Commercial Properties and Businesses for Sale in Berks County

BerksLuxury.com is going to take you through several of the businesses and investment opportunities for sale in Berks County, Pennsylvania. We have race tracks, hotels, restaurants, country clubs, and even a post office for sale!  

 

Maple Grove Raceway 

This slideshow requires JavaScript.

30 Stauffer Park Ln. Mohnton, PA

$8,000,000

Interested in being a player in the Berks County motorsports scene. The Maple Grove Raceway is for sale. The property features a full-on drag strip facility with several national events it hosts every year. Several events such as the Night Lights Lantern Festival are also routinely booked there. It is a wonderful property that has several opportunities to generate revenue. The property includes a 4,000 sq ft. drag strip, two liquor licenses, campgrounds, expansive parking, several rental units, facility buildings. The entire property is 14 parcels totaling 450 acres. 

Stokesay Castle 

This slideshow requires JavaScript.

137 Stokesay Castle Ln Reading, PA
$4,200,000

Stokesay Castle is routinely rated as one of the top 3 restaurants in Berks County and they are also an exclusive wedding destination. In addition to the main restaurant and the Knights Pub addition, the 10-acre main property features an additional 18 single acre plots which can be developed. The main property features an expansive 32,000 sq ft which includes the main castle, banquet hall, and pub. In addition, there is a 3,200 sq ft residential property and a 1,900 sq ft carriage house which is used as offices. 

Stirling Guest Hotel  

This slideshow requires JavaScript.

1120 Centre Ave, Reading PA 19601

$1,750,000

This is one of Reading’s Historic properties. The bed & breakfast is located on. The incredible space has been renovated and routinely makes additional revenue hosting weddings and other events.

1711 Hampton Hotel

This slideshow requires JavaScript.

1711 Hampden Blvd Reading PA, 19604

$1,250,000

Do you feel like being in the Airbnb business? There is no better place than this 20 room mansion on Hampden Blvd. The current owners renovated the entire building making way for several public spaces for guests while maintaining its historic charm.

Bixler’s Lounge 

This slideshow requires JavaScript.

1456 Friedensburg Rd.  Mount Penn, PA 19606

$650,000

A fixture in the upcoming Mt. Penn bar scene, Bixler’s Lounge has seeming been around forever. This wonderful bar-restaurant has great reviews and is a prime target for someone looking to buy into a bar with a great following and a lot of history.

 

Worthwhile Mentions

Reading Country Club – Exeter Township is taking bids on development plans for the approximately 125 acres which is now the Reading Country Club. The township is considering a number of options including retaining the golf course, residential townhouses, and mixed-use developments. This is one of the most exciting development projects to appear in Berks County in some time. No listing price. Estimated $15,000,000+

Riveredge – The Riveredge property which includes the Silo nightclub, Riveredge Hotel & Restaurant property, and the Quality Inn; is on the market again. $3,000,000

Reading Post Office – The main office on North 5th St. of the Reading Post Office just came on the market. This historic property is 56,000 sq. ft. in the heart of the city of Reading. $850,000

Cabella’s – The property that Cabella’s has recently renewed its lease on in Hamburg is for sale. This property is being listed for $56,492,300 (6.5% cap rate) which easily makes it the most expensive property for sale in Berks County, Pennsylvania.  $56,492,300

 

About the Author – 

photo of Joe DiRosa
Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several brands and web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

 

Best Commercial Investment Properties in Berks County!

BerksLuxury.com is going to take a look at 5 of the best commercial investment properties in Berks County for 2019! Some of these properties may require some negotiation on price but there are certainly some great opportunities in Berks County!

 

249 Penn St. Reading PA 19601 – $575, 000

This slideshow requires JavaScript.

This property is the current Reading Bus Terminal, which a new owner could opt to renew the agreement or develop the property. This is prime real estate right on 3rd & Penn St. which features two open lots. The building has an additional upper level which currently houses commercial buses. One idea might be developing the parking lot with Penn St. frontage while creating a new agreement with the bus companies for the additional lot and building. Regardless of what your plans are this is a large property, with good traffic, in a prime commercial area in downtown Reading. Overall, it looks like an opportunity for a developer to cash in while helping the foundation of downtown Reading. I would even look for incentives and help from the Reading Downtown Improvement District and other organizations focused on the redevelopment of the downtown area.

 

10 Stonehedge Rd. Fleetwood, PA 19522 – $4,900,000 

This slideshow requires JavaScript.

This Golf Course represents an opportunity for the savvy entrepreneur or experienced operator. Dividing the Golf Course and the restaurant-catering-events business could be a profitable and rewarding experience for the right person. The wedding catering business is always a great way to turn a profit and the restaurant on the property provides an eclectic opportunity for high-end food and entertainment. The ability to subcontract the operations of the golf course out might be an option to reduce operating responsibility and bring in revenue for someone without as much experience in the field.  The price may need to be negotiated but there is certainly some great opportunity here. The demographics are good and the area lacks attractive entertainment options. 

 

801 Lancaster Ave. Reading PA 19607 – $1,500,000

This slideshow requires JavaScript.

This property has some real potential. It is a particularly high traffic area right on dealership way on Lancaster Avenue. The property has a large amount of frontage on the avenue, is 3.37 acres, has an additional 1.61 acre attached lot available for purchase, and the building’s structure is unique and well designed for an auto business. Multiple bay doors, a big showroom, and many other features make this building attractive for an incoming auto business. I would double check but I am sure the zoning would be in place and the only issue is Reading’s slightly higher taxes which for an incoming business might be balanced with an abatement for new businesses. The building could surely be renovated for an updated look but there is a lot to like about this property. 

 

401 Main St. Oley PA 19547 – $349,900

This slideshow requires JavaScript.

This Bed & Breakfast is the perfect opportunity for someone interested in rental income at an affordable price. This property is situated squarely in the town of Oley and would be a perfect opportunity for many reasons. The property has six lovely boarding rooms which could be rented out and even includes an additional two bedroom “Owner” or master suite with a private bath featuring a jacuzzi tub.  The professional kitchen could be rented out to a catering company or baker for additional revenue.

There is plenty of space on the ground floor for the property to be used for society dinners, meetings or small special events.  

If each of the 6 bedroom rents for an average of $600 a month, the master suite rents for $1,000 and the kitchen rents for $1,000 then the property would gross $5,600 a month plus any additional revenue generated from the ground floor event space rentals. That looks to be a great deal on a $349,900 asking price!

 

500 George St. Reading, PA 19605 – $1,000,000

This slideshow requires JavaScript.

This property is known as Fantasy Skating Center and I like this property for a number of reasons. This property could be updated and combined with a local restaurant liquor license to create a skating rink and entertainment complex that catered to children during the day and adults at night. With an updated feel and interior this space would be great for kids events during the day and would provide a unique alternative for adults in Berks County at night. Disco skate nights were all the rage back in the day and with an updated look this space would be a hit with both kids and adults for birthdays and special events. A groovy nightclub feel with a DJ would make this place pop at night.

Keep in mind the neighboring mall is being redeveloped with residential housing and the Reading Phillies stadium is right across the street. This property is in a high traffic area and this structure would be easy to tear down should the new owner decide to develop the property for a different use. 

 

About the Author – 

photo of Joe DiRosa
Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several brands and web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com

Jumbo Mortgages: All You Need to Know

If you are looking at buying a luxury home valued over a half million dollars then you are likely going to need a Jumbo Mortgage. BerksLuxury.com is taking a look at Jumbo Mortgages to give you all the information you need to know!

 

JUMBO MORTGAGES

To understand Jumbo Mortgages first we need to understand why they exist. Fannie Mae, which buys most bank and mortgage company’s home loans has a limit to the amount of the loan they will acquire. For most areas, that number is $453,100 but in areas with higher home prices that number can go as high as $679,650. Depending on your area, any loan over the loan amount designated for that area is considered a Jumbo Mortgage. 

Since Fannie Mae will not buy loans over that amount the banks are responsible for either holding the jumbo mortgage or finding investors to purchase the loans themselves. This means there is a slightly greater risk for the banks and that they must tie up their own capital over longer periods of time. 

As we all know with greater risk comes higher costs. Jumbo loans often have higher qualification standards such as higher interest rates, larger down payments, increased capital reserve requirements and higher credit score requirements to qualify. Often on jumbo mortgages banks can require two separate appraisals on the property as well.

Historically lenders have required 20% down, anywhere from .5% to 1% higher interest rates and a 700+ credit score to qualify for a jumbo mortgage. More recently banks have been leaning towards attracting high net worth clients and their banking business so recently it has been easier to find rates similar to existing FHA rates and with down payments as low as 5%.

I recently spoke with Scott Li the Owner of RateWinner.com, who handles Jumbo and Super Jumbo Mortgages and he said:

photo of Scott Li - Owner, RateWinner.com
Scott Li – RateWinner.com

“Wholesale lenders (lenders that work with brokers) have definitely noticed how competitive retail banks have gotten with jumbo mortgage rates. For banks, it’s not just about providing their client with just a low-interest rate. Like Joe DiRosa from BerksLuxury.com said, they want all of that high net worth individual’s business, be it banking, retirement account, unsecured loans etc… Wholesale lenders have responded with not only low rates of their own but also have adopted special programs to qualify self-employed individuals or W-2 earners who don’t fit the retail banks’ strict guidelines.”

Another aspect of qualifying for a Jumbo Mortgage is your capital reserves. Most conventional and FHA loans do not require capital reserves to qualify, but with Jumbo Mortgages lenders generally, are looking for 6-24 months of capital reserves to approve the loan. 

Today with all the lender options and the competitive loan programs buying a luxury home is easier today than it has likely ever been.  Be financially responsible and do your homework but the terms offered in today’s market are certainly favorable to consumers. 

 

About the Author – 

Joe DiRosa

Joe DiRosa is the Founder, Publisher & Editor of BerksLuxury.com. I am an Entrepreneur, own several brands and web properties, and am a Licensed Real Estate Agent with RealtyTopia in Wyomissing PA.  I have experience as a Mortgage Loan Officer and have been previously licensed as a Real Estate Agent in the State of New York as well.

If you have any questions or are looking for a property you can call me at 610-390-1331 or email me at Joe@BerksLuxury.com