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Listed by Al Leskovar • Myers Realty
$ 4,000,000
Est. payment /mo
New
35 W GLENWOOD AVE Smyrna, DE 19977
1.57 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID DEKT2047124
Year Built 1965
Annual Tax Amount $6,871
Tax Year 2025
Lot Size 1.570 Acres
Acres 1.57
Lot Dimensions 0.46 x 0.00
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
35 W Glenwood Ave, Smyrna, DE | 1.57-Acre Development Hybrid
Secure a high-yield, stabilized asset with a massive "shadow" value in its excess land. This is a rare opportunity to acquire a cash-flowing property where the heavy lifting is finished and the expansion path is already paved.
The "Turnkey" Advantage: Capital Preservation
In a market where construction costs and labor delays are unpredictable, this property offers immediate security.
• The Interiors: Designer-inspired renovations that appeal to today's high-credit tenants.
• The Systems: Brand-new, energy-efficient HVAC and plumbing systems designed to lower utility overhead and increase the building's longevity.
• The Exterior: Fresh curb appeal that commands attention and justifies premium rental rates.
Stop looking for a project and start looking at your returns. This property is priced to move for an investor who recognizes the value of a stabilized, low-maintenance asset in a growing market.
• Fully Renovated (Last 4 Years): High-end updates across all 16 units mean your capital reserves stay in the bank, not in the building.
• Operational Efficiency: Individually metered utilities (tenant-paid) and onsite laundry create a low-overhead, streamlined management model.
• Modern Interior Standards: Upgraded (12) 1BR and (4) 2BR units positioned just under the top of the local market rate to attract high-quality, long-term tenants.
The Development "Alpha": 8–16 Additional Units
The true "deal" lies in the 1.57-acre parcel. Unlike raw land, this site comes with the momentum of preliminary town discussions already in the books.
• Pre-Vetted Potential: Preliminary discussions with the Town of Smyrna support a concept for 8–16 additional units.
• Phased Growth Strategy: Use the reliable cash flow from the existing units to offset carrying costs while you build the next phase.
• Incentive Rich: Located within the Downtown Development District (DDD), this property is eligible for significant state and local incentives, including potential rebate grants and impact fee waivers that go straight to your bottom line.
Location: The Mid-Atlantic's Strategic Hub
Smyrna is no longer a "pass-through" town; it is a destination for the Delaware workforce.
• Connectivity: Seconds from the Route 1 corridor, offering a "commuter's dream" location for those working in Dover, Wilmington, or even Philadelphia.
• Market Momentum: Positioned in a high-growth pocket of Kent County with increasing investor interest and a tightening rental supply.
The Bottom Line: You are buying a modernized, stabilized apartment building at market value—while essentially receiving a pre-vetted, high-density development site for free.
Capitalize on Smyrna's revitalization before the expansion potential is priced in.
Investor Snapshot:
• Current Doors: 16 Units (Fully Renovated)
• Expansion Potential: 50%–100% Increase in Unit Count
• Incentive Zone: Downtown Development District
• Expense Ratio: Optimized via tenant-paid utilities
Secure a high-yield, stabilized asset with a massive "shadow" value in its excess land. This is a rare opportunity to acquire a cash-flowing property where the heavy lifting is finished and the expansion path is already paved.
The "Turnkey" Advantage: Capital Preservation
In a market where construction costs and labor delays are unpredictable, this property offers immediate security.
• The Interiors: Designer-inspired renovations that appeal to today's high-credit tenants.
• The Systems: Brand-new, energy-efficient HVAC and plumbing systems designed to lower utility overhead and increase the building's longevity.
• The Exterior: Fresh curb appeal that commands attention and justifies premium rental rates.
Stop looking for a project and start looking at your returns. This property is priced to move for an investor who recognizes the value of a stabilized, low-maintenance asset in a growing market.
• Fully Renovated (Last 4 Years): High-end updates across all 16 units mean your capital reserves stay in the bank, not in the building.
• Operational Efficiency: Individually metered utilities (tenant-paid) and onsite laundry create a low-overhead, streamlined management model.
• Modern Interior Standards: Upgraded (12) 1BR and (4) 2BR units positioned just under the top of the local market rate to attract high-quality, long-term tenants.
The Development "Alpha": 8–16 Additional Units
The true "deal" lies in the 1.57-acre parcel. Unlike raw land, this site comes with the momentum of preliminary town discussions already in the books.
• Pre-Vetted Potential: Preliminary discussions with the Town of Smyrna support a concept for 8–16 additional units.
• Phased Growth Strategy: Use the reliable cash flow from the existing units to offset carrying costs while you build the next phase.
• Incentive Rich: Located within the Downtown Development District (DDD), this property is eligible for significant state and local incentives, including potential rebate grants and impact fee waivers that go straight to your bottom line.
Location: The Mid-Atlantic's Strategic Hub
Smyrna is no longer a "pass-through" town; it is a destination for the Delaware workforce.
• Connectivity: Seconds from the Route 1 corridor, offering a "commuter's dream" location for those working in Dover, Wilmington, or even Philadelphia.
• Market Momentum: Positioned in a high-growth pocket of Kent County with increasing investor interest and a tightening rental supply.
The Bottom Line: You are buying a modernized, stabilized apartment building at market value—while essentially receiving a pre-vetted, high-density development site for free.
Capitalize on Smyrna's revitalization before the expansion potential is priced in.
Investor Snapshot:
• Current Doors: 16 Units (Fully Renovated)
• Expansion Potential: 50%–100% Increase in Unit Count
• Incentive Zone: Downtown Development District
• Expense Ratio: Optimized via tenant-paid utilities
Location
State DE
County Kent
Area Smyrna (30801)
Zoning R-3
Interior
Hot Water Electric
Heating Forced Air
Cooling Heat Pump(s)
Heat Source Electric
Exterior
Garage Spaces 20.0
Water Access N
Accessibility None
Total Parking Spaces 20
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Smyrna
Others
Tax ID DC-17-01013-01-5700-000
Ownership Fee Simple
Special Listing Condition Standard
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