1318 W 7TH ST, Wilmington, Delaware
1318 W 7TH ST, Wilmington, Delaware 19805 - Investor Alert! Large 3-unit apartment building for sale in Cool Springs. Conveniently located minutes to the highway, near bus routes, downtown Wilmington, and the Riverfront, this building presents a great opportunity for an owner-occupant to live in one unit and let the tenants pay the mortgage or would be a nice addition to a growing real estate portfolio. The large first floor apartment features 1 bedroom with a den/potential 2nd bedroom, 2 full baths, living room, formal dining room and kitchen and was previously rented for $925/mo. The 2nd floor apartment is currently rented for $825/mo. through the Section 8 program to a long term tenant who would like to stay. This apartment features 2 bedrooms, 1 bathroom, living room, kitchen and rear porch with private laundry room. The private 3rd floor apartment features 1 large bedroom, 1 bathroom, a spacious living room, kitchen and previously rented for $750. All apartments feature wonderful views of the Tilton Park, which is located directly across the street and there is a coin-operated washer and dryer in the basement for apartments 1 and 3, providing additional income. All units are separately metered for electric. Landlord pays heat and water. This property has fallen on hard times and will need a bit of TLC to make this diamond in the rough shine again. Property is being sold in as-is condition and cash or renovation financing would be the best financing options. This building will need some work, but has great rental potential.
Listing Courtesy of RE/MAX Associates-Wilmington