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Key Details
Sold Price $380,000
Property Type Single Family Home
Sub Type Twin/Semi-Detached
Listing Status Sold
Purchase Type For Sale
Square Footage 4,371 sqft
Price per Sqft $86
Subdivision Northwest Reading
MLS Listing ID PABK2032728
Sold Date 08/31/23
Style Converted Dwelling
Abv Grd Liv Area 4,371
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $3,813
Tax Year 2023
Lot Size 3,920 Sqft
Acres 0.09
Lot Dimensions IRREG
Property Description
TENANT PAID UTILITIES! Solid money maker! Unique 4 unit consisting of 2 buildings with long term tenants and a total of 4371 SQFT. Building 1 - Unit 1A is a SMD home with 3 BRS & 2 baths plus an unfinished attic that could be a 4th BR, covered front porch and is rented for $950 a month ($900+50 for use of the driveway for parking) by a 2 year tenant on a M/M basis. This unit has gas heat, gas hot water heater, gas cooking & 100 AMP electric service. This building was previously 2 units and measures 1379 SQFT. Building 2 has the other 3 units and measures a total of 2875 SQFT. Unit 2D is the 2nd floor right rear and has 4 rooms, 1 BR, living room, dining room, kitchen and bath and a 2 year tenant at $700 a month on a M/M basis. This unit has gas baseboard heat, gas hot water heater, gas cooking & 100 AMP electric and measures a total of 748 SQFT. Unit 3C is the 2nd floor left rear unit and has 4 rooms, 1 BR, living room, dining room, kitchen and bath and a 7 year tenant at $700 a month on a M/M basis. This unit has electric baseboard heat, gas cooking, gas hot water heater & 100 AMP electric and measures a total of 748 SQFT. Both of these units share a large covered balcony. Unit 4E is the 1st floor rear and is a very large modern 2 BR unit with a living room, dining room, kitchen, bath with an open floor plan and used to be the owner's unit and is rented for $950 a month by a 9 year Section 8 tenant. Tenant pays $363 & Sect 8 pays $587 for a total of $950 a month on a 1 year lease through 9/30/23. This unit has a large covered front porch/patio, gas heat, gas hot water heater & 100 AMP electric and measures a total of 1496 SQFT. Tenants pay for gas heat, gas hot water, cooking & electric in their respective units. Driveway provides parking for 2 cars is currently being used by the unit 1A tenant. 200 AMP electric service main with breaker panels. All rents are very under market. Projected market rent: Unit 1A - $1600. Unit 2C - $1300. Unit 3D - $1300. Unit 4E - $1400. Total projected income at market rents: $67,200. Total expenses: $11,713. NOI: $55,487. CAP Rate: 15%. Current gross income: $39,600. Total expenses: $11,713. NOI: $27,887. CAP Rate: 7.00%. Expenses breakdown yearly: WSTR: $4800. Taxes: $3813. Insurance: $3000. Permits: $100. The properties are both in very good condition and pride of ownership is evident throughout. Super investment property and a must have in your investment portfolio!
Location
State PA
County Berks
Area Reading City (10201)
Zoning R-3
Rooms
Basement Full, Unfinished, Outside Entrance
Interior
Interior Features Carpet, Tub Shower, Other, Attic
Hot Water Natural Gas
Heating Hot Water, Radiator, Baseboard - Electric
Cooling Window Unit(s)
Flooring Ceramic Tile, Carpet, Laminated, Vinyl
Equipment Oven/Range - Gas, Refrigerator, Water Heater
Fireplace N
Window Features Replacement
Appliance Oven/Range - Gas, Refrigerator, Water Heater
Heat Source Natural Gas, Electric
Exterior
Exterior Feature Porch(es), Roof, Balcony
Garage Spaces 2.0
Utilities Available Above Ground
Water Access N
Roof Type Pitched,Shingle,Metal
Accessibility None
Porch Porch(es), Roof, Balcony
Total Parking Spaces 2
Garage N
Building
Foundation Stone, Concrete Perimeter
Sewer Public Sewer
Water Public
Architectural Style Converted Dwelling
Additional Building Above Grade, Below Grade
New Construction N
Schools
High Schools Reading Senior
School District Reading
Others
Tax ID 14-5307-43-86-2509
Ownership Fee Simple
SqFt Source Assessor
Security Features Carbon Monoxide Detector(s),Smoke Detector
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
Financing Conventional,Cash
Special Listing Condition Standard
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Bought with Jose M Candelaria • RE/MAX Of Reading