129 N 8th St, Reading, PA 19601

Property Description

Downtown City of Reading middle row 2 unit building located in the C-R zoning district, previously used as a commercial office on the main level unit 1 and a residential unit 2 on the 2nd & 3rd floors but its only zoned for ONE commercial unit. There is no permitted residential use unless the owner occupies the entire building as commercial and lives in the 2nd unit. The new owner will have to apply for a zoning change with the city to be able to use it as a commercial and residential building. Unit 1 - 1st fl, 4 rooms comprised of a waiting room and 3 offices, a powder room, gas heat, central air, rear patio, 1 car carport. Occupant pays for electric, hot water, gas heat. Projected rent: $1200 a month. This was the owner's personal business office and is still be operated by family. Unit 2 - 2nd & 3rd fl, 4 rooms, 2 BRS, liv, modern kit, 2 full modern baths, gas cooking, gas or electric hot water, gas F/A heat, walk-in closet. Large 2nd level deck. Occupant pays for electric, hot water, gas heat. This was the owner's personal living unit and has a primary suite with a primary bath and walk-in closet. Projected rent $1600. Total projected income: 33,600. Total expenses: 7792. NOI: 25,808. Cap Rate: 11%. Expenses breakdown: Taxes: 1992. Ins: 1,500. W/S/T/R:1200. Permit: 100, Trash: 500, Electric: 2500. Additional features include 2 gas forced air furnaces, central air for the office, 1 gas water heater, 1 electric water heater, a metal roof, 200 AMP main electric, 2-100 AMP breaker panels, covered carport off street parking for 1 car. Paved parking lot known as 132-134 Cedar Street with parking for up to 12 cars. To be sold as a package deal with 125 N. 8th Street, Reading, PA 19601 - 225k. 132 Cedar Street, Reading, PA 19601 - 20k & 134 Cedar Street, Reading, PA 19601 - 20k. Total package price is $465k. This is an estate sale and is to be sold AS IS.