10,350 SqFt
10,350 SqFt
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 10,350 sqft
Price per Sqft $96
Subdivision Not In Development
MLS Listing ID 779632
HOA Y/N No
Year Built 1890
Annual Tax Amount $3,356
Lot Size 4,356 Sqft
Acres 0.1
Property Sub-Type Apartment
Property Description
Now Offered at $995,000
Walnut St Commons presents an exceptional opportunity to acquire a stabilized 9-unit multifamily investment in the heart of Reading, Pennsylvania—now offered below the $1 million threshold, creating one of the most compelling value opportunities currently available in the market.
With strong in-place cash flow, diversified unit mix, and continued rental upside, the property delivers the combination of immediate income and long-term appreciation sought by both seasoned investors and 1031 exchange buyers.
At the new asking price of $995,000, the asset offers an impressive 8.33% current capitalization rate, increasing to approximately 8.79% on pro forma operations through continued rent optimization. The building's efficient operation also produces an estimated Debt Service Coverage Ratio (DSCR) of approximately 1.52, increasing to roughly 1.61 on pro forma income, providing strong lender appeal and financing flexibility.
Using conventional investment financing assumptions, Walnut St Commons is projected to generate approximately a 10.2% current Cash-on-Cash Return, improving to nearly 11.9% as rents are brought to market levels—an exceptional return profile for a stabilized asset of this quality.
The property consists of:
* (3) Studio Apartments
* (5) One-Bedroom Apartments
* (1) Two-Bedroom Apartment
Current average rents remain below market in several units, providing investors with a clear and achievable value-add strategy without significant renovation costs. Combined with historically strong occupancy and efficient operating expenses, Walnut St Commons represents a rare opportunity to acquire a cash-flowing multifamily asset with both stability and meaningful upside.
Location
State PA
County Berks
Area Reading
Direction 1. Take US-422 toward Reading. 2. Exit at Penn Street / Downtown Reading 3. east on Penn Street for approx 0.5 miles. 4. Turn left onto 5th Street. 5. Turn right onto Walnut Street. 6. 409 Walnut Street will be on your right.
Interior
Heating Electric
Cooling None
Fireplace No
Exterior
Water Access Desc Public
Building
Story 3
Sewer Public Sewer
Water Public
Schools
School District Reading
Others
Senior Community No
Tax ID 07-5307-74-71-4427
Special Listing Condition None
Nearby Locations
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
heather.m@morganelliproperties.com
1124 Linden Street, Bethlehem, Pennsylvania 18018, USA