118 New London Road offers a rarely available 5-unit student housing investment opportunity. Originally three separate detached 4-bedroom homes this property was rezoned and reimagined in 2021. The original three homes were renovated, and two additional 5-bedroom homes built in between to turn this into one property consisting of five row homes with high density garden apartment zoning. The property’s location is strategically located between UD’s main campus and the north campus. This location and the quality of construction have resulted in 100% occupancy since its inception with favorable annual rent increases. The current owners designed these units for today’s college students with trends towards individual bedrooms and multiple baths. Surrounded by other comparable student housing complexes adds to the demand for this area and type of unit. The University has shown strong student body demographics and continues to add many exciting capital projects and campus growth with the addition of the STAR campus and other buildings throughout its campus.
Newark is located in Delaware. Newark, Delaware has a population of 31,393. Newark is more family-centric than the surrounding county with 30.95% of the households containing married families with children. The county average for households married with children is 27.86%.
The median household income in Newark, Delaware is $61,646. The median household income for the surrounding county is $78,428 compared to the national median of $69,021. The median age of people living in Newark is 22.7 years.
The average high temperature in July is 86.9 degrees, with an average low temperature in January of 23.9 degrees. The average rainfall is approximately 45.1 inches per year, with 12.8 inches of snow per year.
