153-Unit Wilmington Portfolio

Located in New Castle County, Delaware, the Wilmington Multifamily Portfolio is comprised of five assets with the furthest property a 10-minute drive from the core of the portfolio. The five properties combine for a 153-unit portfolio boasting a strong occupancy (currently at 97%), and locations within minutes of Downtown Wilmington and Interstate 95. 

Holly Oak Manor: 1 Jill Court: Constructed in 1969, Holly Oak Manor comprises 42 units in the (3) three-story buildings. Each building features a brick exterior with wood joist framing and a flat rubber roof (installed in 2020). The property includes a unit mix of (3) one-bedroom units and (39) two-bedroom units. Tenants are responsible for electricity and hot water, while the owner provides heat, cold water, and sewer. With little to no deferred maintenance and excellent floor plans, the property offers a new owner the ability to complete renovations to kitchens and baths and increase the rent by 20% or more. 

Jefferson Park Apartments: 2600-02 & 2601 N. Jefferson Street: Constructed in 1964, Jefferson Park comprises 46 units in a quiet residential neighborhood. The 2.5-story buildings feature brick exteriors on wood joist framing with pitched shingle roofs. The property presents a strong unit mix with (34) one-bedroom and (12) two-bedroom units. Tenants are responsible for the electricity, heat, and hot water, while the owner provides cold water and sewer. The property is well maintained and features recently replaced windows and a newer roof on one of the three buildings.

Riverview Apartments: 103 East 30th Street: Riverview Apartments was built in 1988 and comprises (18) one-bedroom units. The 3-story building features a stucco exterior with wood joist framing and a pitched asphalt shingle roof. Electricity, heat, cold water, and hot water are paid by the Tenants. Current ownership has not focused on an aggressive rental increase at this property represented by the existing loss-to-lease of 30%. 

Adams Street Apartments: 800-02 N. Adams Street: 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 (29) one-bedroom units and (3) studios. Tenants are responsible for electricity, heat, and hot water, while the owner provides cold water and sewer. With a location directly off Interstate 95, daily commuters have convenient access to employment hubs and entertainment and recreation options. 

The Lucania: 822 N. Adams Street: Constructed in 1920, The Lucania comprises 15 units. The 3-story building features a brick exterior on wood joist framing with a graded torched-down asphalt roof. The property contains (15) large one-bedroom units. Tenants are responsible for electricity, heat, and hot water, while the owner provides cold water and sewer. Sitting on the opposite end of the 800 block of Adams Street, this property creates immediate economies of scale in a highly accessible location.

The Wilmington Portfolio is an outstanding opportunity to acquire a highly occupied and well-maintained, true value-add, garden-style apartment portfolio situated around the Interstate 95 Corridor and within minutes of Downtown Wilmington.  

A new owner can capitalize on increasing rents a minimum of 10% to 20% portfolio-wide with little to no work on the units while achieving an instantaneous foothold in a rapidly growing market in Wilmington. 

Ownership prefers that an investor purchase the whole Portfolio. There is an option to acquire part(s) of the Portfolio in separate groupings. Contact an Agent for more details.