Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Building Details

Year Built 1965

Listing Agency: Myers Realty

Listed By: Albert C Leskovar Jr. · License #RS-0018925 Show Phone

Source: Kableteam

Added: May 15 Changed: Oct 5 Last Checked: Oct 7 at 3:45PM

Report an Issue

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 Myers Realty

Investment Insights

Based on property information with market context.

Located in Smyrna, Delaware, this property features 16 renovated units consisting of twelve 1-bedroom and four 2-bedroom apartments. The units have been updated with designer-inspired renovations. The property includes new, energy-efficient HVAC and plumbing systems. Utilities are individually metered and paid by tenants. Onsite laundry facilities are available. The property is situated on a 1.57-acre parcel, offering the potential for future development. Preliminary discussions with the Town of Smyrna suggest the possibility of adding 8 to 16 additional units. Located within the Downtown Development District (DDD), the property is eligible for state and local incentives, including potential rebate grants and impact fee waivers. The property is somewhat bikeable with a bike score of 34, and car-dependent with a walk score of 19.

Key Highlights

• 1.57‑acre property with potential for 8‑16 additional units
• Fully renovated 16‑unit property requiring minimal capital reserves
• Located in Downtown Development District (DDD), eligible for state and local incentives

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$163,213

Cap Rate

4.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,264,260 $3.3M

Cap Rate 7%

$2,331,614 $2.3M

Cap Rate 9%

$1,813,478 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 16,320 SF

Gross rent

$311.4K $19.08/SF

− Vacancy

−$14.6K −$0.90/SF

EGI

$296.8K $18.18/SF

− OpEx

−$133.5K −$8.18/SF

NOI

$163.2K $10.00/SF

Area

Kent County, DE

Vacancy

4.70%

Lease Rate

$19.08 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,264,260

Cap Rate 7%

$2,331,614

Cap Rate 9%

$1,813,478

Alternative Uses

Best Use

Apartment 5plus

$2.33M

$2.04M – $2.72M (±1% cap)

NOI $163,213 @ 7.0% cap · market cap 4.08%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.11M

$3.60M – $4.79M (±1% cap)

NOI $287,662 @ 7.0% cap · market cap 7.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Dot Discount Stores (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Parking Lot & Garage Storage Facility Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

765

Businesses Nearby

Explore this area Business Placement

Demographics for 19977, DE

27,505

Population

9,899

Households

2.8

Avg Household Size

40

Median Age

23%

College-Educated

92%

High-School Grad

83.1 sq mi

ZIP Area

331

Density / Sq Mi

$78,803

Median Household Income

$48,246

Median Earnings

$1,366

Median Rent

$311,800

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Similar For Sale Nearby

See more

Smyrna Townhome Apartment Buildings

420 Smyrna Clayton Blvd, Smyrna, DE 19977

Contact for pricing

18,000 SF

View details

Retail and Nursery Facility

2561 S Dupont Boulevard, Smyrna, DE 19977

$2,000,000

7,404 SF

View details

Licensed Bar and Restaurant Opportunity

4167 S Dupont Boulevard, Smyrna, DE 19977

$2,200,000

3,990 SF

View details

Smyrna Commercial Property with Patio

19 - 21 W Commerce Street, Smyrna, DE 19977

$399,000

4,913 SF

View details

4-Unit Mixed-Use Building

10 S Main St, Smyrna, DE 19977

$395,000

4,704 SF

View details

5-Unit Residential Income Property

133 S MAIN ST, Smyrna, DE 19977

$499,900

4,374 SF

View details

31 SUMMIT DRIVE BRANDYWINE

31 SUMMIT DRIVE BRANDYWINE, Smyrna, DE 19977

$651,990

0.51 Acres

View details

Smyrna Specialty Property For Sale

33 SELDON Dr 5 COCHRAN, Smyrna, DE 19977

$665,000

0.51 Acres

View details

Specialty Property for Sale

211 LAKS Ct CHARLESTON, Smyrna, DE 19977

$540,990

0.47 Acres

View details

Duplex with Detached Garage

133 W South St, Smyrna, DE 19977

$375,000

2,544 SF

View details

Remodeled Duplex

32 W North St, Smyrna, DE 19977

$316,000

2,438 SF

View details

Office-Retail Building with Parking

155 S East St., Smyrna, DE 19977

Contact for pricing

1,056 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Renovated 16-unit property on 1.57 acres with development potential.

Where is this apartment building located?

The property is located at 35 W Glenwood Ave Smyrna, DE.

What is the asking price?

The asking price for this property is $4,000,000.

What are key features of this property?

This property features: 1.57‑acre property with potential for 8‑16 additional units; Fully renovated 16‑unit property requiring minimal capital reserves; Located in Downtown Development District (DDD), eligible for state and local incentives