Wilmington, DE
Property Type: MultifamilySize: 8 Units
Price: $1,200,000
CAP: 6.81%
Highlights:
- Desirable Location: Directly across from Brandywine Park and the Washington Memorial Bridge, offering a quiet suburban feel within walking distance of Downtown Wilmington
- Attractive Unit Mix: Eight total units - (2) three-bedroom, (1) two-bedroom, and (5) one-bedroom apartments
- Recent Capital Improvements: Unit renovations, new roof, and new water heaters in 2020
- Turn-Key Investment: Well-maintained property requiring minimal immediate capital expenditures
- Rental Upside: Current rents average ~9% below market, presenting strong income growth potential
- Strong Residential Corridor: Located in one of Wilmington’s most sought-after neighborhoods with convenient access to major employers, schools, and transit
Description:
Marcus & Millichap is pleased to present for sale the 18th Street Apartments - A well-maintained multifamily opportunity located at 305 & 307 West 18th Street in Wilmington, Delaware. Situated directly across from Brandywine Park and the historic Washington Memorial Bridge, the property offers residents a serene, suburban-like setting within walking distance to the vibrant amenities of Downtown Wilmington.
The Community is comprised of eight apartments: (2) three-bedroom units, (1) two-bedroom unit, and (5) one-bedroom units. In 2020, the property underwent significant upgrades, including unit renovations, a new roof, and new water heaters, positioning the asset as a true turn-key investment with minimal immediate capital requirements.
In addition to its desirable location and recent capital improvements, 18th Street Apartments offers compelling upside. Current rents average approximately 9% below market levels, creating the opportunity to drive future income growth through strategic lease adjustments.
With its blend of strong in-place operations, upgraded interiors, and rental upside, 18th Street Apartments represents a rare chance to acquire a stabilized, well located asset in one of Wilmington’s most attractive residential corridors.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
