The INNternationale 153 Courtney St 72 Unit Apartment Building $8,200,000 ($113,889/Unit) 7.96% Cap Rate Newark, DE 19711

Scope Commercial Real Estate Investment Services is pleased to exclusively present for sale The Innternationale, an off-campus student housing property located at the University of Delaware in Newark, DE. The property, located at 153 Courtney Street, is a two-story structure containing approximately 40,196 square feet on a 0.51 Acre parcel and sits directly across from the University. The property is currently under a long-term ground-lease agreement with the University.
Currently, the portfolio primarily serves international and visiting students at The University of Delaware. The average rent per bed in the portfolio is approximately $610 per month, with potential for significant rental and operational increases to reach the submarket average. The portfolio grosses approximately $912,000 in annual gross income, with an expense load of 28.4% of its effective gross income, generating a net operating income of approximately $652,000.
The University of Delaware / Upper New Castle County multifamily submarket is particularly promising for student housing investments. Over the past year, rents have increased by 2.4%, reaching an average of $1,593 per month, indicating strong demand. The market has seen 142 units of net deliveries with 771 units currently under construction, suggesting a healthy market. Sales activity has been moderate, with 9 transactions totaling approximately $16 million in volume, reflecting investor confidence. The vacancy rate stands at a manageable 5.8%, lower than the national average, indicating a tight rental market favorable for landlords and investors. Rents in 1 & 2 S tar buildings, which are more likely to cater to student housing, have seen a modest increase, now averaging $1,371 per month. This affordability is attractive to students and ensures a steady demand for these units.
The University of Delaware, founded in 1743, is one o f the oldest institutions in the United States, tracing its roots back to Francis Alison’s academy in New London, Pennsylvania. Today, it is a major research university with a total enrollment of approximately 24,412 students as of 2025, making it the lar gest university in Delaware. The university offers a wide range of academic programs across its ten colleges and schools, including associate’s, bachelor’s, master’s, and doctoral degrees. Historically, the institution evolved from Newark College to Delaware College before becoming the University of Delaware in 1921, with significant milestones including the establishment of a women’s college in 1914 and its merger with the main institution in 1945. The University of Delaware is classified as a “R1: D octoral Universities – Very high research activity” institution and is recognized for its community engagement and global impact through various research initiatives and international partnerships.