724 N. Union St, Wilmington, DE

Multi-Use for Sale - $350,000 - 2,540 Sq. Ft. on 1600 acres


Agent Info

Michael Karas
Karmik Realty

Property Info

CIMLS#1153563
Location
  724 N. Union St
  Wilmington DE 19805
UpdatedJanuary 10th, 2024
TypeMulti-Use
Price$350,000
Building2,540 Sq. Ft.
Land1600 acres

Attached Documents


Property Description

A Rare Opportunity to own a prominent high traffic corner of Wilmington's Little Italy Neighborhood. Union Market is a 2 story - 4 unit building on the corner of 8th and North Union. This corner has been redeveloped by the city of Wilmington with beautiful brick work. Furthermore, there is angled parking in front of the building which is unique within the city limit allowing for many cars to park in contrast to traditional parallel parking,. The building is across from Walter's Steakhouse, a cornerstone of Union Street and prominent high end steakhouse that has been there for decades. Across Union street is the Union Street Pub, a popular bar/restaurant and Lounge at 8th, a large scale multi-million dollar Restaurant renovation. The building is also 3 blocks St. Francis Hospital, 3,500 employees, and St. Anthony's of Padua Parrish, Wilmington's largest Catholic church, which hosts a week long Italian festival, one of Wilmington's greatest attractions, bringining in ten's of thousands of guests being the second largest festival of its kind in the US.

This is a great opportunity to have a great owner-operator business or cash-flow as a rental. Property has three hoods for operating a restaurant/bar/deli. Building is zoned for 4 units (3 apartments and the business). Currently, a rare opportunity in that it was purchased at sheriff tax sale, meaning truly free and clear of any liens or lease obligations. If purchased within the next 30 days by ways of assignment, own the property without even paying transfer tax!


Financials



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