Very large Victorian upper NE Reading 3 unit end of row near Albright College fully rented and in very good condition overall with paved parking for 2 cars. The owner pays for the gas heat, gas hot water, water, sewer, trash & recycling. The heating unit is a modern, high efficiency Bosch wall mounted gas boiler installed 11-15/2013. The hot water heater is a high efficiency power vented single gas water heater for the entire building and paid for by the owner installed around 2016. Tenants pay for their electric. The electric is updated and has a 200 AMP main service with 3 - 100 AMP panels for the units. The main roofs are metal, the mansard roof is asphalt shingle. Unit 1 is the 28x12 storefront with 2 rooms, display window, half bath, laundry tub, rented for $550 a month by a 4 year tenant. Unit 2 is the 1st & 2nd floor rear and has 3 rooms, 1 very large BR on the 2nd floor, living room, kitchen, bath, electric cooking, 1 parking space, rented for $700 a month by a 1 year tenant. Unit 3 is the 2nd & 3rd floor front and has 4 rooms, 2 BRS on the 3rd floor, living room, kitchen, bath, electric cooking, rented for $800 a month by a 3 year tenant. The basement unit is being occupied by a family member and is not considered an approved unit but is rented for $375 a month. This rent is not factored into the gross income. Total income: $24,600. Total expenses: $8962. NOI: 15,638. CAP Rate: 9%. Expenses breakdown: Total Gas: $2616.06. WSTR: $3,177. Taxes: $2,129. Insurance: $940. Permits: $100. Solid investment opportunity with plenty of room to increase the rents, income and CAP Rate and is perfectly located within close proximity to schools, medical, shopping and major roads. This is definitely one to have in your investment portfolio! City Of Reading Code inspected and compliant on 3/11/20.
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