$380,000
$398,000
4.5%For more information regarding the value of a property, please contact us for a free consultation.
4,371 SqFt
SOLD DATE : 08/31/2023
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
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Jose M Candelaria • RE/MAX Of Reading
Find out why customers are choosing LPT Realty to meet their real estate needs