5 Ruth St, Wilmington, DE 19805
- Excellent Unit Mix: 29% Two-Bedroom Apartment Units
- Rental Upside: Opportunity to Increase In-Place Rents 10% to 15%
- Excellent Accessibility: Easy Access to Route 2 (Kirkwood Highway) and Interstate I-95
Property Description
Constructed in the 1940s, the property is situated on 4± acres comprising 140 units. The various buildings feature brick exteriors on wood joist framing with pitched shingle roofs. The property features a strong unit mix containing almost a third of the units being two bedrooms at 850 square feet. Hot and cold water are provided by ownership while tenants are responsible for electricity along with gas heat and cooking. This offering presents a true “value-add” opportunity with the potential to increase rents 10% to 15%. Parklynn Apartments benefits from its location just off Kirkwood Highway (Route 2). Less than one mile from the property near the intersection of Route 141 and Kirkwood Highway is Prices Corner anchored by Gabe’s and JC Penney. In addition, numerous retailers line Route 2 providing residents of the property easy access to Wawa, Dunkin Donuts, Walmart, Walgreens and Acme. Parklynn Apartments is an outstanding opportunity to acquire a highly occupied, “value-add” garden-style apartment community situated just off highly trafficked Route 2 (Kirkwood Highway) and minutes from the Veterans Hospital.