128-130 Elm St, Reading, PA 19601

Property Description

Income-Producing Multifamily Investment with Value-Add Potential in the Heart of Reading! Don't miss this exciting investment opportunity at 128 and 130 Elm Street, Reading, PA 19601! This end-row multifamily property features five residential units in an R-3 zoning district, along with additional income potential from individually rented parking spaces. Already generating rental income, this property offers investors the opportunity to build on an existing income stream while adding value through improvements and some needed TLC. The property consists of three 2-bedroom apartments, one studio, and one spacious 3-bedroom apartment. Current rents include $1,200 per month for each 2-bedroom unit, $900 for the studio, and $1,300 for the 3-bedroom apartment. One 2-bedroom unit is currently vacant, offering an immediate opportunity for a new owner to lease the unit and increase rental income. Additional revenue is generated through separately rented parking spaces. The property annual gross income of $73,200, with annual operating expenses of approximately $19,726, including real estate taxes 2,266 insurance 2,500, WSTR 6000, permits 200, Owner electricity,1,440 and property management 10%. Based on these figures, the reported net operating income (NOI) is $53,474, representing an approximate 11% cap rate. While some areas of the property would benefit from updates and improvements, this presents an excellent opportunity for investors looking to unlock additional value, enhance the property's appeal, and potentially improve future rental performance. Whether you're an experienced investor seeking to expand your portfolio or looking for your next value-add project, this property offers a combination of existing cash flow and future upside. Conveniently located near downtown Reading, public transportation, shopping, restaurants, and everyday amenities, this multifamily investment offers multiple income streams, additional rental potential, and the opportunity to make your mark in a growing investment portfolio. Bring your vision, explore the possibilities, and turn this income-producing property into an even stronger investment! Schedule your showing today!