Riverview Apartments - Wilmington
(18) One-Bedroom Units
Overview
- Offering Price $1,825,000
- Total Units 18
- Pro Forma Cap Rate 7.3%
- Price per Unit $101,389
Riverview Apartments, situated at 103 East 30th Street, was built in 1988 and comprises (18) one-bedroom units. The 3-story building features a stucco exterior with wood joist framing and a pitched asphalt shingle roof. Tenants are responsible for electricity, heat, cold water, and hot water. There is an on-site office on the property and storage space for residents.
With little to no deferred maintenance and excellent floor plans, the property offers a new owner the ability to complete renovations to kitchens and baths and increase the rent by 20% or more.
Riverview Apartments presents an opportunity to acquire a highly occupied, value-add property situated around the Interstate 95 Corridor and within minutes of Downtown Wilmington.
Investment Highlights
Strong Occupancy: 100% Occupied; Historically 95% Occupancy or Better
Preferred Unit Floor Plan: All 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
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