1139 Church St, Reading, PA 19601

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!