Address
227 N Maryland Avenue, Wilmington, DE
Price
$ 590,000
Property Attributes
- MLS#DENC2042138
- TypePending
- CountyNEW CASTLE
- CityWilmington
- AreaWilmington
- Zip19804
- StyleApartment Building,Restaurant/Bar
- Year Built1925
- Taxes$ 1939
- Price$ 590,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage6970
- Lot Size6,970 SqFt
Data Source:
Bright MLS
Property Description
Welcome to 227 N. Maryland Ave, Wilmington Delaware - a prime commercial real estate opportunity! This unique property boasts a 6-unit apartment building with one retail unit, home to the thriving and popular Mexican restaurant, Burrito Bandido. Situated in a highly desirable location, this property presents an excellent investment opportunity for those seeking to capitalize on the growing demand for commercial real estate in New Castle County Delaware. The apartments are spacious and well-maintained, offering residents a comfortable and convenient living experience. The retail unit, home to Burrito Bandido, is a well-established restaurant that has been serving the community for 18 years. The restaurant has a loyal customer base and has garnered an excellent reputation for its delicious food, welcoming atmosphere, and attentive service. The roof was replaced on 6/16/2023. This property is an excellent opportunity for an investor seeking to generate stable income from multiple sources. The apartments provide consistent rental income, and the restaurant lease offers a stable and long-term tenant with a strong track record. New Roof Installed on 6/16/2023. The location is also highly desirable, with easy access to public transportation and nearby amenities, including shopping centers and parks. Don't miss this chance to invest in a prime commercial real estate property in New Castle County Delaware. Contact us today to schedule a showing and see for yourself what this exceptional property has to offer! 2023 numbers are in and the property CAP Rate has increased to 8.69%. NOTE: The heater / AC and ALL the restaurant equipment belong to the tenant. Property is sold as is, all liability is on the buyers for proper inspection and due diligence.
| Price History | |
|---|---|
| 5/3/2023 | Listed $600,000 |
| 9/10/2023 | 1% - $595,000 |
| 12/2/2023 | 1% - $590,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Baseboard - Electric |
| Cooling | Window Unit(s) |
| Possession | Immediate |
| Zoning | CN |
| Construction Materials | Stucco |
| Exclusions | Personal Items |
| Year Built | 1925 |
| Electric | Circuit Breakers |
| Property SubType | Mixed Use |
| Tax Year | 2022 |
| Current Use | Apartments,Restaurant |
| Cool Fuel | Electric |
| Business Type | Apartment Building,Restaurant/Bar |
| Accessibility | None |
| County | NEW CASTLE |
| New Construction | No |
| Property Type | Business Opportunity |
| Water Access Y/N | No |
| Status | PENDING |
| Directions | From DE-1 N to New Castle County. Take exit 5 from I-295 N. Follow DE-141 N to DE-4 E |
| ModificationTimestamp | 2024-03-15T18:09:15 |
| City | WILMINGTON |
| Buyer Agent Compensation | 2.5 |
| MLS Area | Wilmington (30906) |
| Lot Size Square Feet | 6970.00 |
| Tax Assessed Value | 58800.0 |
| Waterfront Y/N | No |
| Street Name | MARYLAND |
| Tax Annual Amount | 1939.0 |
| Price Per Sq Ft | 84.65 |
| Acceptable Financing | Cash,Conventional |
| Vacation Rental Y/N | No |
| Virtual Tour | https://www.asteroom.com/editor/PanoViewer.html?projectid=08db4e55-decd-4ec2-819f-de16fad24168&t=1689602640000 |
| Days on Market | 301 |
| Location Type | Corner Lot/Unit |
| Standard Status | Pending |
| Year Built Source | Estimated |
| Tax Lot | 495 |
| Cap Rate | 7.70 |
| Buyer Agent Compensation Type | % Of Gross |
Interior Features
| Heating Fuel | Electric |
|---|---|
| Hot Water | Electric |
| Heating Y/N | Yes |
| Street Suffix | AVENUE |
| Central Air Y/N | No |
Exterior Features
| Parking Features | Paved Parking |
|---|---|
| Lot Features | Corner |
| Water Source | Public |
| Inclusions | Appliances (AS IS) |
| Total Parking Spaces | 12 |
| Type of Parking | Parking Lot |
| Traffic Count | Greater than 30000 |
| Water View Y/N | No |
| Building Area Total | 6970.00 |
| Lot Dimensions | 50.00 x 140.00 |
| Lot Size Acres | 0.16 |
| Lot Size Units | Square Feet |
| Lot Size Source | Assessor |
| Land Assessed Value | 17400.00 |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
| LotDimensionsSource | Assessor |
| Car Parking Spaces | 12 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Pending Average in 19804
Price
Taxes
Visits
Year Built
Walkscore
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