Alan Shuman - Commercial Real Estate Showcase

Alan Shuman Property Listings
Broker
Shuman Development Group
50 N Fifth St
Reading, PA 19601-3437


DetailMap
801 - 847 N 9th Street - Reading Outlet Center - Reading Outlet Center

Reading, PA 19604-2416 - Berks County Submarket


Property Type:Retail Sub Type:Storefront Retail/Residential Status:Existing Year Built:1975
Building Size:330,000 SF Land Area:2.4 AC (104,544 SF)
For Sale Price:$373,800 Price/SF:$1.13
Cap Rate:-
Parking:25 Covered spaces are available; Ratio of .07/1,000 SF
Features:Center Temp Tenant


This property is in the process of being converted into a Residential building with 140+ units. There will also be a portion of the building meant for Commercial tenants. Part of this building will be demolished in order to create a parking garage.

Sale Notes:
Lender in possession just wants out. First cash offer of $373,800 owns an entire city block, 2.4 acres. Environmental work, survey, etc... on file for buyer. Existing building is 330,000 square feet in poor condition on 2.4 acres, an entire city block. Zoned high density residential or neighborhood commercial use. $40 million of development within two blocks is very successful. Last sold for $1,900,000.00 with plans to raze building and build new. Property is a Keystone Opportunity Zone through 2020 so can be exempt from most local and state taxes. Not often you can find an entire city block for sale. Has all utilities to the site, including hundreds of thousands of dollars worth of tap-in fees waived for water/sewer use by new developer. Buyer responsible for transfer fees.

Largest building and largest land parcel in northeast Reading, part of vibrant and growing commercial area and heart of very dense residential neighborhood, new $24 million development of 122,000 square foot mill building one block away had 100% of its 69 apartments rented in less than 60 days. 200,000 square feet of commercial space with two blocks is 100% leased.
Property is in a New Market Tax Credit distressed census tract so new development could get 39% tax credit. Two projects within two block area secured this tax credit for their redevelopment. Great opportunity to get in on the ground floor of a neighborhood revitalization with one of the best sites in the area.

Shuman Development Group
Alan Shuman
(610) 736-9393




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