Earl Alger - REMAX Distinctive
408 N James St
WILMINGTON, DE 19804

$1,250,000

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!

Details

MLS#DENC317346
StyleIndustrial
Sub-TypeResale
StatusPending - Show
Year1940
Days On Site13

Features

SQ Feet4,600
Story(s)0
ZoningCN & NC5

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Area Information

StateDE
CityWILMINGTON
Zip Code19804
AreaElsmere/Newport/Pike Creek (30903)
Listing VS Median (in 19804)
Price:
$1,250,000
low | high
Med:
$177,000
100% of Average
SqFt:
4,600
low | high
Med:
0
100% of Average
$ / SqFt:
$272
low | high
Med:
$0
100% of Average
On Site:
13
low | high
Med:
14
92.857142857143% of Average
Listing Updated: 01/20/2019
MLS Number: DENC317346
Listing Provided By:
Jeffrey Stape  of  Patterson-Schwartz-Branmar

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