305 W 2nd St, Wilmington, DE for sale

Investment Overview

Wilmington River Views, once constructed, is envisioned to be a high-end boutique apartment development consisting of 35 Units. Wilmington, Delaware has demonstrated strong revitalization over the past 10 years with continuing growth predicted over the coming decade making Wilmington prime for real estate investment. Developer is receiving final approvals from the City of Wilmington. Buyer would have to submit final permit plans in order to start construction.

Investment Highlights

• Population has most continued growth in Downtown and the Riverfront areas due to City incentives (grants, tax abatements).
• Housing availability is low with strong 92% +/- rental occupancy rates
• Rental housing shortage for higher-level of quality apartments
• Employment projection of 9% growth between 2020-2030 (aligns with population growth).
• Class-A office has remained stable with recent large office users coming to the downtown area (Incyte).