$ 1,200,000
-
$1,200,000
Price -
0
Bed -
0
Bath -
6,513
SqFt
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About the Listing COMPASS3 - 3192826
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. Offered at $1,200,000, the asset delivers an 8.09% stabilized cap rate with multiple clear paths to upside. A major demand catalyst is arriving: Widener's Delaware Law School is relocating to 1020 N French Street — just three blocks away — for the 2027–28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty, and staff downtown. The property offers a diverse, in-demand unit mix of two 3-bedroom, three 2-bedroom, and three 1-bedroom units plus one efficiency across 6,513 square feet, serving Wilmington's deepest renter pools. Three clear value-add levers drive income and expense optimization: lease-up of the 9th unit, RUBS implementation (80% recapture assumed), and a tax appeal on the $1,478,500 assessment versus the $1,200,000 purchase price. Ideally situated near ChristianaCare Wilmington Hospital, the courts, and CBD employment hubs, with excellent connectivity via I-95, the Wilmington train station, and public transportation, the property benefits from robust tenant demand and consistent leasing activity. 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 a transformative institutional neighbor on the way, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.
Listing Highlights
Interior Details
- Bedrooms: 0
- Bathrooms: 0 Full
- Appliances:
- Air Cond: Central A/C
- Heating: Heat Pump - Electric BackUp
- 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
- Lot Dimensions: 16.00 x 300
- Zoning: 26C-3
- Roof:
- Others:
- Sewer: Public Sewer
- Parking Features: Off Site,Parking Lot,On Street
Financial Details
- Tax Amount: $27,990
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2025
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Questions About..
1300 N French St Wilmington, DE 19801
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