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About the Listing 55937 - 3268194
35 W Glenwood Ave, Smyrna, DE | 1.57-Acre Development Hybrid Secure a high-yield, stabilized asset with a massive "shadow" value in its excess land. This is a rare opportunity to acquire a cash-flowing property where the heavy lifting is finished and the expansion path is already paved. The "Turnkey" Advantage: Capital Preservation In a market where construction costs and labor delays are unpredictable, this property offers immediate security. • The Interiors: Designer-inspired renovations that appeal to today’s high-credit tenants. • The Systems: Brand-new, energy-efficient HVAC and plumbing systems designed to lower utility overhead and increase the building's longevity. • The Exterior: Fresh curb appeal that commands attention and justifies premium rental rates. Stop looking for a project and start looking at your returns. This property is priced to move for an investor who recognizes the value of a stabilized, low-maintenance asset in a growing market. • Fully Renovated (Last 4 Years): High-end updates across all 16 units mean your capital reserves stay in the bank, not in the building. • Operational Efficiency: Individually metered utilities (tenant-paid) and onsite laundry create a low-overhead, streamlined management model. • Modern Interior Standards: Upgraded (12) 1BR and (4) 2BR units positioned just under the top of the local market rate to attract high-quality, long-term tenants. The Development "Alpha": 8–16 Additional Units The true "deal" lies in the 1.57-acre parcel. Unlike raw land, this site comes with the momentum of preliminary town discussions already in the books. • Pre-Vetted Potential: Preliminary discussions with the Town of Smyrna support a concept for 8–16 additional units. • Phased Growth Strategy: Use the reliable cash flow from the existing units to offset carrying costs while you build the next phase. • Incentive Rich: Located within the Downtown Development District (DDD), this property is eligible for significant state and local incentives, including potential rebate grants and impact fee waivers that go straight to your bottom line. Location: The Mid-Atlantic’s Strategic Hub Smyrna is no longer a "pass-through" town; it is a destination for the Delaware workforce. • Connectivity: Seconds from the Route 1 corridor, offering a "commuter’s dream" location for those working in Dover, Wilmington, or even Philadelphia. • Market Momentum: Positioned in a high-growth pocket of Kent County with increasing investor interest and a tightening rental supply. The Bottom Line: You are buying a modernized, stabilized apartment building at market value—while essentially receiving a pre-vetted, high-density development site for free. Capitalize on Smyrna’s revitalization before the expansion potential is priced in. Investor Snapshot: • Current Doors: 16 Units (Fully Renovated) • Expansion Potential: 50%–100% Increase in Unit Count • Incentive Zone: Downtown Development District • Expense Ratio: Optimized via tenant-paid utilities
Listing Highlights
Status
Active
Days on Site
11
Property Type
Commercial Sale
MLS ®
DEKT2047124
Year Built
1965
Total Square Footage
16,320
Lot/Acreage
1.57
Interior Details
- Bedrooms: 0
- Bathrooms: 0 Full
- Appliances:
- Air Cond: Heat Pump(s)
- Heating: Forced Air
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Not New Construction,Horse Property: No,In City Limits
- Garage Capacity: N/A
- Parking Spaces: 20
- Lot Dimensions: 0.46 x 0.00
- Zoning: R-3
- Roof:
- Others:
- Sewer: Public Sewer
- Parking Features: Parking Lot,4+ Spaces,3+ Spaces,2+ Spaces,1+ Spaces
Financial Details
- Tax Amount: $6,871
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2025
Payment Calculator
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Questions About..
35 W Glenwood Ave Smyrna, DE 19977
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