MLS® ID: DENC482982
103 W 40TH STREET
WILMINGTON, Delaware, 19802 $192,000
FOR SALE: 103 W. 40TH STREET, WILMINGTON, DE 19802. This purpose built rental duplex is clean, loaded, well performing and truly TURNKEY. Fully occupied with great tenants and two 12 month leases in place. Building and apartments are in nice condition. Each apartment has two good size bedrooms, separate basements, two separate entrances per unit, nice hardwood floors, updated kitchens, spacious living rooms, dining rooms and separate interior access rear-loaded garages for extra income. New in-unit washers and dryers. All appliances are in good condition. New boiler installed for upstairs apartment (less than 3years ago). Both boilers converted to gas (less than 3 years ago). New central A/C in each unit (installed less than 3 years ago). Roof was recently inspected and coated in 2018. All utilities are separately metered and billed directly to tenants for more consistent ROI to landlord. Landlord pays only sewer and cold water use. Municipal trash collection included in city property taxes. PRESENT INCOME: Upper unit $875 / month (garage use not included. Garage rent can bring additional potential income). Lower unit $995 per month (garage use included). GROSS SCHEDULED INCOME = $22,440 EXPENSES TOTAL: $5277.74 . NOI: $17,163 . 8.9% CAP RATE. Step up now. THIS ONE WON'T LAST! Buyer must already be pre-approved for financing. Opportunity favors the prepared. Property qualifies for FHA and VA financing if buyer would like to occupy one unit.