Wilmington, DE
Property Type: MultifamilySize: 17 Units
Price: $3,550,000
CAP: 6.79%
Highlights:
- 17 Units Brand New Construction Gut Rehab in Wilmington, Delaware
- Luxury Units Feature Premium Cabinetry, Quartz Counters, Tile Bathrooms
- Each Unit Separately Metered for Gas & Electric; Sub-Metered Water
- Well Maintained Grounds with Off-Street Parking
- Centrally Located Near Employment Centers, Wilmington Riverfront, and State Parks
- Attractive Seller Financing Available
Description:
Marcus & Millichap is pleased to present for sale 2825 North Madison Street - A beautifully restored property originally constructed in 1931. Once a convent for Christ Our King Catholic Church, this historic limestone building has undergone an extensive $1.5M renovation. The transformation, completed in 2025, includes 17 meticulously renovated units.
The building features all-new HVAC systems, electrical infrastructure, plumbing, and high-end finishes. Each apartment offers premium Wolf cabinetry, quartz countertops, and stainless steel appliances, with attention to every detail — from luxury vinyl flooring with extra padding to custom trim and master carpentry work. This property exudes the spirit and history of its origins while providing residents with modern conveniences, abundant natural light, and timeless styling. Additional property features include separate 100-amp electrical services, separate water meters, custom-designed wrought-iron staircases, and luxury finishes throughout.
An attractive aspect of this offering is the availability of seller financing, providing favorable terms, including a below-market interest rate, a 7-year term, and interest-only payments for the first 12 months, with financing at a 75% loan-to-value (LTV) ratio. This opportunity is ideal for investors seeking a turnkey asset that combines historical character, modern luxury, and favorable financing terms in a highly desirable neighborhood.
2825 North Madison Street is situated in the desirable Baynard Village / 9th Ward Area, a neighborhood with a rich history and a prime location in Wilmington. Established in the mid-19th century, the 9th Ward has long been a sought-after area due to its proximity to the city's industrial and port sectors, offering both historic charm and modern conveniences. Today, the area remains a vibrant, stable community, making it an ideal location for investors looking to capitalize on its continued growth and desirability.
This turnkey investment opportunity, which took three years to complete, has been a labor of love. It is carefully designed to preserve the building’s historical charm while providing every modern comfort for residents. It only becomes available due to relocation.
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