Marcus & Millichap is pleased to present the exclusive offering for the Concord Avenue Apartments located in Wilmington, Delaware. Spanning almost a city block the properties consist of 23 units with a mix of three one-bedroom, one-bathroom units, eleven two-bedroom, one-bathroom units, and nine three-bedroom, one-bathroom units. The properties are situated in the Barnyard Village neighborhood and are only moments away from downtown Wilmington. The apartments were built in the 1900s and have been well maintained. These properties present a value-add opportunity to an investor. Rents are currently under market and a section-8 voucher execution can yeild between $200-300 more per unit per month.
Wilmington is Delaware’s largest city and it sits between the Christina River and the Delaware River. Because of it’s size and location Wilmington is the economic center of Delaware due the concentration of credit card, insurance, and retail banking inudstries based in the city. Additionally, the city is home to campuses for Universities such as the University of Delaware and Drexel University. Top employers in the area include the State of Delaware, Christiana Care Health System, Dupont, Bank of America, and Walmart among many others.
Wilmingtons status as Delaware’s largest city and economic engine gives it a big city feel yet the scale and walkability preserve some of the small-town charm. The
city is located 40-minutes south of Philadelphia, and is a mid-point between New York and Washington DC. Because Wilmington is right in the middle of it all, there is easy communting access to Interstates-95, 495, and 295, as well as, United States Route-40. The Wilmington Airport (ILG) is only a 20-minute drive from the subject properties and the Philadelphia International Airpoty (PHL) is a 30-minute drive. The economy of the city is very strong currently due to do the financial industires based threre. Because of specific financial laws that are friendly to businesses it is expected that businesses will continue to operate and encourage further growth for the city.
