118 NEW LONDON Rd Newark, DE 19711

The property at 118 New London Road presents a 5-unit student housing investment opportunity. Originally three separate detached 4-bedroom homes, the property was rezoned and reimagined in 2021. The original three homes were renovated, and two additional 5-bedroom homes were built in between, creating one property consisting of five row homes with high-density garden apartment zoning. The location is strategically positioned between the University of Delaware's main campus and the north campus. This location and the construction quality have resulted in 100% occupancy since its inception, with favorable annual rent increases. The units were designed for college students, with trends towards individual bedrooms and multiple baths. The property is surrounded by other comparable student housing complexes, adding to the demand for this area and unit type. The University has demonstrated strong student body demographics and continues to add capital projects and campus growth with the addition of the STAR campus and other buildings throughout its campus. The bike score is 79, indicating it is very bikeable, and the walk score is 59, indicating it is somewhat walkable.