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1300-1302 N French St 9 Unit Apartment Building $1,250,000 ($138,889/Unit) 6.77% Cap Rate Wilmington, DE 19801
Executive Summary
8-Unit multifamily with potential 9th unit subject to zoning
Value add through leasing up the 9th unit and contesting the property tax assessment of $1,478,500 to reduce the tax bill.
Additional value add opportunity through RUBS implementation (80% recapture assumption).
Stabilized 6.77% cap rate
Strong Wilmington rental demand
Proximity to employment hubs
Excellent accessibility via I95 and public transportation
Downtown location near hospital
Diverse unit mix with strong tenant demand
(2) three-bedroom units, (3) two-bedroom unit, and (4) one-bedroom units
Value add through leasing up the 9th unit and contesting the property tax assessment of $1,478,500 to reduce the tax bill.
Additional value add opportunity through RUBS implementation (80% recapture assumption).
Stabilized 6.77% cap rate
Strong Wilmington rental demand
Proximity to employment hubs
Excellent accessibility via I95 and public transportation
Downtown location near hospital
Diverse unit mix with strong tenant demand
(2) three-bedroom units, (3) two-bedroom unit, and (4) one-bedroom units
Property Facts
| Price | $1,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $138,889 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 6.77% | Building Size | 6,513 SF |
| Gross Rent Multiplier | 14.77 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1943 |
| Property Subtype | Apartment | ||
| Zoning | 26C-3 - 26C-3 | ||
| Price | $1,250,000 |
| Price Per Unit | $138,889 |
| Sale Type | Investment |
| Cap Rate | 6.77% |
| Gross Rent Multiplier | 14.77 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 6,513 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1943 |
| Zoning | 26C-3 - 26C-3 |
Amenities
Unit Amenities
- Dishwasher
- Microwave
- Ceiling Fans
- Tile Floors
- Crown Molding
- Eat-in Kitchen
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 3 | - | - |
| 3+2 | 2 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $994,100 | |
| Land Assessment | $774,000 | Total Assessment | $1,768,100 |
Property Taxes
Parcel Numbers
Land Assessment
$774,000
Improvements Assessment
$994,100
Total Assessment
$1,768,100
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1300-1302 N French St
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