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Listed by Al Leskovar • Myers Realty
$ 1,200,000
Est. payment /mo
New
1 S WASHINGTON ST Milford, DE 19963
8,712 Sqft Lot
UPDATED:
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
Prime Investment Opportunity: 1 S. Washington St., Milford
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.
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
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