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Marcus & Millichap
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Listing Data Provided By
Address
1200 N 11th St Reading Pennsylvania 19604
Building/Land Information
Property Type
Multifamily
Property Subtype
Mid-Rise
Zoning
Mutlifamily
1200 N 11th St, Reading, PA 19604 - 42 Unit Apartment Building For Sale - Request for Pricing
Location Description
The Subject property, built-in 1981, is a 3-story apartment building that is currently undergoing extensive renovations.
The property is ideally located at the corner of N. 11th Street and Marion Street, making it within walking distance center city and major amenities. The property is also conveniently located to several shopping centers, malls, parks, universities, and colleges.
This densely populated area lends itself to high occupancy rates for the subject property. The rents are currently below market, allowing a new investor significant opportunity to increase net operating income. The property has separate meters for Electric and Gas which lends itself to additional upside returns.
The property has a net rentable area of 33,000 SF and 42,400 GBA; with a parcel size of 0.76 Acres. It consists of 24 one (1) bedroom units, 18 two (2) bedroom units, totaling 42 units. A number of the units include upper-level loft spaces that residents can utilize as
additional bedrooms and living space.
The property is ideally located at the corner of N. 11th Street and Marion Street, making it within walking distance center city and major amenities. The property is also conveniently located to several shopping centers, malls, parks, universities, and colleges.
This densely populated area lends itself to high occupancy rates for the subject property. The rents are currently below market, allowing a new investor significant opportunity to increase net operating income. The property has separate meters for Electric and Gas which lends itself to additional upside returns.
The property has a net rentable area of 33,000 SF and 42,400 GBA; with a parcel size of 0.76 Acres. It consists of 24 one (1) bedroom units, 18 two (2) bedroom units, totaling 42 units. A number of the units include upper-level loft spaces that residents can utilize as
additional bedrooms and living space.
Sale Information +-
Sale Description
Marcus & Millichap is pleased to present the Silk Mill Apartments, located at 1200 N. 11th Street, Reading, PA. 19604. The Subject property, built-in 1981, is a 3-story apartment building that is currently undergoing extensive renovations.
The property is ideally located at the corner of N. 11th Street and Marion Street, making it within walking distance center city and major amenities. The property is also conveniently located to several shopping centers, malls, parks, universities, and colleges.
This densely populated area lends itself to high occupancy rates for the subject property. The rents are currently below market, allowing a new investor significant opportunity to increase net operating income. The property has separate meters for Electric and Gas which lends itself to additional upside returns.
The property has a net rentable area of 33,000 SF and 42,400 GBA; with a parcel size of 0.76 Acres. It consists of 24 one (1) bedroom units, 18 two (2) bedroom units, totaling 42 units. A number of the units include upper-level loft spaces that residents can utilize as
additional bedrooms and living space.
The property is ideally located at the corner of N. 11th Street and Marion Street, making it within walking distance center city and major amenities. The property is also conveniently located to several shopping centers, malls, parks, universities, and colleges.
This densely populated area lends itself to high occupancy rates for the subject property. The rents are currently below market, allowing a new investor significant opportunity to increase net operating income. The property has separate meters for Electric and Gas which lends itself to additional upside returns.
The property has a net rentable area of 33,000 SF and 42,400 GBA; with a parcel size of 0.76 Acres. It consists of 24 one (1) bedroom units, 18 two (2) bedroom units, totaling 42 units. A number of the units include upper-level loft spaces that residents can utilize as
additional bedrooms and living space.
Sale Highlights
- Number of Units 42
- Occupancy 100.0%
- Gross SF 33,000
- High Occupancy Rates
- Stabilized Market Rate Housing
- Located in Qualified Opportunity Zone
- Renovated in 1980 / 2005 / 2019-2020
- In 2019 & 2020 - $717,625 - Was Allocated for Capital Expenditures and Improvements
- Consisting of 24 One (1) Bedrooms & 18 Two (2) Bedroom Units Totaling 42 Units
- Occupancy 100.0%
- Gross SF 33,000
- High Occupancy Rates
- Stabilized Market Rate Housing
- Located in Qualified Opportunity Zone
- Renovated in 1980 / 2005 / 2019-2020
- In 2019 & 2020 - $717,625 - Was Allocated for Capital Expenditures and Improvements
- Consisting of 24 One (1) Bedrooms & 18 Two (2) Bedroom Units Totaling 42 Units
Number of Lots
1
Property Use
Investment
