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Listed by Mark Stape • Compass
$1,200,000
Est. payment /mo
5,227 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Subdivision None Available
MLS Listing ID DENC2104334
Year Built 1920
Annual Tax Amount $27,990
Tax Year 2025
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 16.00 x 300
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Exceptional opportunity to acquire an 8-unit multifamily property (with potential for a 9th unit, subject to zoning) in a highly desirable downtown Wilmington location known for strong and consistent rental demand. Offered at $1,200,000, the asset delivers an 8.09% stabilized cap rate with multiple clear paths to upside.
A major demand catalyst is arriving: Widener's Delaware Law School is relocating to 1020 N French Street — just three blocks away — for the 2027–28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty, and staff downtown.
The property offers a diverse, in-demand unit mix of two 3-bedroom, three 2-bedroom, and three 1-bedroom units plus one efficiency across 6,513 square feet, serving Wilmington's deepest renter pools. Three clear value-add levers drive income and expense optimization: lease-up of the 9th unit, RUBS implementation (80% recapture assumed), and a tax appeal on the $1,478,500 assessment versus the $1,200,000 purchase price.
Ideally situated near ChristianaCare Wilmington Hospital, the courts, and CBD employment hubs, with excellent connectivity via I-95, the Wilmington train station, and public transportation, the property benefits from robust tenant demand and consistent leasing activity.
This offering presents a compelling investment for both new and experienced investors seeking stable in-place cash flow with clear, achievable value-add potential. With its diverse unit mix, strong location fundamentals, and a transformative institutional neighbor on the way, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.
A major demand catalyst is arriving: Widener's Delaware Law School is relocating to 1020 N French Street — just three blocks away — for the 2027–28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty, and staff downtown.
The property offers a diverse, in-demand unit mix of two 3-bedroom, three 2-bedroom, and three 1-bedroom units plus one efficiency across 6,513 square feet, serving Wilmington's deepest renter pools. Three clear value-add levers drive income and expense optimization: lease-up of the 9th unit, RUBS implementation (80% recapture assumed), and a tax appeal on the $1,478,500 assessment versus the $1,200,000 purchase price.
Ideally situated near ChristianaCare Wilmington Hospital, the courts, and CBD employment hubs, with excellent connectivity via I-95, the Wilmington train station, and public transportation, the property benefits from robust tenant demand and consistent leasing activity.
This offering presents a compelling investment for both new and experienced investors seeking stable in-place cash flow with clear, achievable value-add potential. With its diverse unit mix, strong location fundamentals, and a transformative institutional neighbor on the way, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.
Location
State DE
County New Castle
Area Wilmington (30906)
Zoning 26C-3
Interior
Hot Water Electric
Heating Heat Pump - Electric BackUp
Cooling Central A/C
Heat Source Electric
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Christina
Others
Tax ID 26-029.30-088
Ownership Fee Simple
Special Listing Condition Standard
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NEARBY SCHOOL & BUSINESS