1300 N French St,WILMINGTON, DE 19801
WILMINGTON, DE 19801
Description
Exceptional opportunity to acquire an 8-unit multifamily property (with potential for a 9th unit, subject to zoning) in a highly desirable downtown Wilmington location known for strong and consistent rental demand. Offered at $1,200,000, the asset delivers an 8.09% stabilized cap rate with multiple clear paths to upside.A major demand catalyst is arriving: Widener's Delaware Law School is relocating to 1020 N French Street - just three blocks away - for the 2027-28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty, and staff downtown.The property offers a diverse, in-demand unit mix of two 3-bedroom, three 2-bedroom, and three 1-bedroom units plus one efficiency across 6,513 square feet, serving Wilmington's deepest renter pools. Three clear value-add levers drive income and expense optimization: lease-up of the 9th unit, RUBS implementation (80% recapture assumed), and a tax appeal on the $1,478,500 assessment versus the $1,200,000 purchase price.Ideally situated near ChristianaCare Wilmington Hospital, the courts, and CBD employment hubs, with excellent connectivity via I-95, the Wilmington train station, and public transportation, the property benefits from robust tenant demand and consistent leasing activity.This offering presents a compelling investment for both new and experienced investors seeking stable in-place cash flow with clear, achievable value-add potential. With its diverse unit mix, strong location fundamentals, and a transformative institutional neighbor on the way, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.
Details
| MLS # | DENC2104334 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active-bright |
| Year | 1920 |
| Days On Site | 105 |
| Listing Provided By | Compass | Mark Stape |
Features
| Zoning | 26C-3 |
|---|---|
| Acreage | 0.12 |
Interior
| Cooling | Central A/C |
|---|---|
| Heating Yes / No | Yes |
| Heating | Heat Pump - Electric Back Up |
Exterior
| Construction Materials | Brick |
|---|
Parking
| Garage Yes / No | No |
|---|
Taxes
| Tax Annual Amount | 27990 |
|---|
Area Information
| State | DE |
|---|---|
| County | NEW CASTLE DE |
| City | WILMINGTON |
| Zip Code | 19801 |
| Area | Wilmington (30906) |
| Community Name | NONE AVAILABLE |
| School District | CHRISTINA |
| Listing VS Median (in NONE AVAILABLE) | |
Price: $1,200,000 low | high Med: $359,900 On site: 105 low | high Med: 23.5 | |
Market Activity 19801
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Learn More About This Property
| State | DE |
|---|---|
| County | NEW CASTLE DE |
| City | WILMINGTON |
| Zip Code | 19801 |
| Area | Wilmington (30906) |
| Community Name | NONE AVAILABLE |
| School District | CHRISTINA |
| Listing VS Median (in NONE AVAILABLE) | |
Price: $1,200,000 low | high Med: $359,900 On site: 105 low | high Med: 23.5 | |
