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Stichter Building 505 Penn St

45,030 SF 85% Leased Office Building Reading, PA 19601 $3,090,296 CAD ($69 CAD/SF) 4.50% Cap Rate

Investment Highlights

  • Prominent downtown location
  • updated systems, utilities and finishes. Beautiful and functional!
  • Historic building with turn of the century arcitetureal features

Executive Summary

**For Sale: Historic Landmark Office Building – 505 Penn St, Reading, PA** Introducing **505 Penn St**, known as the **Stichter Hardware Building**, a landmark in the heart of Reading's downtown area. Rebuilt in **1909**, this beautiful and historic office building is now available for sale, offering a unique opportunity to own a piece of local history. Conveniently located in the center of Reading's growing business district, this property is just steps away from numerous downtown attractions, including the **Santander Arena**, **Performing Arts Center**, **Berks County Services Center**, **Greater Reading Chamber Alliance**, and the **Doubletree Hotel**. Additionally, the **Alvernia University College Towne Campus** is nearby, enhancing the area’s vibrancy and accessibility. The building offers several public parking garages and surface lots in close proximity, and it includes its own surface lot parking spaces as well as a large attached garage, providing ample parking for tenants and visitors. Currently, the property is **nearly 85% occupied**, making it an excellent opportunity for either an owner-occupant looking to establish their business in a historic setting or an investor aiming to expand their portfolio. This is your chance to be part of the revitalization of Reading's downtown. For additional information and to schedule a tour, **call us today!** Don’t miss out on this exceptional opportunity to own a piece of Reading's history!

Financial Summary (Actual - 2023)

Annual (CAD) Annual Per SF (CAD)
Gross Rental Income $272,508 $6.05
Other Income - -
Vacancy Loss - -
Effective Gross Income $272,508 $6.05
Taxes - -
Operating Expenses - -
Total Expenses $133,445 $2.96
Net Operating Income $139,063 $3.09

Financial Summary (Actual - 2023)

Gross Rental Income (CAD)
Annual $272,508
Annual Per SF $6.05
Other Income (CAD)
Annual -
Annual Per SF -
Vacancy Loss (CAD)
Annual -
Annual Per SF -
Effective Gross Income (CAD)
Annual $272,508
Annual Per SF $6.05
Taxes (CAD)
Annual -
Annual Per SF -
Operating Expenses (CAD)
Annual -
Annual Per SF -
Total Expenses (CAD)
Annual $133,445
Annual Per SF $2.96
Net Operating Income (CAD)
Annual $139,063
Annual Per SF $3.09

Property Facts

Sale Type
Investment or Owner User
Property Type
Office
Building Size
45,030 SF
Building Class
C
Year Built/Renovated
1908/2003
Price
$3,090,296 CAD
Price Per SF
$69 CAD
Cap Rate
4.50%
NOI
$139,063 CAD
Percent Leased
85%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
11,257 SF
Building FAR
4.31
Land Acres
0.24 AC
Opportunity Zone
Yes
Zoning
CC - CC, Commercial Core: many uses by right, very favorable zoning for businesses from retail restaurant, to office or meeting space.
Parking
10 Spaces (0.22 Spaces per 1,000 SF Leased)

Amenities

  • 24 Hour Access
  • Bus Line
  • Basement
  • Air Conditioning
Walk Score ®
Walker's Paradise (90)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
07-5307-83-70-9470
Land Assessment
$163,869 CAD (2024)
Improvements Assessment
$714,695 CAD (2024)
Total Assessment
$878,564 CAD (2024)
  • Listing ID: 32781417

  • Date on Market: 2024-08-13

  • Last Updated:

  • Address: 505 Penn St, Reading, PA 19601

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