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Listed by Mark Stape • Compass
$1,250,000
Est. payment /mo
5,227 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Subdivision None Available
MLS Listing ID DENC2104334
Year Built 1920
Annual Tax Amount $27,990
Tax Year 2025
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 16.00 x 300
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Exceptional opportunity to acquire an 8-unit multifamily property (with potential for a 9th unit subject to zoning) in a highly desirable downtown Wilmington location known for strong and consistent rental demand.
The property offers an attractive and diverse unit mix of four 1-bedroom, three 2-bedroom, and two 3-bedroom units across 6,513 square feet. This well-balanced layout, combined with the opportunity to add a ninth unit, creates strong tenant appeal and multiple avenues for income growth.
The asset has significant value-add upside through leasing the 9th unit, implementing RUBS (80% recapture assumed), and contesting the current property tax assessment of $1,478,500.
Ideally situated near ChristianaCare Wilmington Hospital, with excellent accessibility via I-95, public transportation, and proximity to employment hubs, downtown amenities, and Rodney Square, the property benefits from robust tenant demand and consistent leasing activity in this established neighborhood.
This offering presents a compelling investment for both new and experienced investors seeking stable in-place cash flow with clear, achievable value-add potential. With its diverse unit mix, strong location fundamentals, and multiple levers for income and expense optimization, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.
The property offers an attractive and diverse unit mix of four 1-bedroom, three 2-bedroom, and two 3-bedroom units across 6,513 square feet. This well-balanced layout, combined with the opportunity to add a ninth unit, creates strong tenant appeal and multiple avenues for income growth.
The asset has significant value-add upside through leasing the 9th unit, implementing RUBS (80% recapture assumed), and contesting the current property tax assessment of $1,478,500.
Ideally situated near ChristianaCare Wilmington Hospital, with excellent accessibility via I-95, public transportation, and proximity to employment hubs, downtown amenities, and Rodney Square, the property benefits from robust tenant demand and consistent leasing activity in this established neighborhood.
This offering presents a compelling investment for both new and experienced investors seeking stable in-place cash flow with clear, achievable value-add potential. With its diverse unit mix, strong location fundamentals, and multiple levers for income and expense optimization, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.
Location
State DE
County New Castle
Area Wilmington (30906)
Zoning 26C-3
Interior
Hot Water Electric
Heating Heat Pump - Electric BackUp
Cooling Central A/C
Heat Source Electric
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Christina
Others
Tax ID 26-029.30-088
Ownership Fee Simple
Special Listing Condition Standard
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Nearby School & Business
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