1300 N French St
8/9 Unit Apartment with Value Add Potential
Marketing 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.
The property offers an attractive and diverse unit mix of one efficiency, three 1-bedroom, three 2-bedroom, and two 3-bedroom units across 6,513 square feet. This well-balanced layout, combined with the opportunity to add a ninth unit, creates strong tenant appeal and multiple avenues for income growth.
The asset has significant value-add upside through leasing the 9th unit, implementing RUBS (80% recapture assumed), and contesting the current property tax assessment of $1,478,500.
Ideally situated near ChristianaCare Wilmington Hospital, with excellent accessibility via I-95, public transportation, and proximity to employment hubs, downtown amenities, and Rodney Square, the property benefits from robust tenant demand and consistent leasing activity in this established neighborhood.
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 multiple levers for income and expense optimization, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.
Investment highlights
- 8 units today, 9 tomorrow – well-located 8-unit multifamily with a potential 9th unit (subject to zoning).
- Widener Law School arriving three blocks away – Delaware Law School relocates to 1020 N French St for the 2027–28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty,
- and staff downtown
- 8.09% stabilized cap rate at the $1,200,000 asking price
- Three clear value-add levers – lease-up of the 9th unit, RUBS implementation (80% recapture), and a
- tax appeal on the $1,478,500 assessment vs. the $1,200,000 purchase price
- Diverse, in-demand unit mix – (2) three-bedroom, (3) two-bedroom, (3) one-bedroom, and (1) efficiency
- units serving Wilmington’s deepest renter pools
- Prime downtown location near the hospital, courts, and CBD employment hubs, supported by strong
- Wilmington rental demand
- Excellent connectivity via I-95, the Wilmington train station, and public transportation
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