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.  

Investment Highlights

Strong Occupancy: 94% Occupied; Historically 90% Occupancy or Better

Exceptional Unit Mix: 90% One-Bedroom Units and 9% Studios
Rental Upside: Increase Rents by 10% to 20% with Little to No Work Needed

Excellent Location: Directly Off Interstat-95; Immediate Access to Downtown Wilmington

Team

Robert DiPasquale

Robert DiPasquale

Director
GREA
215-454-2908
267-222-2153
Corey Lonberger

Corey Lonberger

Founding Partner
GREA
215-454-2878
267-760-3726
Ken Wellar

Ken Wellar

Founding Partner
GREA
215-454-2879
610-745-4800

Domenick Peronti

DE RB0020193
302-994-3907

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