115 1/2 E Cleveland Ave

This is a very high producing property. It is a 100% occupied property, with current Four (4) person rental permit, and is zoned for four (4) unrelated tenants. When this lease expires (next year) it is already rented, in advance, for the entire 2020/2021 school year. All of our homes on this block have already re-rented, over (8) Eight months in advance, for next the following 20/21 school years. The upcoming rents are all $2940 or above, and include four co-signer / guarantors already in place. (This is higher than the 2018 rents posted, for which we calculated advertised returns, and is again higher than the current yr 19/20 rents currently in place) This property is so sought after, that it has traditionally produced very very well, with an excellent long term, rental history, and virtually zero vacancy. It is in an extremely desirable investment location, approximately paralleling Main St., very close behind the University of Delaware’s little Bob Carpenter Sports Center & walking distance to the University of Delaware campus. It is very convenient to down town Newark and surrounding metropolitan areas. This property enjoys free Uof D bus access to points around City of Newark proper, as well as access to the DART (Delaware Area Rapid Transit) bus routes with the main hub located in walking distance of the property and down town Newark. It provides easy access to I-95 and several other main arteries. This property is located in a populated area that sustains high demand, and is with in walking distance to shopping and amenities.

Major assets above and beyond comparables in the area include;
1) The LOCATION
2) The unusually spacious rear common area
3) Larger bedrooms
4) Upgraded windows Throughout
5) Updated kitchen cabinetry
6) Large Basement w/on sight washer and dryer hook ups
7) A private driveway, providing access to parking with additional parking that requires no stickers, special permits, or time limits

The home has upgraded electrical service and regular annual upgrades/maintenance, and high efficiency natural gas heat. Additionally - a recently resurfaced rear roof and front dormer, Recent paint throughout, Hardwood floors etc. This property is located in one of the most sought after locations for college rentals in the City of Newark.

The rents at this property have produced well, with high long term, positive over all escalations, and virtually zero vacancy. This home is on the North side of campus, in Newark, DE., and is approximately 1/2 way between Philadelphia and Baltimore, NYC and DC.