Jefferson Park Apartments

Wilmington, Delaware

Overview

  • Offering Price $5,450,000
  • Total Units 46
  • Pro Forma Cap Rate 7.3%
  • Price per Unit $118,478

Jefferson Park Apartments is situated at 2600-02 and 2601 N. Jefferson Street in Downtown Wilmington. Constructed in 1964, the property comprises 46 units in a quiet residential neighborhood. 

The 2.5-story buildings feature brick exteriors on wood joist framing with pitched shingle roofs. Jefferson Park features a strong unit mix of (34) one-bedroom and (12) two-bedroom units. Tenants are responsible for the electricity, heat, and hot water, while the owner provides cold water and sewer. Additional storage space is available for tenants. 

The property is well maintained. The current owner recently replaced windows and installed a newer roof on one of the three buildings. With little to no deferred maintenance and excellent floor plans, the property offers a new owner the ability to complete renovations to the kitchens and baths and kitchens and increase the rent by 20% or more. 

Jefferson Park Apartments presents an opportunity to acquire a highly occupied, well-maintained, value-add, garden-style property around the I-95 Corridor and within minutes of Downtown Wilmington.  

Investment Highlights

Strong Occupancy: 100% Occupied; Historically 95% Occupancy or Better

Exceptional Unit Mix: 26% Two-Bedroom & 74% One-Bedroom Units
Rental Upside: Increase Rents by 10% to 20% with Little to No Work Needed

Excellent Location: Access to I-95 and I-495, Route 13, and Downtown Wilmington

Team

Robert DiPasquale

Robert DiPasquale

Director
GREA
215-454-2908
267-222-2153
Corey Lonberger

Corey Lonberger

Founding Partner
GREA
215-454-2878
267-760-3726
Ken Wellar

Ken Wellar

Founding Partner
GREA
215-454-2879
610-745-4800

Domenick Peronti

DE RB0020193
302-994-3907

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