201 E 27th St
Wilmington, DE 19802

The Owner has recently retired and move out of the area and is the process of divesting assets to enjoy retirement even though this property has been stress-free due to its stability and an excellent property manager. This 42 single-car capacity garage units was built in 1948 and renovated in 2007 and again in 2017. The site area is 16,988 square feet. The residential housing base in the area consists primarily of higher density attached or row-style single family residences and most are tenants who use the space as a car garages or extra storage. The area is mature, well maintained and it is anticipated that property values will remain stable in the near future, barring any substantial shocks to the local and regional economy. The most significant supply and demand indicators for this Property are rental and occupancy rates experienced by directly competing garage facilities. The average occupancy rate for the 10 closest storage unit facilities to the Subject Property is 87.6%. With the exception of one property, where upgrades were recently completed, occupancy at the competing properties ranges from 89% to 100% and averages about 95%. Over the long run, the occupancy rate of the Subject Property is likely to reflect that of the competing properties. Based on these competitive properties, a stabilized vacancy rate of 5% would be appropriate for the subject. The zoning designation for the Property is R-3, One Family Row Houses. The Highest and Best Use for the property if it were vacant is for single-family residential development. The Highest and Best Use as it is now would be continued use as it is. Considering this fact, the Owner has preliminarily evaluated transforming the site into residential units. This concept was favorably received by the City of Wilmington.