Student Housing, Apartment or Hotel Conversion

Highlights:

• Conversion Potential: Market or Affordable Housing or Hotel
• 37,706 +/- renovated student dormitory
• 5,000 +/- of retail located on Market Street, the premier downtown retail district
• C-3 Central Retail zoning (City of Wilmington)
• Over $1.4 million invested in 2022 in a new HVAC system

Description:

The 707 building features approximately 42,706 +/- square feet of recently renovated residential and retails spaces in the Central Business District, situated amidst a vibrant mix of new and updated multifamily housing, restaurants, retail shops, and office spaces. Originally designed as a dormitory, it's ideally suited for ongoing student housing, apartment or hotel conversion.

The subject property has 49 suites and the retail or office space is 5,000 +/- square feet and is located on the ground floor of the property fronting N. Market Street.

The building has a mix of hardwood floors, carpeted & concrete floors, exposed ceilings, some painted drywall partitions and moveable racks/shelves for retail display. The eastern side of the first floor fronting N. King Street and the remainder of the buildings is the residential space. The first floor has an atrium utilized for a dining area plus a small office, cafeteria, commercial kitchen, and laundry room. The second, third, and fourth floors are all dormitory rooms. Each unit has a kitchenette with a sink and a modern tile bathroom with a vanity sink and shower stall. Each unit has a brand new electric mini split system. The basement is an unfinished storage space for use by tenants.

These two parcels are located in the central business district in the City of Wilmington along the popular Market & King Streets.

Student Housing Section (37,706+/- SF)
The Dormitory has 48 suites for a total occupancy of 93 beds and is fully occupied by DCAD students, RA's and a housing administrator. The first floor has an atrium utilized for a dining area and off the side is a small office, cafeteria, commercial kitchen, and laundry room. The second, third, and fourth floor are all dormitory rooms. Each room has a kitchenette with a sink (students bring appliances) and a modern tile bathroom with a vanity sink and shower stall. The rooms and hallways have carpeted floors and painted drywall and ceilings. The college has recently invested 1.4 million into a brand new HVAC system, where each room has a brand new electric mini split.

Retail Space
The retail space is 5,000 square feet located on the ground floor of the property fronting N. Market Street and is 100% leased to a third-party tenant. However, the current tenant is on a month to month basis, and DCAD will be marketing the space at $15 PSF/YR which should boost the income to ~$75,000 per year.

240 Volt 3 Phase Service

Natural Gas Service

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