The 707 Building - Student Housing, Apartment or Hotel Conversion with Retail Investment

These two parcels are located in the central business district in the City of Wilmington along the popular Market & King Streets.The 707 building features approximately 42,706 +/- square feet of recently renovated residential and retails spaces in the Central Business District, situated amidst a vibrant mix of new and updated multifamily housing, restaurants, retail shops, and office spaces. Originally designed as a dormitory, it's ideally suited for ongoing student housing, apartment or hotel conversion. The subject property has 49 suites and the retail or office space is 5,000 +/- square feet and is located on the ground floor of the property fronting N. Market Street. The building has a mix of hardwood floors, carpeted & concrete floors, exposed ceilings, some painted drywall partitions and moveable racks/shelves for retail display. The eastern side of the first floor fronting N. King Street and the remainder of the buildings is the residential space. The first floor has an atrium utilized for a dining area plus a small office, cafeteria, commercial kitchen, and laundry room. The second, third, and fourth floors are all dormitory rooms. Each unit has a kitchenette with a sink and a modern tile bathroom with a vanity sink and shower stall. Each unit has a brand new electric mini split system. The basement is an unfinished storage space for use by tenants.All parcels and improvements priced at $3,500,000 with a 5-year leaseback. DCAD will leaseback based upon a minimum occupancy of 75 students for each school year. The new owner will be responsible for all of the maintenance and repairs going forward. DCAD just invested $1 million dollars in a building-wide HVAC system upgrade.