704 Market StWilmington, DE 19801

This exceptional 49-unit multifamily property, located at 704 N Market St in Wilmington, Delaware, presents a compelling investment opportunity. The 42,706 square foot, three-story building, constructed in 1900, boasts a prime location in the Central Business District, surrounded by thriving restaurants, retail, and office spaces. Recently renovated, the property features 37,706 square feet of residential space, currently configured as student housing, and an additional 5,000 square feet of ground-floor retail space facing N. Market Street. The building's versatile design allows for continued use as student housing or conversion into apartments or a hotel. The residential units include modern tile bathrooms with shower stalls, kitchenettes with sinks, and new electric mini-split HVAC systems. Common areas include an atrium dining area, a small office, cafeteria, commercial kitchen, and laundry room. The unfinished basement provides ample storage. The property sits on a 0.29-acre lot and is zoned C-3 Central Retail, offering significant flexibility. Over $1.4 million was invested in 2022 in a new HVAC system. This property offers a rare blend of established income and significant upside potential, making it an ideal addition to any investment portfolio. The asking price is $4,500,000.