Fantastic large Queen Anne Victorian stone and brick 2 unit building located in Northeast Reading close to all of the schools K-College. This well maintained and updated beauty is a wonderful investment opportunity for either an investor or owner occupant. The building offers solid mechanicals including a new gas high efficiency furnace, rubber roofs, 200 AMP electric main service with 2 individual 100 AMP panels for the units. The owner pays for the gas heat and water, sewer, trash & recycling for the building and also pays for the gas of unit 1 since there are only 2 gas meters. This could be changed by adding another meter. 1 - 1st & 2nd floor rear has 4 rooms, 2 BRS, living room with newer vinyl flooring, tiled bath, 2nd floor rear balcony accessible from the 2nd floor BR, a spacious 25 handle country kitchen with double sink, gas stove, gas hot water heater, basement & rear yard access. The tenant pays for the electric and the owner pays the gas for this unit which includes gas heat. This unit was just recently vacated and was rented for $1100 a month. Unit 2 - 2nd & 3rd floor front has 4 rooms, living room with hardwood floor, modern kitchen with gas stove, tiled bath, both BRS are on the 3rd floor and have newer carpeting. the tenant pays for the electric and gas for cooking and hot water. This unit is occupied by a longterm tenant on a M/M basis. Additional features include a covered front porch, full basement with laundry , outdoor exit and a nice yard with possible off street parking. Gross income: $24,480. Total expenses: $7,251. Net income: $17,221. Expenses breakdown: W/S/T/R: $2,400. Insurance: $1,300. Gas: $1,750. Taxes: $1,701. Permits: $100. CAP Rate: 9%. NOTE: The market rents should be at $1,200 each unit generating $28,800 annually and a net income of $21,549 and a CAP rate of 11%. Add this solid property to your investment portfolio today!
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