215-454-2852
3403 Lancaster Pike, Wilmington, DE for Sale
Apartments - FOR SALE
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3403 Lancaster Pike
Wilmington, DE 19805


HIGHLIGHTS

  • Value-Add Potential: Opportunity to Increase Rents by 15-20% by Renovating Kitchens and Bath
  • Strong Occupancy: Current and Historical Occupancy Rate for Apartments is 95% or Higher
  • Attractive Unit Mix: Offers 9 One-Bedroom (13%), 49 Two–Bedroom (69%) and 13 Three-Bedroom (18%)
  • Accessibility & Connectivity: Situated on Lancaster Pike (Route 48), Minutes from Route 141, Kirkwood Highway (Route 2), and Interstate 95
  • Proximity to Employment Hubs: Convenient Access to Major Employment Centers, including Wilmington’s Banking and Financial District, and ChristianaCare

OVERVIEW

Located along Lancaster Pike in Wilmington, Delaware, Westover Pointe consists of 71 multifamily apartments and four commercial spaces. The property benefits from proximity to the Greater Philadelphia Metropolitan Area, diverse employment drivers, and strong regional transportation connectivity. The area’s stable economic base and sustained housing demand continue to support consistent multifamily performance, positioning Westover Pointe as an attractive long-term investment opportunity. Westover Pointe is a well-maintained garden-style community offering a desirable mix of one-, two-, and three-bedroom apartment homes averaging approximately 932 square feet, of which 87% of the units have two and three bedrooms. The property provides residents with spacious floor plans and attractive living spaces designed to meet the needs of the local workforce renter base. Current in-place rents remain approximately 15–20% below market, presenting investors with a clear opportunity to capture meaningful rental upside through natural lease turnover and strategic renovations to kitchens and baths. Situated along Lancaster Pike (Route 48), Westover Pointe benefits from immediate access to major transportation routes, including I-95, I-295, Route 141, and Route 7, providing seamless connectivity throughout both Greater Wilmington and the Philadelphia Region. Residents enjoy convenient access to major employment centers such as Wilmington’s banking and financial district (JPMorgan Chase, Bank of America, Capital One), ChristianaCare, and AstraZeneca, as well as bustling retail corridors and everyday neighborhood amenities. Currently operating with stabilized residential occupancy, Westover Pointe Apartments provides investors with immediate cash flow and significant value-add potential. The property offers the opportunity to increase revenue through natural lease turnover and interior upgrades to kitchens and bathrooms, capturing upside in a proven, high-demand workforce rental market. Combined with diversified income and strong regional fundamentals, Westover Pointe is positioned for long-term NOI growth and sustained performance.

FOR SALE DETAILS

PRICE

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# OF UNITS

75

CAP RATE

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% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Westover Pointe

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1967

PARKING SPACES

60

LAND DETAILS

LAND ACRES

3.46 AC

LAND SF

150,720 SF

ZONING

NCAP

APN/PARCEL ID

07-033.30-060,07-033.30-061

ASK ABOUT THIS PROPERTY

215-454-2852

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215-454-2852

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