1400 & 1408 DELAWARE AVE Wilmington, DE 19806
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Subdivision Trolley Square
MLS Listing ID DENC2093002
Year Built 1900
Annual Tax Amount $14,953
Tax Year 2025
Lot Size 10,890 Sqft
Acres 0.25
Lot Dimensions 148.50 x 91.50
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Monument Square Apartments presents a rare opportunity to acquire a stabilized 8-unit multifamily asset along with a buildable lot in the heart of Wilmington's highly desirable Trolley Square neighborhood. The offering consists of two adjoining, three-story brick buildings situated on separate parcels—each apartment uniquely designed, with individually metered utilities, providing operational efficiency and tenant autonomy. Current ownership has invested in comprehensive improvements over the past five years, including both cosmetic upgrades and essential system enhancements across all units. These capital improvements have elevated the asset's marketability while significantly reducing near-term maintenance exposure. The property is cash-flow positive with strong in-place income and additional upside potential through future rent growth in a supply-constrained, high-demand submarket. The adjacent buildable lot offers capacity for 4–6 new two-bedroom units, presenting a valuable expansion or development opportunity. For scale-focused investors, the asset may be acquired in conjunction with two neighboring buildings totaling an additional 21 units, enabling immediate portfolio growth in one of Wilmington's most sought-after rental corridors. Financials, rent roll, and development schematics available upon request
Location
State DE
County New Castle
Area Wilmington (30906)
Zoning 26R-2A
Interior
Hot Water Electric
Cooling Central A/C
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Foundation Stone
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Red Clay Consolidated
Others
Tax ID 26-020.20-183
Ownership Fee Simple
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Financing Cash,Conventional,Exchange
Special Listing Condition Standard
GET MORE INFORMATION
Zack Grimmer
Associate Broker | Team Leader | REALTOR | Mortgage Loan Officer | License ID: RS346782 | 1973175 | BK359849