NOT LISTED FOR SALE

507 W 5th St Wilmington, DE 19801

Downtown Wilmington Neighborhood

Estimated Value: $23,178

-- Bed
-- Bath
-- Sq Ft
3,920 Sq Ft Lot

Last Sold June 26, 2014

Last sale price $12,450

Est. 86% increase in value since last sale

Current estimated payment $151/month

15 Days on Market

Highlights

  • 0.09 Acre Lot
  • No HOA
  • 2-minute walk to Helen Chambers Playground
  • Wood Flooring
  • En-Suite Primary Bedroom

About This Home

As of June 2014

Excellent opportunity to acquire this 7, possibly 8 unit apartment building located in Historic Quaker Hill. Property is a shell and will need a complete renovation to turn this into the cash-generating machine that it could be. Property is located in an historic district and has been vacant for several years, so potentially interested purchasers should conduct extensive due diligence with regards to zoning approvals/variances needed as well as any specific historical repairs required and materials that need to be used. Seller has invested close to $30,000 in architectural and engineering plans and they may be made available to significantly interested parties. Property was slightly damaged by fire when the former building to the right, now a vacant parcel, was fire damaged and demolished a while ago. This property needs an ambitious purchaser whom is willing to invest the rest of the time and resources to get this up and running as the numbers on average at $600 a month for 7 units works out to be about $50,000 gross income a year once fully operational. Property is priced to sell and owner is motivated to move on so roll up your sleeves, come get our plans, execute and reap the rewards!

Last Agent to Sell the Property

Joseph Hurley

Pantano Real Estate Inc License #RS-0018346 Listed on: 05/26/2014

Last Buyer's Agent

Joseph Hurley

Pantano Real Estate Inc License #RS-0018346 Listed on: 05/26/2014

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1920

Lot Details

  • 3,920 Sq Ft Lot
  • Lot Dimensions are 44x84

Parking

  • On-Street Parking

Home Design

  • Fixer Upper
  • Flat Roof Shape
  • Brick Exterior Construction
  • Stone Foundation
  • Pitched Roof
  • Shingle Roof

Flooring

  • Wood
  • Vinyl

Additional Features

  • En-Suite Primary Bedroom
  • Washer and Dryer Hookup
  • Basement Fills Entire Space Under The House

Listing and Financial Details

  • Tax Lot 037
  • Assessor Parcel Number 26-035.30-037

Community Details

Overview

  • No Home Owners Association
  • Wilm #21 Subdivision

Building Details

  • Operating Expense $1,412

Property Details

Home Type

Multi-Family

Year Built

Built in 1920

Lot Details

0

Listing Details

  • Property Type: Multi-Family
  • Structure Type: Detached
  • Ownership: Fee Simple
  • Inclusions: As Shown.
  • New Construction: No
  • Storage: Basement
  • Year Built: 1920
  • Remarks Public: Excellent opportunity to acquire this 7, possibly 8 unit apartment building located in Historic Quaker Hill. Property is a shell and will need a complete renovation to turn this into the cash-generating machine that it could be. Property is located in an historic district and has been vacant for several years, so potentially interested purchasers should conduct extensive due diligence with regards to zoning approvals/variances needed as well as any specific historical repairs required and materials that need to be used. Seller has invested close to $30,000 in architectural and engineering plans and they may be made available to significantly interested parties. Property was slightly damaged by fire when the former building to the right, now a vacant parcel, was fire damaged and demolished a while ago. This property needs an ambitious purchaser whom is willing to invest the rest of the time and resources to get this up and running as the numbers on average at $600 a month for 7 units works out to be about $50,000 gross income a year once fully operational. Property is priced to sell and owner is motivated to move on so roll up your sleeves, come get our plans, execute and reap the rewards!
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring Type: Wood, Vinyl
  • Fireplace: No
  • Entry Location: Foyer
  • Foundation Details: Stone
  • Room List: Primary Bedroom
  • Basement: Yes
  • Basement Type: Full
  • Laundry Type: Hookup
  • Street Number Modifier: 507

Exterior Features

  • Construction Materials: Brick
  • Construction Completed: No
  • Exterior Features: Sidewalks, Street Lights
  • Roof: Flat, Pitched, Shingle
  • Water Access: No
  • Waterfront: No
  • Water Oriented: No
  • Pool: No Pool
  • Tidal Water: No
  • Water View: No

Garage/Parking

  • Garage: No
  • Parking Features: Street
  • Type Of Parking: On Street

Utilities

  • Central Air Conditioning: No
  • Sewer/Septic System: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Condo Co-Op Association: No
  • HOA: No

Schools

  • School District: CHRISTINA
  • School District Key: 300200396890

Lot Info

  • Improvement Assessed Value: 39500.00
  • Land Assessed Value: 19600.00
  • Lot Size Acres: 0.09
  • Lot Dimensions: 44X84
  • Lot Size Units: Square Feet
  • Lot Sq Ft: 3920.00
  • Property Condition: Major Rehab Needed
  • Zoning: 26R5B

Rental Info

  • Vacation Rental: No

Multi Family

  • Other Units: Unit 1,Unit 2,Unit 4,Unit 5,Unit 8,Unit 3,Unit 6,Unit 7

Tax Info

  • Assessor Parcel Number: 2411598
  • Tax Annual Amount: 1412.00
  • Assessor Parcel Number: 26-035.30-037
  • Tax Lot: 037
  • Tax Year: 2013
  • Close Date: 06/26/2014

MLS Schools

  • School District Name: CHRISTINA

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
May 26, 2014
Closed on
Jun 26, 2014
Sold by
Egg Harbor Llc
Bought by
Gold Phoenix Corp
Seller's Agent
Joseph Hurley
Pantano Real Estate Inc
Buyer's Agent
Joseph Hurley
Pantano Real Estate Inc
List Price
$24,900
Sold Price
$12,450
Premium/Discount to List
-$12,450
-50%
Current Estimated Value
$23,178

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$10,728

Purchase Details

Closed on
May 29, 2013
Sold by
Mcleen Properties Llc
Bought by
Egg Harbor Llc

Purchase Details

Closed on
Jun 24, 2011
Sold by
Wilmington Savings Fund Society Fsb
Bought by
Mcleen Properties Llc

Purchase Details

Closed on
Sep 29, 2010
Sold by
Sarin Tony
Bought by
Wilmington Savings Fund Society Fsb

Purchase Details

Closed on
Mar 21, 2007
Sold by
Miller William
Bought by
Sarin Tony

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$168,000
Interest Rate
6.33%
Mortgage Type
Commercial

Purchase Details

Closed on
Sep 5, 2002
Sold by
Blackshear Charles B and Campanelli Lawrence E
Bought by
Miller William
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Gold Phoenix Corp $12,450 None Available
Egg Harbor Llc -- None Available
Mcleen Properties Llc $49,500 None Available
Wilmington Savings Fund Society Fsb $75,000 None Available
Sarin Tony $224,000 None Available
Miller William $971,875 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Sarin Tony $168,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/26/2014 06/26/14 Sold $12,450 -50.0% --
06/10/2014 06/10/14 Pending -- -- --
05/26/2014 05/26/14 For Sale $24,900 -- --
Source: Bright MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $723 $19,600 $19,600 $0
2023 $707 $19,600 $19,600 $0
2022 $697 $19,600 $19,600 $0
2021 $2,826 $19,600 $19,600 $0
2020 $1,882 $59,100 $19,600 $39,500
2019 $1,179 $59,100 $19,600 $39,500
2018 $1,699 $59,100 $19,600 $39,500
2017 $1,648 $59,100 $19,600 $39,500
2016 $1,644 $59,100 $19,600 $39,500
2015 $1,096 $59,100 $19,600 $39,500
2014 $2,566 $59,100 $19,600 $39,500
Source: Public Records

Agents Affiliated with this Home

  • Joseph Hurley

    Seller's Agent in 2014

    Joseph Hurley

    Pantano Real Estate Inc

    (302) 740-5524

    45 in this area

    284 Total Sales

    Joseph Hurley
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Map

Source: Bright MLS

MLS Number: 1002942672

Bright MLS

APN: 26-035.30-037

Delaware New Castle County Wilmington 19801 Downtown Wilmington

507 W 5th St, Wilmington, DE

This home is located at 507 W 5th St, Wilmington, DE 19801 since 26 May 2014 and is currently priced at $23,178. This property was built in 1920. 507 W 5th St is a home located in New Castle County with nearby schools including The Bancroft School, The Bayard School, and Newark High School.

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