1716 Chestnut Street

Description

Excellent opportunity to purchase this fully occupied and performing four unit, all stone building located in the quaint and quiet Bayard Square neighborhood in the City of Wilmington. Two units accessed on the main level from separate entrances, and two units accessed through a shared, side entrance with separate front doors at the top of the steps on the second floor. First unit is a large one bedroom which has been nicely renovated. Second main floor unit is a one bedroom which has some updates and features a nice tiled bathroom. Third unit on the upper floor is extra large with three bedrooms, hardwood flooring and a tile bathroom. Fourth unit on the upper floor is a one bedroom with a cozy tiled bathroom. Large basement accessed from the rear of building with it's own dedicated exterior entrance is home to storage, washer/dryer, all four electrical panels, gas fired hot water heater and gas fired boiler for the radiant heat the building utilizes. Fenced in rear, grassy yard perfect for social distanced gatherings and other out door activities. Off street parking exists for one car on a concrete pad out front. The building is fully occupied with fresh tenants that are all on 12 month leases with plenty of time left before expiration. Landlord pays for heat, hot water, and water as well as exterior maintenance. This property has on recored with the City of Wilmington a Legal, Non-Conforming Use Variance to allow its operation as a four unit building as it is currently structured. This has been recently acquired by the owner and all supporting documents will be made available as such and transferable to the new owner. This variance was acquired first, then renovations were performed to the building, and then it was filled with tenants. Rare offering for a multi-family property with all proper documentation and fully performing. Add this to your existing portfolio, 1031 Exchange into this offering or simply start your investment career with the purchase of this property!