305 W 18th St - Apartments FOR SALE


Wilmington, DE 19802- Baynard Village
$1,200,000 USD
610-500-0818
305 W 18th St, Wilmington, DE for Sale
$1,200,000 USD
Apartments - FOR SALE
1/16
null | 6.81% Cap Rate

305 W 18th St
Wilmington, DE 19802
Baynard Village


HIGHLIGHTS

  • Desirable Location: Directly across from Brandywine Park and the Washington Memorial Bridge, within walking distance of Downtown Wilmington
  • Attractive Unit Mix: Eight total units - (2) three-bedroom, (1) two-bedroom, and (5) one-bedroom apartments
  • Recent Capital Improvements: Unit renovations, new roof, and new water heaters in 2020
  • Turn-Key Investment: Well-maintained property requiring minimal immediate capital expenditures
  • Rental Upside: Current rents average ~9% below market, presenting strong income growth potential
  • Strong Residential Corridor: Located in one of Wilmington’s most sought-after neighborhoods with easy access to major employers, schools, and transit

OVERVIEW

Marcus & Millichap is pleased to present for sale the 18th Street Apartments - A well-maintained multifamily opportunity located at 305 & 307 West 18th Street in Wilmington, Delaware. Situated directly across from Brandywine Park and the historic Washington Memorial Bridge, the property offers residents a serene, suburban-like setting within walking distance to the vibrant amenities of Downtown Wilmington. The Community is comprised of eight apartments: (2) three-bedroom units, (1) two-bedroom unit, and (5) one-bedroom units. In 2020, the property underwent significant upgrades, including unit renovations, a new roof, and new water heaters, positioning the asset as a true turn-key investment with minimal immediate capital requirements. In addition to its desirable location and recent capital improvements, 18th Street Apartments offers compelling upside. Current rents average approximately 9% below market levels, creating the opportunity to drive future income growth through strategic lease adjustments. With its blend of strong in-place operations, upgraded interiors, and rental upside, 18th Street Apartments represents a rare chance to acquire a stabilized, well located asset in one of Wilmington’s most attractive residential corridors.

FOR SALE DETAILS

PRICE

$1,200,000 USD

PRICE/SF

$190 USD /SF

# OF UNITS

8

PRICE/UNIT

$150,000

CAP RATE

6.81%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

18th Street Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1914

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,388 SF

ZONING

R5C, Wilmington City

APN/PARCEL ID

26-021.40-006

ASK ABOUT THIS PROPERTY

Andrew RodgersMarcus & MillichapMore Info
610-500-0818

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Andrew RodgersMarcus & MillichapMore Info
610-500-0818

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.