Large Industrial warehouse buildings situated close to Downtown Reading which is undergoing a significant revitalization and redevelopment.
Great development potential: Suitable for a large number of uses.
Built 1920- Brick buildings with high ceilings
42,910 sq ft industrial buildings (excluding basement) on 0.47 acres:
The property consists of a main 3 story L-shape warehouse building with basement and several one or two-story extensions, a smaller 2 story building and a small one-story building that connects the main L-shape building to the two-story building. There is a back yard and a small inner courtyard.
Approximate areas:
L-shape building with extensions: 34,170 sq ft
Small 2 story building: 6,875 sq ft
One story building connecting the two buildings: 1,865 sq ft
TOTAL: 42,910 sq ft excluding the basement
LARGE COMMERCIAL PROPERTY, WITH GREAT POTENTIAL, LOCATED IN A RESIDENTIAL AREA CLOSE TO DOWNTOWN READING PENNSYLVANIA
The property is a solid brick building that needs a rehab. The buildings are mostly open floor plan and can easily be made ready to use or rent out for industrial / manufacturing, workshops or warehousing, storage and distribution. The property can be also easily subdivided and rented out as separate industrial or manufacturing units or workshops.
The property is also suitable for a variety of alternative uses including conversion into residential, boarding room and apartments, loft type apartments or offices and ideal for redevelopment into self-storage.
*subject to zoning approval
This is a unique opportunity for the savvy business owner, developer or investor to own a large building close to Downtown at a discounted price in a great location.
Features:
High Ceilings
Open Floor Plan
Attractive solid brick Building
Large basement.
Potential for conversion into many uses
Recently renovated multifamily properties in area have great occupancy
Property Condition
The property is boarded up and secure and ready to be developed as needed.
The overall structure of the building and the main structure of the buildings is solid but the buildings have been vacant for a while and now need comprehensive repairs and a full rehab depending on the intended use. Roof repairs were recently carried out to stop water leaks. There is a large amount of trash inside and work has recently started to clear it but it will be the buyer's responsability to complete.
Public Water and Sewer are available.
Location:
The property is located in a residential area less than 1 mile from Downtown Reading which is undergoing a significant revitalization. The city is undergoing major redevelopment with over $200 million in PRIVATE real estate development recently underway.
The property is in a great location, being only two blocks away from the Sovereign Center and Santander Arena, the new Barta bus station, the court house, library, banks, shopping, and restaurants.
The property is very accessible being close to Route 222 and Route 78.
The City of Reading is conveniently located close to several major US cities which makes the property ideal for storage, warehousing and distribution
Philadelphia, PA: 63 miles
Baltimore MD: 109 miles
New York City: 128 miles
Washington DC 149 miles
The property is close to excellent local facilities and amenities as follows:
Restaurants
Padilla's Family Restaurant (.01mi), Poppa Bears Fried Chicken (.02mi), El Faro (.04mi), Banizao Mobile Restaurant (.1mi), Jetset Restaurant (.1mi), Ninth Street Subs Inc (.1mi), Sarti's Sandwiches (.2mi), HOJD (.2mi), Excellent Restaurant (.2mi), Boston House (.2mi), Florinos Pizza & Bar (.2mi), Citi Sub & Grocery Store (.2mi), Yoly's Puerto Rican Cuisine (.2mi), Wegman Restaurant (.2mi), Golden Bowl Restaurant (.2mi), Italian Garden (.3mi), Italian Garden Esposito's (.3mi), 724 Bar & Lounge (.3mi), Julia's Restaurant (.3mi), K.O SANDWICHES (.3mi), Olocuilta (.3mi), Stevens Pizza & Restaurant (.3mi), Wok N Roll (.4mi), Cheers' American Bistro (.4mi), Jose A Vega Restaurant (.4mi), Salsa Burrito (.4mi), Casa Nuestra Restaurant (.4mi), La Lechonera De Sabor (.4mi), Typicos Restaurant (.4mi), KJS BBQ Factory (.4mi), Cristina's Restaurant (.4mi), Royal Fried Chicken (.4mi), Whiskey Bar & Grill (.5mi), Kino's Tacos (.5mi), American Coffee House Inc (.5mi), MYA Grocery Y Restaurant (.5mi), Scalia's International Café (.5mi), SUBWAY® Restaurants (.5mi), Mi Casita (.5mi), Mr V's BBQ & Grill (.5mi), Russo's Pizzeria & Italian Restaurant (.5mi), Daliant (.5mi), Cherry's Jamaican Delight (.5mi), Italian Village (.5mi), Ugly Oyster Drafthaus (.5mi), Moe's Subs & More (.5mi), A Town Cafe Restaurant (.5mi), Tusabor Restaurant (.6mi), Colada's (.6mi), Angel Ortega Pizzeria (.6mi), Anna's Restaurant (.6mi), Pauline's Soups (.6mi), La Cocina Picante (.6mi), The Gyro Spot (.6mi), Galley Restaurant (.6mi), Mezcal's (.6mi), The Abe Saloon & Victorian Lounge (.6mi), Chinos Reading (.6mi), Lechonera Restaurant (.6mi), Nino & Son's (.6mi), La Casa del Chimi Restaurant (.6mi), La'ite Della Vica (.6mi), Canal Street Pub & Restaurant (.6mi), Plein Air (.7mi), Maria's Lounge & Restaurant (.7mi), Restaurant Pica Pica (.7mi), 4th & Penn St Restaurant (.7mi), Tack's Sandwich Shop (.7mi), Marvel Ranch (.7mi), Judy's On Cherry (.7mi), New Hunan (.7mi), The Peanut Bar Restaurant (.7mi), Mi Casa Su Casa (.7mi), Borelli's Hotel (.7mi), Domino's Pizza (.7mi), Family Garden (.7mi), El Bohio Restaurant (.8mi), Jariel 's Spanish Restaurant (.8mi), Savanna's Restaurant (.8mi), Toluca Bar & Restaurant (.8mi), Decarlo's Bar & Grill (.8mi), Kurtz House (.8mi), Beckett's (.8mi), Penn Street Tavern (.8mi),
Coffee
Nick's Café (.1mi), Dunkin' Donuts (.4mi), Wild Sage Coffee & Kitchen (.4mi), Outside In Restaurant & Bar (.5mi), Abigail's Tea Room (.5mi), 6th Street Deli (.5mi), American Coffee House (.6mi), Callowhill Café (.6mi), Good Shape (.7mi), The Pagoda (.7mi), Stop 1 (.9mi), McDonald's (1.2mi), Tea House (1.5mi), Benchwarmer's Coffee & Doughnuts (1.5mi), The Subtle Realm Lounge (1.6mi), Dunkin Donuts (1.6mi), Dunkin' Donuts (1.6mi), Pike Café (1.7mi), Cafe BOLD (1.7mi), Say Cheese! Restaurant & Cheese (1.7mi), Cafe Harmony (1.7mi), Broadway Charlies Coffeehouse (1.8mi), Dolce de Zabala (1.8mi), McDonald's (1.9mi),
Bars
Mita's Place (.1mi), Red Star Saloon (.2mi), Stork Bar (.2mi), Forest Inn (.2mi), Bill S Place (.2mi), Slammers (.4mi), Gargoyle Lounge (.6mi), Borelli Hotel (.7mi), Coachlight Tavern (.9mi), Renaissance Bistro (1.1mi), Beamie's Tavern (1.5mi), Aprils' III (1.6mi), 1402 (1.7mi), Barbon's Tavern (1.8mi), Sam's Goose House (2mi), The Liberty Tap Room (2mi), Rumorz Sports Bar & Night Club (2.1mi), Progressive Bjus Pub (2.1mi), The Brick House Pub (2.2mi), Al's Diamond Cabaret (2.2mi), Fresh Breath Center of Berks County (2.3mi), Silo (3mi), Champions (3.5mi), Shirley's Place (3.9mi),
Groceries
Las Neneas Grocery (.09mi), La Alta Gracia (.1mi), Junior's Meat Market (.1mi), Jayden's Grocery & Deli (.1mi), Hernandez Grocery (.1mi), Tung Cheng Grocery (.1mi), Chestnut Mini Mart (.1mi), One of A Kind Grocery Store (.1mi), C-Town Supermarkets (.1mi), Santa Barbara Supermarket (.2mi), D Karina Deli Grocery Store (.2mi), Joyful Market (.2mi), Ayala Grocery & Deli (.2mi), Vejana Grocery (.2mi), Estevez Grocery (.2mi), CMC GROCERY AND DELI LLC (.2mi), Santa Rita Grocery (.2mi), Fernandez Supermarket (.3mi), Exodo Grocery (.3mi), SMG Food & Beverage LLC (.3mi), Fela Grocery (.4mi), Karen Food Market (.4mi), Abreu Super Grocery (.4mi), Bueno Grocery Store (.4mi), El Bodegon Latino (.4mi), Peralta Deli Grocery (.5mi), D&R Deli Groceries (.5mi), Reyes Grocery (.5mi), Jaquez Grocery (.5mi), Elbamile Mini Market (.5mi), Tom's Fruit Store (.5mi), La Rues Produce Farm (.5mi), La Reyna Mini Market (.5mi), Sabor Dominicano (.5mi), Salino's Importing (.5mi), Citi Food Market Inc (.6mi), New Heigh Grocery Store (.6mi), El Gallito Panaderia (.6mi), Sabor Food Center (.6mi), My Neighbor Mini Market (.6mi), La Hacienda (.7mi), Amanda Grocery & Deli (.7mi), Emily Mini Market (.7mi), La Simpatia 2 (.7mi), Sorangel (.8mi), El Jalisco Mexican Store (.8mi), Gregory's Food Market (.8mi), 205 Grocery Store (.8mi),
Parks
City Park Playground (.3mi), City Park (.4mi), Cedar Street Park (.4mi), Reading Iron Playground (.4mi), Dove Garden (.4mi), Reading Police Memorial (.4mi), Tenth and South Playground (.5mi), Neversink Playground (.6mi), Heritage Park (.7mi), Riverfront Park (.8mi), Third and Spruce Recreation Area (.8mi), Hillside Playground (.8mi), Pendora Park (.9mi), Drenkel Field (1mi), Reading Greenway (1.1mi), Schlegel Park (1.1mi), Barbeys Playground (1.1mi), Front and Schiller Playground (1.2mi), E.J. Dives Playground (1.2mi), Centre Park (1.2mi), Egelman Park (1.3mi), Mineral Spring Park (1.4mi), Hampden Park (1.4mi), Third and Spring Playground (1.5mi),
Schools
Southern Middle School (.07mi), Amanda E Stout Elementary School (.1mi), Tenth & Penn Elementary School (.2mi), Fairview Christian School (.4mi), Central Catholic High School (.4mi), St Peter School (.5mi), Citadel Intermediate High School (.5mi), Tyson-Schoener Elementary School (.5mi), Sixteenth & Haak Elementary School (.7mi), Tenth & Green Elementary School (.7mi), Southwest Middle School (.7mi), Cabrini Academy (.8mi), Thirteenth & Green Elementary School (.9mi), Lauers Park Elementary School (1mi), The School of Agriculture, Ecology and Science (1.1mi), Reading Senior High School (1.1mi), Alvernia Montessori School (1.2mi), Winston Hall School (1.4mi), Mt Penn Elementary School (1.4mi), Northwestern Human Services (1.5mi), Opportunities School (1.5mi), St Catharine Of Siena School (1.5mi), St Margaret School (1.5mi), Holy Name High School (1.5mi), Northeast Middle School (1.5mi), West Reading Elementary Center (1.5mi), Twelfth & Marion Elementary School (1.5mi), Chor Day Academy (1.5mi), Mt Penn Primary Center (1.6mi), Northwest Middle School (1.6mi), Northwest Elementary School (1.8mi), Sacred Heart School (1.8mi), Riverside Elementary School (1.9mi), Thomas H Ford Elementary School (1.9mi), Thirteenth & Union Elementary School (1.9mi), Reading Sda Jr Academy (2mi), Wyomissing Institute Of Fine Arts (2.3mi), Gateway School for Intl. Business and World Langua (2.4mi), School of the Performing Arts at Glenside (2.4mi), Cumru Elementary School (2.6mi), Exeter Township Senior High School (2.6mi), Wyomissing Area Junior/Senior High School (2.8mi), Exeter Township Junior High School (2.8mi), Intermediate School (2.8mi), Mifflin Park Elementary School (2.8mi), Antietam Middle School/High School (2.9mi), Governor Mifflin Senior High School (3mi), Callowhill Nursery School & Kindergarten (3mi),
Shopping
Citi Mart (.01mi), Tropical Bakery (.1mi), Tienda NUEVA IMAGEN (.2mi), Al Puertoriky (.3mi), Little Paris (.3mi), Ruby Fashions (.3mi), Family Dollar Store (.3mi), Cindy's Touch (.3mi), Hookah Shop (.3mi), Avivamiento Christian Bookstore (.4mi), VILLA, Join the Movement (.5mi), D M Fashion (.5mi), Rainbow Shops (.5mi), Tasty Maid Bakery LLC (.5mi), Superstore of New York (.5mi), Elida's Fashions Store (.5mi), some things looming (.6mi), 386 Warehouse LLC (.6mi), 5th & Penn Fashions (.6mi), The Archive (.6mi), SOLEMATE (.6mi), Scribe Gear (.7mi), Christian Book Store and En-Hakkore (.7mi), Sunoco A Plus Mini Market (.7mi), Night Time Fashion (.7mi), ATV Bakery Inc. (.8mi), Andrea's Bridal (.8mi), National Uniform (.8mi), Family Dollar Store (.9mi), El Paso Mexican Bakery & Restoration (1mi), Good Luck Mini Mart (1mi), Hope Outlet (1.1mi), Windsor Fashions (1.1mi), Tenth & Windsor Laundry (1.1mi), Wenger's Bakery (1.2mi), Family Dollar #6455 (1.3mi), Legging Army Affiliate (1.3mi), Aurum Holistic (1.4mi), Getty Mart (1.4mi), Reading Bakery (1.4mi), Sharp Dressed Man (1.5mi), Reading Beverages (1.6mi), McGinn School Apparel (1.6mi), Shoe Carnival (1.6mi), Ward Laurence F (1.6mi), BT Gallery Retro Vintage (1.6mi), Holistic Skateshop (1.6mi), Allison Clothing Co. (1.6mi),
Entertainment
Central Pennsylvania African-American Museum (.4mi), Reading Area Firefighters Museum (.6mi), Paisley Dog Letterpress (.9mi), R/C Reading Movies 11 & IMAX (.9mi), Reading Public Museum (1.8mi), Freedman Gallery (2.1mi), Onesourcestaffingllc (2.3mi), Parking for Wyomissing Park System (2.4mi), Carmike Cinemas Wyomissing 8 (2.9mi), Fox Berkshire (2.9mi), Fox East (3mi), AMC Classic Fairgrounds 10 (3.3mi), Reading Blue Mountain & Northern Railroad (3.8mi), Charlene jobe studio (4.1mi), Gruber Wagon Works (4.2mi), Mid Atlantic Air Museum (4.3mi), Reading Airport (4.4mi), Berks Military History Museum (4.4mi),
Errands
Medicine Shoppe (.2mi), Penn Pharmacy (.2mi), Santiesteban & Sons Hardware (.3mi), Pagoda Federal Credit Union (.4mi), Sovereign Bank (.5mi), CVS/pharmacy (.5mi), Faith B. Kerr, RPh (.5mi), Berks Discount Pharmacy (.5mi), VCARE DISCOUNT PHARMACY (.5mi), WELLS FARGO BANK (.6mi), Community Pharmacy (.6mi), Citizens Bank (.6mi), Rite Aid (.6m)
(walkscore.com)
Demographics 1 miles 3 miles 5 miles
Total population 36,775 121,774 197,662
% Population Growth 2010-2017 + 0.43% + 0.34% + 0.87%
% Projected Growth 2017-2022 + 0.57% + 0.55% + 0.66%
% 2017 White alone 72.12% 76.92% 82.06%
% 2017 Black or alone 19.06% 15.23% 11.21%
Average 2015 Household income : $33,068 $49,275 $64,342
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
Comparables For Sale
225-243 N 4th St, Reading, PA 19601 – 93,400 sq ft- similar type building- $389,000 ($4.16/ sq ft)
500 Parkview Rd – Reading PA 19606- 44,643 sq ft- includes pre-fabricated buildings- $395,000 ($8,84/ sq ft)
722 Spring St Reading, PA 19604 – 38,505 sq ft- similar type building- $449,000 ($11.66/ sq ft)
506 N 12th St Reading, PA 19604- 35,000 sq ft- similar type building- $599,000 ($17.11/ sq ft)
18 N 8th St, Reading, PA 19601 – 14,940 sq ft – church buildings, rehabbed- $649,000 ($43.44/ sq ft)
1125 Moss St Reading, PA 19604 – 90,000 sq ft- part of the building is of similar type- $849,000 ($9.43/ sq ft)
201 S 6th St - Berks Engineering Building, Reading, PA 19602 -50,000 sq ft- similar type building- $1,250,000 ($25 / sq ft)
The average asking price for the above properties is about $16 / sq st and the average sale price / sq ft in the past year for similar properties in Reading was $22/ sq ft (Costar). The property therefore represents great value and excellent potential being offered at $125,000 ($2.91/ sq ft) which is lower than all comparables.
Taxes:
Berks County PA - Parcel Tax ID: 10531621087861 (Account # 10481875)
Yearly Tax: $4,818 (2016)
PROPERTY IS SOLD AS IS, WHERE IS-
The property is sold on a Quit Claim Deed with buyer asuming the real estate taxes, liens and encumbrances.
A recent title search will be provided to the buyer to show what's on the property.
The back taxes are currently (excluding 2017 as not yet billed ) are about $7,700 and there is a water bill lien and the current amount including interest and penalties is about $43k. The water board has formally agreed for this lien to be paid off as follows:
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % Auction premium.
10% non-refundable deposit, auction premium and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment to be made within 1 week of the Auction close.
All bidders to do their due diligence. The property is sold on a Quit Claim Deed with buyer asuming the real estate taxes, liens and encumbrances. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. By bidding the buyer acknowledges and understands that seller does not make any assertions or guarantees as to the condition of the property or any of its elements and Buyer is purchasing this property as-is, where-is. Buyer acknowledges that they need to complete needed repairs, at Buyer's expense, to comply with any state requirements. Buyer agrees to comply with all requirements to obtain any necessary permits, and shall make arrangements to correct any building and fore code violations and requirements at Buyers expense, accepting all responsibility for any remediation, fees, or terms required. Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
OVER 150 AUCTIONS ALREADY SOLD ON BID4ASSETS, CHECK OUT OUR PROPERTY PAGE FOR CURRENT AUCTIONS:
http://www.bid4assets.com/v5/search/#t=s|s=507829|sc=bidclosetime|so=ASC
Scroll to view more images. Click on an image to enlarge.
