Upstairs above each the offices spaces are a large residential unit. Specifically, upstairs from 324 N 5th St is a 5 bedroom, 2 bathroom apartment, the same is duplicated above 326 N 5th St. The back of the property opens up to Madison Ave and includes a 2 car detached garage, and 15 paved parking spaces! Due in part to code violations the property is boarded up and secured by the city. Many items must be addressed in order for it to be occupied, there is a lot of work needed! So, bring your optimism, energy, and a bank roll, and get this beautiful property back to operation. Showings limited to daylight hours, no power, no heat........Proforma possibilities, (CAP rates in Reading vary from 8 to 12%)Assumptions:~B+ finish --- (practical and durable, but not high end, central ac a~plus.)owner pays water, taxes, mortgage, insurance etc.tenants to pay own utilities, (heat, electric, hot water, etc)324 N 5th St and 326 N 5th St are mirror images of each other.currently~configured (Zoned) as 2 units each side, total of 4 units.~~~ ~1st floor was a dentist office |30 years ago??|~ ~ * use as commercial space today @ $850 - $950/month modified gross~ ~ * converted to 3 bedroom apartment, same rent as above.~ ~2nd, 3rd floor, set up as one large apartment, 6 bedrooms, kitchen living room and 2 full bathrooms.~ ~ * use as a single large unit may rent for $1,200 - $1,400. (I'd suggest converting to 5 bedrooms with one master suite, making~it a 5 bedroom 3 bath apartment... add laundry and upgrade the finish and possibly get closer to $1,800 rent.)People have asked about dividing the property to gain units...The city has not favored increased density and you would have to go to a zoning appeal to convert into more units.~ That said, with 10 parking spaces and a 2 car garage, you may succeed with some conversion... parking is their primary concern, zoning R3 permits multi-units.~ ~ * 2nd, 3rd floor converted into two units of 2 of 3 bedrooms.~~~ ~ ~ ~$775 - $825 for 2 bedrooms) and $850 - $950 for 3 bedrooms~city of Reading zoning docs can be seen at : https://www.readingpa.gov/sites/default/files/CD/zoning/Zoning_Ordinance_012814.pdf
    Exterior Features

    Construction Materials BrickCombinationCompositionMixed Plumbing Direction Faces East Garage YN No Location Type Downtown Lot Features LevelOther Parking Features Paved ParkingPrivate Parking Types Parking Lot Property Condition Below AverageMajor Rehab Needed Riparian Rights YN No Road Responsibility City/County Road Surface Type Paved View Street Water Access YN No Water Oriented YN No Waterfront YN No

    Interior Features

    Building Area Total 4980.00 Cooling None Exclusions Owner ToolsEquipment Heating Baseboard - Hot WaterOther Heating YN Yes Net Square Feet 4980.00

    Property Features

    Accessibility Features None Assessment Year 2020 Association YN No Business Type Apartment BuildingOther/General RetailOther Central Air YN No Cooling Fuel ElectricNatural Gas Cross Street Buttonwood Heating Fuel Natural Gas Available Hot Water ElectricNatural Gas Incorporated City Name Reading City Lease Considered YN No Navigable Water YN N New Construction YN No Number Of Units Total 4 Original MLSNumber 302191088042 Ownership Interest Fee Simple Possession Immediate Property Sub Type Office Sale Type Standard Sewer Public Sewer Tax Annual Amount 4985.00 Tax Assessment Amount 115200.00 Tax Lot 7201 Utilities Cable Tv AvailableDsl AvailableElectric AvailableNatural Gas AvailablePhone AvailableSewer AvailableWater Available Vacation Rental YN No Water Source Public Zoning R3 Zoning Description High Density Residential

    Listing courtesy of Destination Realty Llc.


    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Iron Valley Real Estate. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-06-04T15:51:42.3.
     
    https://bt-photos.global.ssl.fastly.net/brightmls/1280_boomver_1_302191088042-2.jpg https://bt-photos.global.ssl.fastly.net/brightmls/1280_boomver_1_302191088042-2.jpg https://bt-photos.global.ssl.fastly.net/brightmls/1280_boomver_1_302191088042-2.jpg
    Logo
    Iron Valley Real Estate
    1958 Quentin Road
    Lebanon PA, 17042