The Saville - Downtown Wilmington

24 Views

Listing was updated on: 01/11/2023

521 N King Street, Wilmington, DE, United States

The Saville, a 42-unit, mid-rise apartment complex conveniently located in Downtown Wilmington, approximately 35 minutes from Center City Philadelphia and 70 minutes from Baltimore, Maryland. The Property is just a short drive to Route 4 (Maryland Avenue), Route 2 (Kirkwood Highway), and Interstate-95, providing tenants access to restaurants, shopping, and entertainment venues in Wilmington and the surrounding area.

Constructed in ±1917, the property was built with a brick exterior and a stone and mortar foundation. The roof has two sections with a rubber membrane covering its entirety, the eastern half of the roof is flat and the western half is pitched. The Property spans the entire block from King Street to Market Street and was originally featured as the Jas. T Mullins Clothing Store for Men and Boys. It was later converted in 1986 to residential apartments comprised of (1) studio, (30) one-bedroom units, and (11) two-bedroom units, providing an attractive unit mix to prospective buyers. Additionally, The Saville features 3,120 square feet of street-level commercial retail space situated off Market Street and East 6th Street providing the space with maximum visibility being situated on one of the main blocks in Downtown Wilmington.

Since its conversion, the current owner has renovated all 42 apartment units. The renovations began in early 2021, providing modern finishes to its spacious floor plans. Additionally, the current owner replaced approximately 75% of all unit HVACs (Carrier Units) and hot water heaters (Bradford White), and installed in-unit washers and dryers in every apartment unit. Other capital improvements include an upgraded electrical system providing tenants with 150 AMP service to each apartment unit. The current owner also installed a brand new centrally-monitored fire alarm system and updated security system throughout the entire property. Lastly, ownership implemented a third-party utility monitoring system to alleviate all utilities from ownership, as tenants now pay for electricity, heat, hot water, and cold water.

Given the Property was purchased fully vacant, current ownership was able to conduct extensive property-wide renovations shortly after the acquisition. Upon completion, finished units were leased approximately 10% to 15% below market while renovations continued throughout the property. A new owner could benefit from instant rental increases upon unit turnover to bring rents up to competitive market comparables. The Property also features 848 square feet of office space that is currently utilized as the on-site leasing office. This could easily be leased as additional commercial space with excellent street and window signage.