55 W Chestnut Hill Road

Description

Situated in the heart of Newark, Delaware, this 5-unit apartment building enjoys an exceptional location near major highways, the University of Delaware, bustling shopping centers, and a diverse array of restaurants. Its prime location provides residents with convenient access to various amenities, making it an attractive living option. All five units are currently occupied by tenants who express a desire to continue their stay. This established tenant base provides a stable income stream, offering a sense of security for potential investors. This existing occupancy can be seen as a testament to the appeal of the property. Each unit is thoughtfully designed with a living room, eating area, kitchen, one bedroom, and a full bathroom. This layout caters to the essential needs of residents, creating a comfortable living space. Two of the units boast updated kitchens, enhancing their attractiveness to potential tenants. The units are individually metered for electric, offering tenants the convenience of managing their utility usage independently. The landlord takes care of water, sewer, house-metered electric, hot water, and lawn care, relieving tenants of certain responsibilities and ensuring the property is well-maintained. Annual water & sewer is $2,775.00, Annual lawn care is $1,170.00. Each unit comes with a designated parking spot, providing residents with the convenience of on-site parking. The building also features a partial basement with an outside entrance, adding to the overall functionality of the property. With a current total rent of $3,565.00 per month, this investment opportunity presents a solid foundation for potential growth. The under-rented units offer upside potential, providing investors with an opportunity to increase rental income over time. The partial basement with an outside entrance adds flexibility to the property. It can be utilized for additional storage or potentially converted into shared amenities, further enhancing the appeal of the building. In conclusion, this 5-unit apartment building in Newark, Delaware, represents a compelling investment opportunity with a prime location, stable tenant base, and room for increased rental income. Its well-designed units, individual electric metering, and landlord responsibilities contribute to the overall attractiveness of the property. Don't miss the chance to explore the upside potential that this investment holds.