8-Unit Multifamily with 9th
For Sale
$1,200,000
1300 N French St, Wilmington, DE 19801
8-unit multifamily with a unit mix of one-, two-, and three-bedrooms, spanning 6,513 square feet.
Property Size6,513 SF
Price / SF$184.25
Days on Market140
Property Features for 1300 N French St
General Information
Standard status
Active
Size
6,513 SF
Building Details
Year Built
1920
Listing Agency:
Compass
Listed By:
Mark Stape · License #RS-0023956
(302) 202-9855
Source:
Selltheshore
Added: Jun 4
Changed: Oct 5
Last Checked: Oct 7 at 1:28PM
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 Compass
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Investment Insights
Based on property information with market context.
This offering is an 8-unit multifamily property with an existing mix of four 1-bedroom units, three 2-bedroom units, and two 3-bedroom units totaling 6,513 square feet. The property is also described as having potential to add a ninth unit, subject to zoning.
The asset is positioned in downtown Wilmington and is noted as being near ChristianaCare Wilmington Hospital. Access is highlighted via I-95, along with public transportation and proximity to employment hubs, downtown amenities, and Rodney Square.
The remarks also cite value-add opportunities, including leasing the potential 9th unit and implementing RUBS (with 80% recapture assumed). The current property tax assessment is stated as $1,478,500, with the opportunity described as contesting that assessment.
The asset is positioned in downtown Wilmington and is noted as being near ChristianaCare Wilmington Hospital. Access is highlighted via I-95, along with public transportation and proximity to employment hubs, downtown amenities, and Rodney Square.
The remarks also cite value-add opportunities, including leasing the potential 9th unit and implementing RUBS (with 80% recapture assumed). The current property tax assessment is stated as $1,478,500, with the opportunity described as contesting that assessment.
Key Highlights
- 8‑unit multifamily property built in 1920 with 6,513 SF total building area
- Unit mix: four 1‑bedroom, three 2‑bedroom, and two 3‑bedroom units
- Potential to add a 9th unit subject to zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,691
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,233,820
$1.2M
Cap Rate 7%
$881,300
$881.3K
Cap Rate 9%
$685,456
$685.5K
Market Conditions
NOI Build-Up for 6,513 SF
Gross rent
$119.6K $18.36/SF
− Vacancy
−$7.4K −$1.14/SF
EGI
$112.2K $17.22/SF
− OpEx
−$50.5K −$7.75/SF
NOI
$61.7K $9.47/SF
Area
New Castle County, DE
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,233,820
Cap Rate 7%
$881,300
Cap Rate 9%
$685,456
Alternative Uses
Best Use
Apartment 5plus
$881.3K
$771.1K – $1.03M
NOI $61,691 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,050 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
6,432
Businesses Nearby
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Business Placement
Demographics for 19801, DE
16,219
Population
9,390
Households
1.7
Avg Household Size
34
Median Age
26%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
3,686
Density / Sq Mi
$44,505
Median Household Income
$36,684
Median Earnings
$1,126
Median Rent
$196,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 8-unit multifamily with a unit mix of one-, two-, and three-bedrooms, spanning 6,513 square feet.
Where is this apartment building located?
The property is located at 1300 N French St Wilmington, DE.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8‑unit multifamily property built in 1920 with 6,513 SF total building area; Unit mix: four 1‑bedroom, three 2‑bedroom, and two 3‑bedroom units; Potential to add a 9th unit subject to zoning
