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Location:


Wilmington, DE

Property Type: Multifamily
Size: 14 Units
Price: $1,450,000
CAP: 6.48%

Highlights:

  • 14-Unit Apartment Building in Wilmington, Delaware
  • Convenient Location, Proximate to Trolley Square, Parks, Schools, and Shops
  • Recent Capital Improvements:
    • New Electric Meters for All Units
    • New Carpet in Common Areas
    • Complete Renovation of Select Units
  • Additional Income Through Two Leased Storage Units
  • Off-Street Parking and Coin-Operated Laundry Available
  • Value Add - Increase Rents Upon Lease Renewal

Description:

Marcus & Millichap is pleased to offer for sale to qualified investors the fee-simple interest in 818 South Broom Street - A fully leased 14-unit apartment building located in Wilmington, DE. The unit mix is comprised of 12 one-bedroom units, and 2 two-bedroom units. There are new electric meters for all units, new carpet in the common areas, and six of the 14 units have been recently updated. The unit in the front portion of the property has recently been converted from an office to a two-bedroom apartment. All units have access to off-street parking, as well as coin-operated laundry in the basement of the building. This property also features two storage facilities - One in the basement of the building, and one in the rear of the building (currently leased by an individual who plans to stay long-term).

This asset is conveniently located close to all of the amenities of downtown Wilmington, including Trolley Square, parks, schools, and shops. The Wilmington Riverfront is located less than one mile east of the Property. The Riverfront is the scenic heart of downtown Wilmington, featuring a 1.3 mile riverfront with dining, entertainment, green space, and more.


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