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1300-1302 N French St 9 Unit Apartment Building $1,688,400 CAD ($187,600 CAD/Unit) 8.09% Cap Rate Wilmington, DE 19801
Executive Summary
• 8 units today, 9 tomorrow – well-located 8-unit multifamily with a potential 9th unit (subject to zoning).
• Widener Law School arriving three blocks away – Delaware Law School relocates to 1020 N French St for the 2027–28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty,
and staff downtown
• 8.09% stabilized cap rate at the $1,200,000 asking price
• Three clear value-add levers – lease-up of the 9th unit, RUBS implementation (80% recapture), and a
tax appeal on the $1,478,500 assessment vs. the $1,200,000 purchase price
• Diverse, in-demand unit mix – (2) three-bedroom, (3) two-bedroom, (3) one-bedroom, and (1) efficiency
units serving Wilmington’s deepest renter pools
• Prime downtown location near the hospital, courts, and CBD employment hubs, supported by strong
Wilmington rental demand
• Excellent connectivity via I-95, the Wilmington train station, and public transportation
• Widener Law School arriving three blocks away – Delaware Law School relocates to 1020 N French St for the 2027–28 academic year as part of the $250M Bridge Project, bringing 2,000+ students, faculty,
and staff downtown
• 8.09% stabilized cap rate at the $1,200,000 asking price
• Three clear value-add levers – lease-up of the 9th unit, RUBS implementation (80% recapture), and a
tax appeal on the $1,478,500 assessment vs. the $1,200,000 purchase price
• Diverse, in-demand unit mix – (2) three-bedroom, (3) two-bedroom, (3) one-bedroom, and (1) efficiency
units serving Wilmington’s deepest renter pools
• Prime downtown location near the hospital, courts, and CBD employment hubs, supported by strong
Wilmington rental demand
• Excellent connectivity via I-95, the Wilmington train station, and public transportation
Property Facts
| Price | $1,688,400 CAD | Property Subtype | Apartment |
| Price Per Unit | $187,600 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.09% | Lot Size | 0.12 AC |
| Gross Rent Multiplier | 7.38 | Building Size | 6,513 SF |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1943 |
| Zoning | 26C-3 - 26C-3 | ||
| Price | $1,688,400 CAD |
| Price Per Unit | $187,600 CAD |
| Sale Type | Investment |
| Cap Rate | 8.09% |
| Gross Rent Multiplier | 7.38 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 6,513 SF |
| No. Stories | 3 |
| Year Built | 1943 |
| Zoning | 26C-3 - 26C-3 |
Amenities
Unit Amenities
- Dishwasher
- Microwave
- Ceiling Fans
- Tile Floors
- Crown Molding
- Eat-in Kitchen
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 3 | - | - |
| 2+1 | 3 | - | - |
| 3+2 | 2 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,397,009 CAD | |
| Land Assessment | $652,621 CAD | Total Assessment | $2,049,630 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$652,621 CAD
Improvements Assessment
$1,397,009 CAD
Total Assessment
$2,049,630 CAD
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1300-1302 N French St
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