8,712 Sqft Lot
8,712 Sqft Lot
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID DESU2111998
Year Built 1900
Annual Tax Amount $1,472
Tax Year 2025
Lot Size 8,712 Sqft
Acres 0.2
Lot Dimensions 68.00 x 130.00
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Seize the chance to own a high-performing asset in the absolute heart of the City of Milford. This well-maintained apartment building combines the stability of long-term cash flow with the exciting potential for immediate value-add, making it a standout addition to any portfolio.
Investment Highlights
• Unbeatable Location: Situated at the center of the city, this property offers tenants unparalleled walkability and convenience, ensuring historically low vacancy rates and high demand.
• Significant Capex Savings: The current owners have been proactive with upgrades, including recent window replacements in most units—a major capital expense already largely addressed for the next owner.
• Operational Efficiency: Managing costs is a breeze with separately metered itilities, shifting utility responsibility to the tenants and protecting your bottom line.
• Premium Amenities: Unlike many downtown properties, this building features a private parking lot and on-site laundry facilities, two of the most sought-after features for quality long-term tenants.
• Immediate Upside: Currently positioned just under market rates to attract a premium tenant base, there is a built-in opportunity for the new owner to increase rents and instantly boost the Cap Rate.
This is a "turn-key" operation with the heavy lifting already done. Between the recent physical improvements and the strategic pricing structure, 1 S. Washington St. is primed for a seamless transition and long-term appreciation.
Location
State DE
County Sussex
Area Cedar Creek Hundred (31004)
Zoning TN
Interior
Hot Water Electric
Heating Heat Pump(s)
Cooling Central A/C
Heat Source Electric
Exterior
Garage Spaces 6.0
Water Access N
Accessibility None
Total Parking Spaces 6
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Milford
Others
Tax ID 330-06.20-7.00
Ownership Fee Simple
Special Listing Condition Standard
Nearby Locations
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