Residential Income Property with
For Sale
$279,900
2302 RIDDLE AVENUE Unit 2, Wilmington, DE 19806
Two-bedroom condominium with a private covered balcony, updated kitchen, and shared community amenities.
Property Size1,019 SF
Price / SF$274.68
Days on Market114
Property Features for 2302 RIDDLE AVENUE Unit 2
General Information
Standard status
Active
Size
1,019 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,597
Amenities
community pool
elevator
shared laundry
covered private balcony
Building Details
Building Size
1,019 SF
Year Built
1965
Listing Agency:
BHHS Fox & Roach-West Chester
Listed By:
Edward Schmitt · License #RS-0024270
(610) 368-1835
Source:
Harrisonpropertiesltd
Added: Jul 10
Changed: Oct 26
Last Checked: Oct 26 at 3:26PM
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 BHHS Fox & Roach-West Chester
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Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium offers 1,019 square feet of living space, including an open living area with a 20-foot expanse of floor-to-ceiling windows. The kitchen has granite counters, slow-close cabinets, stainless steel appliances, a dishwasher, and a breakfast bar. Luxury vinyl plank flooring runs through the living areas and bedrooms; both bathrooms have updated vanities, counters, and fixtures. The primary bedroom includes a walk-in closet and en-suite bath. Sliding doors open to a covered private balcony overlooking wooded condominium grounds.
The monthly condo fee covers electric, gas heat, central air conditioning, water, sewer, trash, basic cable, exterior maintenance, and snow removal. Residents also have access to a community pool. The building provides elevator access, reserved parking, a private same-level storage locker, and shared laundry on each floor. The property is in Wilmington, with access to Brandywine Park, Trolley Square, downtown Wilmington, restaurants, shopping, hospitals, and I-95.
The monthly condo fee covers electric, gas heat, central air conditioning, water, sewer, trash, basic cable, exterior maintenance, and snow removal. Residents also have access to a community pool. The building provides elevator access, reserved parking, a private same-level storage locker, and shared laundry on each floor. The property is in Wilmington, with access to Brandywine Park, Trolley Square, downtown Wilmington, restaurants, shopping, hospitals, and I-95.
Key Highlights
- 2‑bedroom, 2‑bath condominium with 1,019 square feet
- 20‑foot wall of floor‑to‑ceiling windows in the open living area
- Covered private balcony overlooking wooded condominium grounds
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,652
Cap Rate
3.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$193,040
$193.0K
Cap Rate 7%
$137,886
$137.9K
Cap Rate 9%
$107,244
$107.2K
Market Conditions
NOI Build-Up for 1,019 SF
Gross rent
$18.7K $18.36/SF
− Vacancy
−$1.2K −$1.14/SF
EGI
$17.5K $17.22/SF
− OpEx
−$7.9K −$7.75/SF
NOI
$9.7K $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%
$193,040
Cap Rate 7%
$137,886
Cap Rate 9%
$107,244
Alternative Uses
Best Use
Apartment 5plus
$137.9K
$120.7K – $160.9K
NOI $9,652 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$243.7K
$213.3K – $284.4K
NOI $17,061 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,514
Businesses Nearby
Explore this area
Business Placement
Demographics for 19806, DE
10,083
Population
6,638
Households
1.5
Avg Household Size
45
Median Age
71%
College-Educated
98%
High-School Grad
1.7 sq mi
ZIP Area
5,931
Density / Sq Mi
$86,240
Median Household Income
$76,246
Median Earnings
$1,329
Median Rent
$370,500
Median Home Value
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with a private covered balcony, updated kitchen, and shared community amenities.
Where is this residential income property located?
The property is located at 2302 RIDDLE AVENUE Unit 2 Wilmington, DE.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium with 1,019 square feet; 20‑foot wall of floor‑to‑ceiling windows in the open living area; Covered private balcony overlooking wooded condominium grounds
