Multifamily

Elm View Apartments

350 Elm Street, Reading, PA 19601

Listing Price: Request For Offer

Number of Units
32
Occupancy
100.0%
Gross SF
22,100

Investment Overview

Marcus & Millichap is pleased to present the Elm View Apartments, located at 350 Elm St, Reading, PA. The Subject property, built in 1930, is a 4-story apartment building that has been well maintained and was most recently renovated in 2020.

The property is ideally located within walking distance center city and major amenities including a local grocery store right next door. The property is also conveniently located to a number of 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 22,100 SF; with a parcel size of 0.33 Acres. It consists of 16 one (1) bedroom units, 16 two (2) bedroom units, totaling 32 units. There is currently a six (6) plus month waiting period for future vacancies, and is designated as low-income housing.

Investment Highlights

  • Renovated in 1980 / 2001 / 2019-2020
  • In 2019 & 2020 - $728,475 Where allocated for Capital Expenditures and Improvements
  • Consisting of 16 One (1) Bedrooms & 16 Two (2) Bedroom Units Totaling 32 Units
  • High Occupancy Rates
  • Stabilized w/ Low Income Housing Designation
  • Located in Qualified Opportunity Zone

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
32
Occupancy
100.0%
Gross SF
22,100

Investment Highlights

  • Renovated in 1980 / 2001 / 2019-2020
  • In 2019 & 2020 - $728,475 Where allocated for Capital Expenditures and Improvements
  • Consisting of 16 One (1) Bedrooms & 16 Two (2) Bedroom Units Totaling 32 Units
  • High Occupancy Rates
  • Stabilized w/ Low Income Housing Designation
  • Located in Qualified Opportunity Zone

Investment Overview

Marcus & Millichap is pleased to present the Elm View Apartments, located at 350 Elm St, Reading, PA. The Subject property, built in 1930, is a 4-story apartment building that has been well maintained and was most recently renovated in 2020.

The property is ideally located within walking distance center city and major amenities including a local grocery store right next door. The property is also conveniently located to a number of 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 22,100 SF; with a parcel size of 0.33 Acres. It consists of 16 one (1) bedroom units, 16 two (2) bedroom units, totaling 32 units. There is currently a six (6) plus month waiting period for future vacancies, and is designated as low-income housing.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower