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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.
| DAYS ON MARKET | 4 | LAST UPDATED | 7/16/2026 |
|---|---|---|---|
| TRACT | NONE AVAILABLE | YEAR BUILT | 1920 |
| COMMUNITY | Wilmington (30906) | COUNTY | NEW CASTLE |
| STATUS | Active | PROPERTY TYPE(S) | Commercial |
| School District | CHRISTINA |
|---|
| PRICE HISTORY | |
| Prior to Jul 16, '26 | $1,250,000 |
|---|---|
| Jul 16, '26 - Today | $1,200,000 |
| ADDITIONAL DETAILS | |
| AIR | Central Air, Electric |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Electric Water Heater |
| AREA | Wilmington (30906) |
| CONSTRUCTION | Brick |
| HEAT | Electric, Heat Pump |
| LOT | 5227 sq ft |
| LOT DIMENSIONS | 16.00 x 300 |
| PARKING | On Street, Off Site, Parking Lot |
| SEWER | Public Sewer |
| SUBDIVISION | NONE AVAILABLE |
| TAXES | 27990 |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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