8-Unit Multifamily with 9th
1300 N French St Wilmington, DE 19801
1300 N French St, Wilmington, DE, 19801
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For Sale
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8-unit multifamily with a unit mix of one-, two-, and three-bedrooms, spanning 6,513 square feet.
Property Size6,513 SF
Price / SF$191.92
Days on Market50
Property Features for 1300 N French St
General Information
- Standard status
- Active
- Size
- 6,513 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1920
Listing agency
Compass Pennsylvania
(302) 202-9855
Listed by
Mark Stape · License #DE RS-0023956
Source
Crexi
Added: Jun 3 Updated: Jul 21 at 7:47AM Checked: Jul 21 at 7:47AM
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 Pennsylvania
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
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 | $119.6k | $18.36 |
| − Vacancy | −$7.4k | −$1.14 |
| EGI | $112.2k | $17.22 |
| − OpEx | −$50.5k | −$7.75 |
| NOI | $61.7k | $9.47 |
6,513 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$881.3K
$771.1K – $1.03M
NOI $61,691 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,050 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Chirocare Chiropractic and Pain ...
Alternative Medicine Practice
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FAQs
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 $1,250,000.
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
