STAPE & ASSOCIATES

Our Time is on Your Side

408 N James Street, Wilmington, DE 19804
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List Price: $1,250,000
Subdivision: None Available
Price/SqFt: $271
Acreage: 1.87
Taxes: $2,503
Age: 79
Zoning: Cn & NC5
Building SqFt: 4600
MLS: DENC317346
Mobile #: 6930

CURRENTLY UNDER CONTRACT

Description:

Prepare to be wowed by this amazing investment opportunity! This package features an apartment building with 8 apartments and 1 office, 28 mobile homes, and 1 commercial upholstery shop, all conveniently located on one tidy parcel of part commercial and part residential real estate in a central location in Newport. Even more impressive is the fact that there is a 100% OCCUPANCY RATE in all units! Filled with mostly long-term tenants, this is as low maintenance and high yield as any investment you will find! The apartment building has a NEW 2 inch water line, Newer siding, Newer boiler for the hot water radiator heating - inspected every 2 years , Updated electric, and Replacement windows! All apartments are efficiencies, with heat and A/C included in the rent, each ground floor unit has a private entrance, and the building is equipped with fire alarms that are routinely inspected and an emergency exit. The ground floor office can be kept as a management hub, or changed into a larger apartment unit to increase rental capacity. The 28 mobile homes are located on a paved lot with a small, fenced yard allocated to each home. All mobile homes are 1 bedroom, 1 bathroom, with 100 amp electrical service, electric hot water heaters ,new hot air electric heaters and are connected to 3 water meters with potential for each to have its own water meter. Many of the mobile homes have updated interiors and new roofs and all have new hot air electric heaters. The commercial shop is self-maintained and the current tenant is responsible for all utilities. The lot itself boasts plenty of parking, commercial vehicle parking that can be repurposed into more tenant parking or space for another mobile home, 3 storage sheds, and a common dumpster for trash. Located in walking distance to the bus stop and restaurants, and close to all major routes including 141, 95, 495, and 295, this incredible investment won’t be on the market for long!


Contact Information
Schedule an Appointment to See this Home Listing Courtesy of:
Patterson-Schwartz-Branmar
Jeff Stape

Request more information or call me now at 302-529-2605

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PAYMENT

  • Monthly $5,060.91
  • @ 4.49%
  • 30 year fixed. 20% down
  • Recalculate

Market Trends

  • Wilmington, DE
    Homes for Sale: 805
    Average List Price:
    $260,026
    Homes Sold:* 858
    Median Sold Price*:
    $204,800
    *=last 90 days