3-Bedroom
For Sale
$499,900
2401 PENNSYLVANIA AVENUE Unit 304, Wilmington, DE 19806
Residents have access to a seasonal pool, 24-hour front desk service, off-street parking, and on-site management.
Property Size1,478 SF
Price / SF$338.23
Days on Market16
Property Features for 2401 PENNSYLVANIA AVENUE Unit 304
General Information
Standard status
Active
Size
1,478 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,226
Amenities
24-hour front desk service
seasonal outdoor swimming pool
grounds and gardens
off-street parking
on-site management and maintenance
Building Details
Building Size
1,478 SF
Year Built
1965
Listing Agency:
Compass
Listed By:
Alec Michael Georigi · License #RS0026269
(302) 559-7191
Source:
Harrisonpropertiesltd
Added: Oct 16
Changed: Oct 28
Last Checked: Oct 26 at 3:23PM
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.
Unit 304 is a 1,478-square-foot condominium with three bedrooms, two full bathrooms, a separate dining area, and a private terrace. The kitchen includes a Sub-Zero refrigerator, WOLF range, and paneled dishwasher. Custom California Closets provide built-in storage, and the residence was built in 1965.
The Devon is on Pennsylvania Avenue in Wilmington. Rockford Park, Trolley Square, downtown Wilmington, and Greenville’s retail and dining destinations are described as minutes away. Community amenities include a seasonal outdoor pool, landscaped grounds and gardens, 24-hour front desk service, off-street parking, and on-site management and maintenance. The condominium fee covers certain utilities and services.
The Devon is on Pennsylvania Avenue in Wilmington. Rockford Park, Trolley Square, downtown Wilmington, and Greenville’s retail and dining destinations are described as minutes away. Community amenities include a seasonal outdoor pool, landscaped grounds and gardens, 24-hour front desk service, off-street parking, and on-site management and maintenance. The condominium fee covers certain utilities and services.
Key Highlights
- Three‑bedroom, two‑bathroom residence with 1,478 square feet
- Kitchen equipped with a Sub‑Zero refrigerator, WOLF range, and paneled dishwasher
- Private terrace and custom California Closets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,000
Cap Rate
2.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$280,000
$280.0K
Cap Rate 7%
$200,000
$200.0K
Cap Rate 9%
$155,556
$155.6K
Market Conditions
NOI Build-Up for 1,478 SF
Gross rent
$27.1K $18.36/SF
− Vacancy
−$1.7K −$1.14/SF
EGI
$25.5K $17.22/SF
− OpEx
−$11.5K −$7.75/SF
NOI
$14.0K $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%
$280,000
Cap Rate 7%
$200,000
Cap Rate 9%
$155,556
Alternative Uses
Best Use
Apartment 5plus
$200.0K
$175.0K – $233.3K
NOI $14,000 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$353.5K
$309.3K – $412.5K
NOI $24,747 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,606
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Residents have access to a seasonal pool, 24-hour front desk service, off-street parking, and on-site management.
Where is this residential income property located?
The property is located at 2401 PENNSYLVANIA AVENUE Unit 304 Wilmington, DE.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bathroom residence with 1,478 square feet; Kitchen equipped with a Sub‑Zero refrigerator, WOLF range, and paneled dishwasher; Private terrace and custom California Closets
