Exceptional opportunity to acquire a 6-unit multifamily asset with 5 garages in a highly desirable Wilmington submarket known for strong and consistent rental demand. The property offers an attractive unit mix of two 1-bedroom units and four 2-bedroom units, along with a common laundry area, creating multiple income streams and… Read More broad tenant appeal. The asset is currently generating $88,740 in annual rental income at a 6.77% cap rate, with significant upside through strategic rent increases and operational improvements. Based on current market comparables, there is an estimated $22,860 in annual rental upside, supporting a projected stabilized income of $111,600 and a 9.04% cap rate. Ideally situated with convenient access to I-95, downtown Wilmington, major employers, and local amenities, the property benefits from strong tenant demand and consistent leasing activity. This offering presents a compelling investment for both new and experienced investors seeking stable in-place cash flow with clear value-add potential. With its solid unit mix, additional income from garages and laundry, and proven rental growth in the area, this asset is well-positioned for both immediate returns and long-term appreciation. Read Less
Courtesy of Mark Stape, Compass 302-202-9855
Listing Snapshot
Days Online
101
Last Updated
Property Type
Commercial
Square Ft.
5,535
Lot Size
0.14 Acres
Year Built
1921
MLS Number
DENC2099186
Additional Details
Building
Built in 1921, Construction Materials: Brick
Cooling
None
Accessibility Features
None
Expenses
Operating: $26,771.6
Floors
Wood
Foundation
Stone
Heating
Baseboard - Electric
Income
Gross Income: $84,333, Gross ScheduledIncome: $88,140, Net Operating Income: $57,561.4
Lot
0.14 acres, Dimensions: 51.00 x 118.00
Owner Pays
Sewer, Water, Snow Removal, Taxes - Real Estate, Trash Collection
This information is provided exclusively for consumers' personal, non-commercial use; that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by BrightMLS. Information may appear from many brokers but not every listing in BrightMLS is available. This content last updated on .
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