1300 N French Street

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. Offered at $1,200,000, the asset delivers an 8.09% stabilized cap rate with multiple clear paths to upside.A major demand catalyst is arriving: Widener's Delaware Law School is relocating to 1020 N French Street — just three blocks away — for the 2027–28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty, and staff downtown.The property offers a diverse, in-demand unit mix of two 3-bedroom, three 2-bedroom, and three 1-bedroom units plus one efficiency across 6,513 square feet, serving Wilmington's deepest renter pools. Three clear value-add levers drive income and expense optimization: lease-up of the 9th unit, RUBS implementation (80% recapture assumed), and a tax appeal on the $1,478,500 assessment versus the $1,200,000 purchase price.Ideally situated near ChristianaCare Wilmington Hospital, the courts, and CBD employment hubs, with excellent connectivity via I-95, the Wilmington train station, and public transportation, the property benefits from robust tenant demand and consistent leasing activity.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 a transformative institutional neighbor on the way, 1300 N French Street is well-positioned for immediate returns and long-term appreciation in the Wilmington market.