105 WASHINGTON STREET

READING, PA 19601

LOCATION

BETWEEN 02 HOUSING TOWERS

AROSS COMMUNITY COLLEGE

MOVIE THEATER, ARTS CENTER

BUS STOP, PARKING GARAGE

SUMMARY

  • ZONING
    Commercial-Core

  • "BY-RIGHT" ZONING
    Adaptive Re-Use & Conversions

  • PARKING LOT
    On-Site

  • PARKING GARAGE
    05-Story, Across Crosswalk

  • BUS-STOP at Corner
    Transit Oriented Development

  • RETAIL
    1st-Floor & Lower-Level

  • APARTMENTS, CONDOS
    2nd & 3rd Floors

  • OFFICE
    4th-Floor

BY-RIGHT ZONING

  • MIXED-USE

  • ADAPTIVE RE-USE

  • HOUSING

  • CONVERSIONS

HOUSING ACTION PLAN

DEVELOPERS:

Pennsylvania

NEEDS HOUSING



by Governor Josh Shapiro

and DCED Director Rick Siger

OWNER

424-248-9530

QUICKLY FINANCE THIS
REAL ESTATE ACQUISITION

105 WASHINGTON STREET

mobile: scroll table (right to left)

ZONING

COMMERCIAL CORE, OPPORTUNITY ZONE

PROPERTY TYPE

COMMERCIAL MULTI-FAMILY

LOCATION

AT THE ENTRANCE TO THE CITY

NEIGHBORS

02 HOUSING TOWERS, COMMUNITY COLLEGE, MOVIE THEATER

POPULATION

4TH LARGEST CITY IN PENNSYLVANIA

TRANSPORTATION

VIEWABLE FROM FREEWAY AND BRIDGE ENTERING TOWN

PUBLIC TRANSIT

BUS STOP AT CORNER

PARKING SPACE

7,000 SQFT PRIVATE LOT, PLUS 05-STORY GARAGE

ACRES

00.37 ACRES

LOT SIZE

200 FEET [North/South] x 110 FEET [West/East]

BLDG SIZE (interior)

090 FEET [North/South] x 100 FEET [West/East]

SQFT BUILDING

31,500 SQFT INDOORS

FLOORS

05 TOTAL [HARDWOOD & CEMENT]

WALLS

MASONRY BRICK & CONCRETE-BLOCK

CEILINGS

12-FOOT STEEL-FRAMED CEILINGS

ELEVATOR

2,000 POUNDS CAPACITY

ELECTRIC
(Upgraded: 2020)

1,600 AMPS HIGH-CAPACITY

OFFICE SPACE

2,700 SQFT

RESIDENTIAL SPACE

17,400 SQFT

RETAIL SPACE

11,400 SQFT

ROOF (2017)

METAL ROOF & ASPHALT BITUMEN

OWNERSHIP HISTORY

32 YEARS CURRENT & NEVER ABANDONED

CONDITION

IN FULL WORKING-ORDER

ENLARGE THESE PHOTOS

RENTAL RATES
NEAR-BY BUILDINGS

THE CURRENT RENTAL RATES ARE FROM NEIGHBORING OLD BUILDINGS.

WE ARE AT THE ENTRANCE TO THE CITY,

NEXT TO TWO HOUSING TOWERS, ACROSS MOVIE THEATER, ARTS CENTER, COMMUNITY COLLEGE.

YOUR NEWLY REMODELED BUILDING, WILL COMMAND HIGHER RENTS!





DEVELOPMENT

COMMERCIAL MULTI-FAMILY

Off-Market Opportunity

Convert Warehouse
into Multi-Family Apartments

for Long-Term Residual Income

NPV Net Present Value

IRR Internal Rate of Return

CAP-RATE Capitalization Rate

HIGHEST
AND BEST USE

  • CITY & STATE WANT HOUSING

  • Maximum Productivity =
    Highest-Use of Building

  • BOTH NEIGHBORS ARE MULTI-FAMILY

  • Physical Possibility: 12-Foot Ceilings, Large Open Space, Large Lot w/Parking

  • Population, Market Demand,
    Rate-of-Returns

    • Highest-and-Best-Use is the most valuable legal use of a property

    that's also physically possible and financially makes sense.

NEW URBANISM

  • WALKABLE NEIGHBORHOODS

  • ACCESS TO PUBLIC TRANSIT

  • COMMUNITY

  • TRANSIT ORIENTED DEVELOPMENT

APARTMENT LAYOUT

FLOOR PLATE

NEW URBANISM

NOT IN A FLOOD ZONE


* REPEAT *
NOT IN A FLOOD ZONE

IN FACT: UP-HILL FROM RIVER

ALSO: has never had ANY Flood-Water issues in More Than 30 Years of Ownership!

PRICE vs COMPS

Does the Comparable Property have a BRAND NEW (installed 2020) ELECTRICAL SUBSTATION OF 1,600 AMPS (which is considered High-Capacity) to accommodate New Loft-Apartments?

Does the Comparable Property have a METAL ROOF (installed 2017)?

Does the Comparable Property have an Elevator accessing all 05 Floors?

Is the Comparable Property IN FULL WORKING-ORDER, AND NEVER ABANDONED?

Does the Comparable Property have a PRIVATE PARKING LOT of approximately 7,000 SQFT?

Does the Comparable Property have a Bus-Stop at it's Corner?

Does the Comparable Property have a 05-Story Parking Garage, Directly Across the Street?

Is the Comparable Property in Commerical-Core Zoning,

with Housing, Adaptive-Reuse and Conversions "By-Right"?

Does the Comparable Property have the possibility of 1st FLOOR RETAIL (03 Separate Parcels)?

Does the Comparable Property have the possibility of GROUND FLOOR RETAIL, (right at the Bus-Stop), ideally suited for an income-generating Laundromat?

Does the Comparable Property have the possibility of 4th FLOOR OFFICE, or Luxury Apartments, with Commanding Views of the Entire City, ideally suited for an income-generating Long-Term LEASE?

THERE ARE NO RELEVANT "COMPARABLES" IN THIS (19601) ZIP CODE!

105 WASHINGTON STREET

PRICE REFLECTS
CURRENT & FUTURE VALUE.

Competitively Priced at: $899,000

LOCATION IS KEY.

QUICKLY FINANCE THIS
REAL ESTATE ACQUISITION

BY-RIGHT ZONING

  • MIXED-USE

  • ADAPTIVE RE-USE

  • HOUSING

  • CONVERSIONS

Housing Action Plan

DEVELOPERS:

Pennsylvania

NEEDS HOUSING



by Governor Josh Shapiro

and DCED Director Rick Siger

OWNER

424-248-9530