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731 Washington St - 729/731 Washington 4 Unit Apartment Building Offered at $500,000 at a 8.10% Cap Rate Reading, PA 19601
Executive Summary
Exceptional investment opportunity in the heart of Reading. This mixed-use property combines 729 and 731 Washington Street, which have been annexed and are now considered one building. Fully renovated in 2016, the property offers two commercial units and two residential apartments, providing both stability and upside potential for investors or owner-operators.
The residential units include a one-bedroom and a two-bedroom apartment, while the commercial spaces feature an office and a café with utility surcharge. The building has been well-maintained with extensive updates, including a roof and dormer replacement in 2024, a remodeled bathroom in Apartment A in 2022, and a full bathroom upgrade and repaint in Apartment B in 2024–2025.
This property generates consistent rental income and, at the asking price of $500,000, reflects an attractive ~8.1% cap rate. With its strong rental history, modern upgrades, and prime location near businesses, restaurants, and public transit, it represents a turnkey investment in the heart of the city.
The residential units include a one-bedroom and a two-bedroom apartment, while the commercial spaces feature an office and a café with utility surcharge. The building has been well-maintained with extensive updates, including a roof and dormer replacement in 2024, a remodeled bathroom in Apartment A in 2022, and a full bathroom upgrade and repaint in Apartment B in 2024–2025.
This property generates consistent rental income and, at the asking price of $500,000, reflects an attractive ~8.1% cap rate. With its strong rental history, modern upgrades, and prime location near businesses, restaurants, and public transit, it represents a turnkey investment in the heart of the city.
Property Facts
| Price | $500,000 | Lot Size | 0.05 AC |
| Price Per Unit | $125,000 | Building Size | 4,000 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 8.10% | No. Stories | 2 |
| No. Units | 4 | Year Built/Renovated | 1915/2016 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Apartment Style | Townhome | ||
| Zoning | 4113 Comm | ||
| Price | $500,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 8.10% |
| No. Units | 4 |
| Property Type | Multifamily |
| Apartment Style | Townhome |
| Lot Size | 0.05 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1915/2016 |
| Opportunity Zone |
Yes |
| Zoning | 4113 Comm |
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Exceptionally walkable
90/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 08-5307-84-90-2887 | Improvements Assessment | $39,600 |
| Land Assessment | $13,100 | Total Assessment | $52,700 |
Property Taxes
Parcel Number
08-5307-84-90-2887
Land Assessment
$13,100
Improvements Assessment
$39,600
Total Assessment
$52,700
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731 Washington St - 729/731 Washington