Views
Listed By:
Destination Realty LLC
Address
501 Penn Street, Reading, PA
Price
$ 790,000
Property Attributes
  • MLS#PABK2026384
  • TypeContingent
  • CountyBERKS
  • CityReading
  • AreaReading City
  • Zip19601
  • StyleHair Salon and Spa,Institutional,/General Retail
  • Year Built1793
  • Taxes$ 9998
  • Price$ 790,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage10200
  • Lot Size3,049 SqFt
Data Source:
Bright MLS
Property Description

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!

Price History
2/12/2023 Listed $898,000
3/27/2023 3% - $879,000
4/2/2023 2% - $868,000
4/12/2023 3% - $848,000
5/23/2023 2% - $838,000
6/9/2023 6% - $795,000
12/16/2023 1% - $790,000

General Features

Sewer Public Sewer
Heating Heat Pump - Gas BackUp
Cooling None
Utilities Sewer Available,Water Available
Possession 0-30 Days CD,31-60 Days CD,61-90 Days CD,90-120 Days CD,120-180 Days,Immediate,Negotiable
Roof Flat
Zoning CC
Construction Materials Brick,Masonry
Year Built 1793
View City,Street
Topography Street corner,level lot
Property SubType Five Or More Units
Tax Year 2023
Percent Ownership Fee Simple
Cool Fuel None
OwnerPays Advertising/Licenses and Permits,Common Area Maintenance,Electricity,Insurance,Pest Control,Repairs,Sewer,Sewer Maintenance,Snow Removal,Taxes - Real Estate,Trash Collection,Water
Business Type Other,Hair Salon and Spa,Institutional,Other/General Retail,Medical,Professional
Accessibility 32 + wide Doors,36 + wide Halls,48 + Halls,Elevator
County BERKS
Net Operating Income 85865.00
Operating Expense 26114.00
Insurance Expense 7014.00
New Construction No
Property Type Commercial Sale
MaintenanceExpense 1214.00
Possible Use Recreational,Apartments,Bar/Tavern/Lounge,Barber/Beauty,Clothing,Commercial,Convenience Store,Financial,Flex Space,Food & Beverage,Food Market,Institutional,Investment,Medical/Dental,Mixed Use,Profes
Water Access Y/N No
Property Use Investment
Transportation Bus Stop less than 1 mile,Airport less than 10 miles
Status ACTIVE UNDER CONTRACT
Directions Starting at Penn and Perkiomen turn left onto PENN and continue to 5th and PENN. easy parking along Court St
ModificationTimestamp 2024-04-12T23:26:00
City READING
Buyer Agent Compensation 3
Zoning Description Commercial Core District
Total Units 8
MLS Area Reading City (10201)
Lot Size Square Feet 3049.00
Tax Assessed Value 228700.0
Waterfront Y/N No
Street Name PENN
Tax Annual Amount 9998.0
Property Condition Average,Very Good
Price Per Sq Ft 77.45
Acceptable Financing Conventional,Cash,Negotiable
Historic Y/N Yes
Lease Considered Y/N No
Vacation Rental Y/N No
Days on Market 393
Location Type Downtown
Standard Status Active Under Contract
Year Built Source Estimated
Tax Lot 9307
Total Actual Rent 118000.00
Buyer Agent Compensation Type % Of Gross
Association Recreation Fee No

Interior Features

Heating Fuel Natural Gas
Flooring Hardwood,Carpet,Laminate Plank,Partially Carpeted,Other
Hot Water Electric
Total Stories 3
Heating Y/N Yes
Street Suffix STREET
Central Air Y/N No
Total Restrooms 10
Entry Level 1
Number of Elevators 1

Exterior Features

Parking Features Public,Unassigned
Lot Features Level,Road Frontage,Zero Lot Line
Water Source Public
Type of Parking On Street
Land Use Code 4126
Traffic Count 10000-14999,15000-19999
Foundation Details Block,Stone
Water View Y/N No
Building Area Total 10200.00
Lot Dimensions 32*100
Lot Size Acres 0.07
Road Surface Type Paved
Road Frontage Length 132
Lot Size Units Square Feet
Lot Size Source Assessor
Topography Description Street corner,level lot
Soil Types Unknown
Road Responsibility City/County
Land Assessed Value 30900.00
Navigable Water Y/N No
Water Oriented Y/N No
Fencing Y/N No
LotDimensionsSource Estimated

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Contingent Average in 19601

Price
AVG $300K
$790K
Taxes
AVG $2,923
$9,998
Visits
AVG 87
333
Data Provided by Inside Real Estate®
Year Built
AVG 1887
1793
Walkscore
AVG 93
93
Data Provided by Walkscore® not using MLS data

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