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18th Street Apartments 305 W 18th St 8 Unit Apartment Building $1,200,000 ($150,000/Unit) 6.81% Cap Rate Wilmington, DE 19802
Investment Highlights
- Desirable Location: Directly across from Brandywine Park and the Washington Memorial Bridge, within walking distance of Downtown Wilmington
- Recent Capital Improvements: Unit renovations, new roof, and new water heaters in 2020
- Rental Upside: Current rents average ~9% below market, presenting strong income growth potential
- Attractive Unit Mix: Eight total units - (2) three-bedroom, (1) two-bedroom, and (5) one-bedroom apartments
- Turn-Key Investment: Well-maintained property requiring minimal immediate capital expenditures
- Strong Residential Corridor: Located in one of Wilmington’s most sought-after neighborhoods with easy access to major employers, schools, and transit
Executive Summary
Marcus & Millichap is pleased to present for sale the 18th Street Apartments - A well-maintained multifamily opportunity located at 305 & 307 West 18th Street in Wilmington, Delaware. Situated directly across from Brandywine Park and the historic Washington Memorial Bridge, the property offers residents a serene, suburban-like setting within walking distance to the vibrant amenities of Downtown Wilmington.
The Community is comprised of eight apartments: (2) three-bedroom units, (1) two-bedroom unit, and (5) one-bedroom units. In 2020, the property underwent significant upgrades, including unit renovations, a new roof, and new water heaters, positioning the asset as a true turn-key investment with minimal immediate capital requirements.
In addition to its desirable location and recent capital improvements, 18th Street Apartments offers compelling upside. Current rents average approximately 9% below market levels, creating the opportunity to drive future income growth through strategic lease adjustments.
With its blend of strong in-place operations, upgraded interiors, and rental upside, 18th Street Apartments represents a rare chance to acquire a stabilized, well located asset in one of Wilmington’s most attractive residential corridors.
The Community is comprised of eight apartments: (2) three-bedroom units, (1) two-bedroom unit, and (5) one-bedroom units. In 2020, the property underwent significant upgrades, including unit renovations, a new roof, and new water heaters, positioning the asset as a true turn-key investment with minimal immediate capital requirements.
In addition to its desirable location and recent capital improvements, 18th Street Apartments offers compelling upside. Current rents average approximately 9% below market levels, creating the opportunity to drive future income growth through strategic lease adjustments.
With its blend of strong in-place operations, upgraded interiors, and rental upside, 18th Street Apartments represents a rare chance to acquire a stabilized, well located asset in one of Wilmington’s most attractive residential corridors.
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Property Facts
| Price | $1,200,000 | Property Subtype | Apartment |
| Price Per Unit | $150,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.81% | Lot Size | 0.22 AC |
| Gross Rent Multiplier | 9.61 | Building Size | 6,300 SF |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1914 |
| Zoning | R5C, Wilmington City - residential zoning district | ||
| Price | $1,200,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 6.81% |
| Gross Rent Multiplier | 9.61 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 6,300 SF |
| No. Stories | 3 |
| Year Built | 1914 |
| Zoning | R5C, Wilmington City - residential zoning district |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $1,150 | 650 |
| 2+1 | 1 | $1,330 | 850 |
| 3+1.5 | 2 | $1,700 | 1,100 |
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Walk Score®
Very Walkable (78)
Bike Score®
Very Bikeable (71)
Property Taxes
| Parcel Number | 26-021.40-006 | Improvements Assessment | $151,600 |
| Land Assessment | $34,800 | Total Assessment | $186,400 |
Property Taxes
Parcel Number
26-021.40-006
Land Assessment
$34,800
Improvements Assessment
$151,600
Total Assessment
$186,400
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18th Street Apartments | 305 W 18th St
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