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$790,000 Sale Pending
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Property Description & Video
501 Penn Street, Reading, PAVideo Tour of 501 Penn Street, Reading, PA.
Built in the late 1700's, this Historic Building is located at the Center of Reading's Business District. Great visibility, excellent location. The mostly occupied, diverse tenant mix includes 8 units: five retail at street level, three on the upper floors operating as office and service providers. Utilities are separated and each unit has their own HVAC , gas and electric meters. Owner expenses are very manageable. Buy today, collect rent tomorrow! The second and third floors are serviced by an elevator, allowing access to everyone. Regarding residential conversion: the commercial core zoning of this building requires commercial use on the ground level, but allows for residential use on the upper floors (with parking accommodations.) See the attached CC Zoning doc as well as floor plans. Easy to show with preferred 36 hours notice, come on out!
Full Property Details
Full Property Details for 501 Penn St
General
- Price: $790,000
- Taxes: $9,998 (2023)
- Status: Pending
- Type: Retail
- Source: BrightMLSPhilly
- MLS ID: PABK2026384
- Updated: 8/6/2024
- Added to Site: 789 day(s) ago
Business
- Business Type: Other, Hair Salon and Spa, Institutional, Other/Gener
Interior
- Flooring: Hardwood, Carpet, Laminate Plank, Partially Carpeted, Other
Rooms
Bathrooms
- Restrooms: 10
Parking
- Parking Features: Public, Unassigned
- Parking Type: On Street
Location
- Area: Reading City (10201)
- Municipality: READING CITY
- County: Berks
- Cross Streets: 5th St
- Driving Directions: Starting at Penn and Perkiomen turn left onto PENN and continue to 5th and PENN. easy parking along Court St
- Traffic Count: 10000-14999, 15000-19999
- Location Details: Downtown
- Historic District: Yes
School Information
- High School: Reading Senior
Heating & Cooling
- Cooling Type: None
- Heating Type: Heat Pump - Gas BackUp
- Heating Fuel: Natural Gas
- Water Heater: Electric
Utilities
- Sewer: Public Sewer
- Water: Public
- Utility Description: Sewer Available, Water Available
Structural Information
- Construction: Brick, Masonry
- Foundation: Block, Stone
- Roof: Flat
- Entry Floor Number: 1
- Elevator(s ): 1
- Stories/Levels: 3
- Year Built: 1793
- Year Built Source: Estimated
- Property Condition: Average, Very Good
Unit Information
- # Tenants: Multiple
- Other Units: Unit 1, Unit 2, Unit 4, Unit 5, Unit 8, Unit 3, Unit 6, Unit 7, Unit 9
Unit 1
- Unit Description: Unit 1
Unit 2
- Unit Description: Unit 2
Unit 3
- Unit Description: Unit 3
Unit 4
- Unit Description: Unit 4
Unit 5
- Unit Description: Unit 5
Unit 6
- Unit Description: Unit 6
Unit 7
- Unit Description: Unit 7
Unit 8
- Unit Description: Unit 8
Unit 9
- Unit Description: Unit 9
Lot Features
- Property View: City, Street
- Lot Size (Acres): 0.07
- Lot Size (Sq. Ft.): 3,049
- Lot Size Source: Assessor
- Lot Dimensions: 32*100
- Frontage Feet: 132
- Street/Road Desc.: Paved
- Lot Features: Level, Road Frontage, Zero Lot Line
- Zoning: CC
- Lot Description: Level, Road Frontage, Zero Lot Line
Financial Considerations
- Price Per Sq. Ft.: $77.45
- Operating Expenses: $26,114
- Assessment Year: 2023
- School Tax: $4,101
- City/TownTax: $4,146
- City/TownTax Freq: Annually
- County Tax: $1,751
- County Tax Freq: Annually
- Tax w/Assessment: $228,700
- Tax Amount: $9,998
- Tax Year: 2023
- Owner Pays: Advertising/Licenses and Permits, Common Area Maintenance, Electricity, Insurance, Pest Control, Repairs, Sewer, Sewer Maintenance, Snow Removal, Taxes - Real Estate, Trash Collection, Water
- Landlord Pays: Advertising/Licenses and Permits, Common Area Maintenance, Electricity, Insurance, Pest Control, Repairs, Sewer, Sewer Maintenance, Snow Removal, Taxes - Real Estate, Trash Collection, Water
Disclosures and Reports
- Ownership: Fee Simple
- Investment: Yes
- Lot Number: 9307
Listed by Destination Realty LLC, Sean H Moretti
Get Pre-Approved Today
Schools
Schools serving 501 Penn St
School District:Reading School District
Rating | Name | Grades | Distance |
---|---|---|---|
251 N 2nd St, Reading, PA 19601 | K-5 | 0.4 mi | |
Southwest Middle School
300 Chestnut St, Reading, PA 19602 | 6-7 | 0.3 mi | |
801 N 13th St, Reading, PA 19604 | 10-12 | 1.3 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 501 Penn St
Date
Details
Price
Change
Source
12/15/2023
Price Reduced
$790,000
-0.63%
MLS
6/09/2023
Price Reduced
$795,000
-5.13%
MLS
5/23/2023
Price Reduced
$838,000
-1.18%
MLS
4/09/2023
Price Reduced
$848,000
-2.3%
MLS
4/02/2023
Price Reduced
$868,000
-1.25%
MLS
3/26/2023
Price Reduced
$879,000
-2.12%
MLS
2/18/2023
Listed
$898,000
259.2%
MLS
2/07/2001
Sold
$250,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 501 Penn St
Year
Property Taxes
Change
Tax Assessment
Change
2024
$6,055
-39%
$228,700
—
2023
$9,998
—
$228,700
—
2022
$9,998
—
$228,700
—
2021
$9,998
1%
$228,700
—
2020
$9,897
—
$228,700
—
2019
$9,897
—
$228,700
—
2018
$9,897
1%
$228,700
—
2017
$9,832
1%
$228,700
—
2016
$9,713
5%
$228,700
—
2015
$9,256
1%
$228,700
—
2014
$9,144
—
$228,700
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 501 Penn St
501 Penn Street, Reading, PA 19601 (MLS# PABK2026384) is a Retail property. 501 Penn Street is currently listed for $790,000 and was received on February 18, 2023. Want to learn more about 501 Penn Street? Do you have questions about finding other Retail real estate for sale in Reading? You can browse all Reading real estate or contact a Coldwell Banker agent to request more information.