Adams Street Apartments
Wilmington, Delaware
Overview
- Offering Price $3,125,000
- Total Units 32
- Pro Forma Cap Rate 8.2%
- Price per Unit $97,656
Built in 1930, Adams Street Apartments comprises 32 units. This 3-story building features brick exteriors on wood joist framing with a flat-graded roof.
The property features (3) studios and (29) one-bedroom units. Tenants are responsible for electricity, heat, and hot water, while the owner provides cold water and sewer. Additional storage space is available for tenants.
With little to no deferred maintenance, the property offers a new owner the ability to complete the renovations to kitchens and baths and increase the rent by 20% or more.
Adams Street Apartments is located directly off Interstate 95 providing daily commuters convenient access to employment hubs, and entertainment and recreation options.
This offering presents an outstanding opportunity to acquire a well-maintained, true value-add property situated directly off Interstate 95 and within minutes of Downtown.