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Adams Street Apartments

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Address: 800 N Adams St, Wilmington, DE 19801, USA

Washington DC + Apartment Buildings

Created date: September 27, 2024

Date last updated: September 27, 2024

Strong Occupancy
94% Occupied; Historically 90% Occupancy or Better

Preferred Floor Plans
90% One-Bedroom/One-Bath Units

Rental Upside
Increase Rents by 10% to 20% with Little to No Work Needed

Excellent Location
Directly Off I-95; Immediate Access to Downtown Wilmington

Property Description

Built in 1930, Adams Street Apartments comprises 32 units. This 3-story building features brick exteriors on wood joist framing with a flat-graded roof. The property features (3) studios and (29) one-bedroom units. Tenants are responsible for electricity, heat, and hot water, while the owner provides cold water and sewer. Additional storage space is available for tenants. With little to no deferred maintenance, the property offers a new owner the ability to complete the renovations to kitchens and baths and increase the rent by 20% or more. Adams Street Apartments is located directly off Interstate 95 providing daily commuters convenient access to employment hubs, and entertainment and recreation options. This offering presents an outstanding opportunity to acquire a well-maintained, true value-add property situated directly off Interstate 95 and within minutes of Downtown.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$3,125,000
No. of Units:	32
Year Built:	1930
Opportunity Zone:	No
Price per unit:	$97,656