Greenwood, DE
Property Type: MultifamilySize: 80 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 80-Unit Garden-Style Apartment Community Located in Greenwood, Sussex County, Delaware
- Bel0w-Market Rents
- Outstanding Value-Add Opportunity
- Great Unit Mix & Property/Unit Amenities
- Additional Two-Acre Piece of the Parcel Available to Develop Another 16 Units
- Strong Location in Southern Delaware Near Beaches
Description:
Marcus & Millichap is pleased to present for sale the Seachase at Greenwood apartments in Greenwood, Sussex County, Delaware. The property, built in 2003, consists of 80 garden-style units on more than 9 acres of land.
Actual rents are the subject property are approximately 20% below the average submarket rents. Street rents are currently being increased 10% over the average, while all renewals are receiving $75 increases.
While well-maintained, current ownership has not made any upgrades to the units since they were constructed more than 20 years ago. A new owner has the opportunity to implement a renovation program as units turn over. Currently, the property is 100% occupied.
All units at Seachase are two- and three-bedroom units. Each unit contains a separate entrance, a large kitchen, two bathrooms, and in-unit washer and dryer. Community amenities include a children’s playground and ample off-street parking
Included in the sale is a two acre piece of the parcel available to develop an additional 16 units. Plans are approved. Building permits need to be obtained and utility impact fees paid prior to construction. The existing parking lot would accommodate the additional residents.
Greenwood is located in southern Delaware, approximately 30 minutes south of the state capital of Dover, and 30 minutes from the popular beach towns of Rehoboth Beach and Lewes. Southern Delaware has experienced a population boom in recent years, due to a lower cost of living, laid back lifestyle, and being less than a two hour drive from Philadelphia, Baltimore, and Washington D.C.
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