• 729 Chestnut St, Reading, PA 19602

For Sale

Multi-Family

For Sale

This property is available for sale
8,254
SF
$499,000
Sale Price
  • Overview

    Located in downtown Reading, Berks County, PA - a majority of the portfolio is situated in a qualified opportunity zone. The portfolio includes: 729 Chestnut St (2 units) 121-A S 10th St 1251 South St 407 Rosenthal St 938 Douglass St (4 units) 548 Locust St The Reading Rental Portfolio offers potential buyers the opportunity to purchase a well-maintained portfolio of residential rentals with tremendous upside potential. By maintaining current operating efficiencies, controlling vacancy rates, and increasing rents to market rate, a buyer can acquire a long-term collection of assets in a growing market. The portfolio mix is comprised of 10 units spread across 6 separately deeded assets in downtown Reading, Berks County, PA. Consisting of 4 single family rentals, 1 duplex, and 1 quadruplex, the collection of assets provides a unique rental mix allowing for strong immediate cashflow and a flexible exit strategy. The portfolio is partially located in a federally-designated Qualified Opportunity Zone, offering long term value to a new owner as the Reading market is poised for housing, job, and retail growth. Additionally, Reading has recently experienced 1.55% year-over-year job growth, with manufacturing, eds & meds, hospitality, and professional services as the market's leading industries. With a population of nearly 420,000 in the metro, Reading has experienced recent population growth and unemployment levels on par with the US average. Proximity to large northeastern markets of Philadelphia, New York, and Baltimore, as well as diversity into other sectors, are the drivers of Reading’s economy. Large government and health employers such as Tower Health, County of Berks, Reading School District, East Penn Manufacturing Co, and Carpenter Technology provide the local population with steady employment.

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Property Details

Reading Rental Portfolio

Located in downtown Reading, Berks County, PA - a majority of the portfolio is situated in a qualified opportunity zone. The portfolio includes: 729 Chestnut St (2 units) 121-A S 10th St 1251 South St 407 Rosenthal St 938 Douglass St (4 units) 548 Locust St The Reading Rental Portfolio offers potential buyers the opportunity to purchase a well-maintained portfolio of residential rentals with tremendous upside potential. By maintaining current operating efficiencies, controlling vacancy rates, and increasing rents to market rate, a buyer can acquire a long-term collection of assets in a growing market. The portfolio mix is comprised of 10 units spread across 6 separately deeded assets in downtown Reading, Berks County, PA. Consisting of 4 single family rentals, 1 duplex, and 1 quadruplex, the collection of assets provides a unique rental mix allowing for strong immediate cashflow and a flexible exit strategy. The portfolio is partially located in a federally-designated Qualified Opportunity Zone, offering long term value to a new owner as the Reading market is poised for housing, job, and retail growth. Additionally, Reading has recently experienced 1.55% year-over-year job growth, with manufacturing, eds & meds, hospitality, and professional services as the market's leading industries. With a population of nearly 420,000 in the metro, Reading has experienced recent population growth and unemployment levels on par with the US average. Proximity to large northeastern markets of Philadelphia, New York, and Baltimore, as well as diversity into other sectors, are the drivers of Reading’s economy. Large government and health employers such as Tower Health, County of Berks, Reading School District, East Penn Manufacturing Co, and Carpenter Technology provide the local population with steady employment.

  • Property Type
    Multi-Family
  • Sale Price
    $499,000
  • Total Building Size
    8,254RSF
  • Sale Status
    Available
  • Last updated
    May 06, 2019
  • Property ID
    2085990

Landlord's Sales Representatives

  • Glenn Gaines
    Keller Williams
     
  • Antonio DiCianni
    Keller Williams
     
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