Map pinNorthwest Front Street 505, Milford, DE, 19963, US

Parson Thorne Apartments

Parson Thorne Apartments_Property for Sale

Attributes

Number of units
100 units
Occupancy
96%
Year built
1972
Building area net
9,661 m²

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Parson Thorne Apartments (the “Property” or “Parson Thorne”), a 100-unit, townhome-style, value-add apartment community located in Milford, Kent County, Delaware. The Property has been meticulously maintained by current ownership for more than 30 years with current rents averaging $950. Management has not been to court for an eviction in the last 10 years while maintaining 95%+ occupancy, further alluding to the potential upside. 

 

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Investment Highlights

Compelling Value-Add Opportunity

  • All units at Parson Thorne consist of classic finishes, allowing an investor the opportunity to implement a unit modernization program and capitalize on rental premiums upwards of $200.
  • Additionally, an investor can maximize rental revenue and differentiate the asset by adding a community pool, clubhouse, fitness center, and/or dog park.


Recently Completed Capital Expenditures

  • The parking lot was repaved and striped in 2024.
  • All windows and sliders were replaced in 2015.
  • All HVAC units were replaced in 2005.


Significant Discount to Homeownership

  • Rising housing demand in this submarket has led to increased homeownership costs, with the average monthly rent at Parson Thorne being 61% lower than the cost of owning a home.


Dynamic Location Proximate to Local Beaches

  • Parson Thorne is situated off N Front Street, adjacent to Route 113, connecting residents to Route 1, which provides access to Dover and Wilmington to the north and Delaware's beaches to the south.
  • The Property sits less than 15 miles from several of Delaware’s most coveted beaches and offers rental rates at a significant discount to beach front rental communities.




Parson Thorne Apartments 4_Property for Sale
Parson Thorne Apartments 4_Property for Sale
Parson Thorne Apartments (0 Properties)

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Last updated
29 May 2024