Current Use by Public Records
- Residential income homes
Property Details
- Year built
- 1979
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a portfolio of six two-story, single-family townhouses located in the desirable Londonderry development of North Wilmington, Delaware. Built between 1977 and 1979, with renovations completed in 2010, these Class B properties offer a combined 13,050 square feet of net rentable space. The portfolio boasts a current 100% occupancy rate, generating a Net Operating Income (NOI) of $135,800, with a pro-forma NOI projected at $160,000, resulting in a current cap rate of 6.14% and a pro-forma cap rate of 7.23%. Each unit features approximately 2,175 square feet and includes two parking spaces. Tenants are responsible for electricity, heat, trash, sewer, and lawn maintenance. The properties are conveniently located near I-95 and Amtrak, providing easy access to major cities. The area offers proximity to shopping centers like the Brandywine Mall, restaurants, and entertainment venues, as well as Concord High School. This is a 1031 exchange opportunity, with an asking price of $2,213,000 ($368,833.33 per unit and $169 per square foot). The portfolio is not part of a homeowner's association or condo association. This is an "as is" sale. Individual unit addresses include: 3205 Crystal Court, 3204 Crystal Court, 3107 Ruby Drive, 3210 Sapphire Court, 3100 Emerald Place, and 3210 Emerald Place, all in Wilmington, DE 19810. Recent improvements include new roofs (2018, 2020, and 2024) and a new garbage disposal (2024). The average tenant lease length exceeds eight years.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Wilmington
- County
- New Castle
- State
- Delaware
- Longitude
- -75.534
- Latitude
- 39.8285
