The 16-unit apartment property located at 912-916 Lakme Avenue in Wilmington is a very well-maintained asset in a great rental market. Built in 1962, the subject property is a two-story walk-up of wood-frame/stucco construction with a flat, built-up roof. The property is composed of two separate eight-unit buildings on two individual parcels, separated by a driveway to the rear parking area. There are sixteen open parking spaces behind the property. There is also a laundry room for the tenant s use. Gas and electricity are separately metered. This property boasts an extremely desirable unit mix of all 2br/1ba units. This building is subject to rent control and current rents have a great deal of upside potential as units turn. There are 2br units in the complex with rents as low as $686 per month and the average rent stands at only $930/month. Recent new rentals have been at $1,150/unit.
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