1700 N. Washington St. Wilmington, DE 19802

Sold Commercial
Property Details
Price $1,525,000
Property Type Apartment Building
Number of Units 21
Lot Size .53 AC
Price/Unit $72,619.05
Property Overview

A very real and unique opportunity to purchase an established portfolio of cash flowing investment properties, in a nice area … with substantial upside potential in both of those areas. All buildings in this offering are on, and comprise almost 65% of, the 1700 block of Washington St. This Offering represents one of the very rare chances to purchase established and nice units in a nice area with substantial upside … at a reasonable price. A total of 7 buildings, total of 21 units, with a terrific unit mix. Properties are available individually or in any combination. — Please Contact listing agent … Mark Wolff 302-588-7405 or mwolff@meyerrealty.net …for full marketing package, individual property underwritings, or to schedule a showing —

The units are filled with charm with exposed brick,hardwood floors,upgraded kitchens and baths, and washer/dryers in some units. Many of the units are inordinately large. Rents are markedly below the surrounding market’s rent levels. Recently renovated and similar units 1 block away rent for much more than Subject (beautiful units in their own right), testimony to the neighborhood’s ability to support higher rents.

The neighborhood known as Brandywine Village sits just on the east side of the Washington St. Bridge from the Christiana Care Wilmington Hospital. The Hospital recently completed a huge expansion. Less than 1 mile away sits the iconic Wanamakers Bldg, long vacated by the famous retailer, but recently occupied by the biotech firm, Incyte, with a new 15-year lease and the promise of 300-400 employees. Both the Hospital expansion and Incyte’s arrival should bring several new jobs, and potential tenants, to the immediate neighborhood.

The Subject Property sits directly across the street from Brandywine Park, which runs the length of 18th St., almost to the aforementioned Wanamaker Bldg. Also just a few blocks away across from Brandywine Park is Wilmington’s renowned Salesianum School. Moreover, just 6 blocks away is the site for the recently announced planned construction of a new 240+ unit luxury apartment high rise, seemingly making the real estate between it and the Subject Property suddenly something of seemingly much more interest. The neighborhood next to and behind the Subject Property is already full of gorgeous, well maintained real estate.

Offering Memorandum

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