118 New London Rd, Newark, DE 19711

$2,995,000

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List Price: $2,995,000
Price Change: ▼ $305,000 1783957910
Days on Market: 73
Status: ACTIVE
MLS#: DENC2103146
Lot Size (Acres): 0.46
Year Built: 2021
County: New Castle
School District: Christina

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Property Description

118 New London Road offers a rarely available 5-unit student housing investment opportunity. Originally three separate detached 4-bedroom homes this property was rezoned and reimagined in 2021. The original three homes were renovated, and two additional 5-bedroom homes built in between to turn this into one property consisting of five row homes with high density garden apartment zoning. The property’s location is strategically located between UD’s main campus and the north campus. This location and the quality of construction have resulted in 100% occupancy since its inception with favorable annual rent increases. The current owners designed these units for today’s college students with trends towards individual bedrooms and multiple baths. Surrounded by other comparable student housing complexes adds to the demand for this area and type of unit. The University has shown strong student body demographics and continues to add many exciting capital projects and campus growth with the addition of the STAR campus and other buildings throughout its campus.

(302) 373-3366

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