Historic Wilmington Apartment Building
703 North West Street Wilmington, DE 19801
703 North West Street, Wilmington, DE, 19801
$499,900
For Sale
$499,900
Historic building with redevelopment potential in Wilmington's Downtown Development District.
Property Size3,150 SF
Price / SF$158.70
Days on Market245
Property Features for 703 North West Street
General Information
- Standard status
- Active
- Size
- 3,150 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1760
Listing Agency
Compass
(302) 507-5611
Listed by
Mark Stape · License #RS-0023956
(302) 507-5611
Source
Compass
Added: Nov 14, 2025 Checked: Jul 17 at 5:39 am
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
Investment Insights
Based on property information with market context.
Located in Wilmington's Downtown Development District, the historic apartment building at 703 N West St is on the National Register of Historic Places since 1979. Constructed around 1760 by the Woodward family, the three-story, stuccoed stone structure with a brick rear ell retains Georgian elements. The L-shaped layout includes paneled walls, chair rails, original fireplaces, a mid-19th-century mantel with Minton tiles, wide floorboards, and a central staircase. The property offers potential for creative redevelopment, including multi-family housing, a single-family residence, or other adaptive uses. The property has lost its prior multi-family use and would require zoning board approval to reinstate apartments or similar configurations. Situated in the heart of Wilmington’s Downtown Development District, this property qualifies for incentives, including up to 20% rebates on qualified real property investments through Delaware’s Downtown Development Districts Rebate Program. As a National Register-listed site, it’s also eligible for federal historic preservation tax credits (up to 20% for certified rehabilitations) and potential state grants. The property is in rough condition and needs major renovations, including roof and stucco maintenance, interior updates, and system overhauls. It is offered as-is in Quaker Hill surrounded by commercial growth, historic districts, and easy access to downtown. The property size is 3150 square feet.
Key Highlights
- Eligible for significant financial incentives, including Delaware's Downtown Development Districts Rebate Program (up to 20%) and federal historic preservation tax credits (up to 20%).
- Located in Wilmington's Downtown Development District, offering potential for revitalization and growth.
- Listed on the National Register of Historic Places since 1979, preserving irreplaceable architectural heritage.
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 | $57.8k | $18.36 |
| − Vacancy | −$3.6k | −$1.14 |
| EGI | $54.2k | $17.22 |
| − OpEx | −$24.4k | −$7.75 |
| NOI | $29.8k | $9.47 |
3,150 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$426.2K
$373.0K – $497.3K
NOI $29,837 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$753.5K
$659.3K – $879.0K
NOI $52,742 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Historic building with redevelopment potential in Wilmington's Downtown Development District.
Where is this apartment building located?
The property is located at 703 North West Street 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: Eligible for significant financial incentives, including Delaware's Downtown Development Districts Rebate Program (up to 20%) and federal historic preservation tax credits (up to 20%).; Located in Wilmington's Downtown Development District, offering potential for revitalization and growth.; Listed on the National Register of Historic Places since 1979, preserving irreplaceable architectural heritage.
