Student Housing Row
118 NEW LONDON ROAD Newark, DE 19711
New
118 NEW LONDON ROAD, Newark, DE, 19711
$2,995,000
For Sale
$2,995,000
Five row homes configured as high-density garden apartment-style student housing, located between UD’s main campus and north campus.
Property Size9,018 SF
Price / SF$332.11
Days on Market3
Property Features for 118 NEW LONDON ROAD
General Information
- Standard status
- Active
- Size
- 9,018 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 2021
Listing Agency
RE/MAX Edge
(302) 750-4555
Listed by
Kyle Mayhew · License #R3-0013118
(302) 750-4555
Source
Xome
Added: Jul 17 Checked: Jul 19 at 1:47 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Edge
Investment Insights
Based on property information with market context.
118 New London Road is a five-unit student housing property originally comprised of three detached 4-bedroom homes. The property was rezoned and reimagined in 2021, with renovations to the original homes and two additional homes built in between. The result is one cohesive property consisting of five row homes under high-density garden apartment zoning.
The property is located between UD’s main campus and the north campus. Public remarks indicate 100% occupancy since inception and favorable annual rent increases. The owners designed the units for college students, with layouts oriented toward individual bedrooms and multiple baths.
The combination of recent reconfiguration and student housing focus is intended to serve demand for this type of unit in an area with other comparable student housing complexes.
The property is located between UD’s main campus and the north campus. Public remarks indicate 100% occupancy since inception and favorable annual rent increases. The owners designed the units for college students, with layouts oriented toward individual bedrooms and multiple baths.
The combination of recent reconfiguration and student housing focus is intended to serve demand for this type of unit in an area with other comparable student housing complexes.
Key Highlights
- 5‑unit student housing composed of five row homes, configured as high‑density garden apartment‑style units
- Reimagined in 2021 after rezoning: originally three detached 4‑bedroom homes plus two additional 5‑bedroom homes
- Central air cooling; vinyl and carpet flooring; metal and composition shingle roof
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $165.6k | $18.36 |
| − Vacancy | −$10.3k | −$1.14 |
| EGI | $155.3k | $17.22 |
| − OpEx | −$69.9k | −$7.75 |
| NOI | $85.4k | $9.47 |
9,018 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,418 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $150,992 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five row homes configured as high-density garden apartment-style student housing, located between UD’s main campus and north campus.
Where is this apartment building located?
The property is located at 118 NEW LONDON ROAD Newark, DE.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 5‑unit student housing composed of five row homes, configured as high‑density garden apartment‑style units; Reimagined in 2021 after rezoning: originally three detached 4‑bedroom homes plus two additional 5‑bedroom homes; Central air cooling; vinyl and carpet flooring; metal and composition shingle roof
