Crest Manor Apartments

New Castle, De 19720

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Property Profile: Crest Manor Apartments 10/3/00

Patterson Woods Commercial Properties

Location

108 East Monroe Ave., Wilmington Manor, New Castle, DE 19720, on U.S. Route 13 (North Dupont Highway), adjacent to Wilmington College and Wilmington Manor Elementary School. The neighborhood is commercial along the N. Dupont Highway frontage; other neighbors include Manor Ace Hardware, McDonald’s Restaurant and the American Legion Post No. 30. The neighborhood is otherwise residential, mostly single family homes in the price range of $80,000 to $180,000.

Description TP # 10-019.10-160

The lot is irregular, gently sloping to the front with some trees. Improvements consist of two 2-story brick and frame buildings, erected in approx. 1970, (½ flight down to the first level, ½ flight up to the second level, and 1 ½ flights up to the third level), an asphalt paved parking area, and some perimeter fences. The buildings each contain 11 two bedroom and 1 one bedroom apartments, for a total of 24 units. The buildings do not have a sprinkler system, however, the do have a hard-wired smoke detector system. There is also a small manager’s office with its own powder room.

Each unit has an one or more electric heat pumps, a stove and a range hood. The Owner provides water service, hot water and lighting for the common areas, both inside and outside. The hot water heaters (one per building) are gas fired. Tenants furnish their own refrigerators and pay directly for their electric usage, which includes heat and air conditioning.

There is a coin operated laundry room in each building currently operated by Caleco, who provide two washers and two dryers for each building/ The Owner has stated that the property is in compliance with applicable codes and regulations.

Leases

Rents are in the range of $495 - 500/month for the two bedroom apartments and are at $450.month for the one bedroom apartments. There are no Section 8 leases.

Under the laundry equipment contract, Caelco provides and maintains the laundry equipment and shares the receipts with the Owner. The Owner typically receives approx. $200 every third month.

Utilities

Electric and gas service is supplied by Connectiv; water by United Water Co., and sewer service by New Castle County.

The Owner provides twice weekly trash pick-up service through BFI Services.

Access

Access from East Monroe Ave. is right in and right out to the northbound lanes of North Dupont Highway. There are nearby crossovers and signalized intersections.

Property Profile: Crest Manor Apartments 10/3/00

Patterson Woods Commercial Properties

Maintenance

In 199_, the roofs were reshingled, the facias, gutters and downspouts were replaced.

Owner also contracts for weekly sweeping of the parking lot and hauling of any oversized trash, e.g., furniture and appliances. The Owner contracts for landscaping and snow removal services on an as-needed basis.

Environmental

The Owner has stated that there are no known environmental hazards.

WRPA

Although the property appears to be situated in a Recharge Area, it is served by public water supply and public sewer; and its development predates the overlay zoning law.

Conditions Of Sale

The property is offered as-is at $840,000. No seller financing. Possession at settlement.

Security deposits to be transferred and advance rents to be pro-rated.

Agency

This document does not constitute an offer of subagency, however, brokers are encouraged to speak with us about agency, referrals, and commission sharing.

This broker, any cooperating broker, and any salesperson working with either, are representing the Owner’s interest and have fiduciary responsibilities to the Owner, but are obligated to treat all parties honestly. The broker, any cooperating broker, and any salesperson working with either, without breaching the fiduciary responsibilities to the Owner, may among other services, provide a potential buyer with information about the attributes of properties and available financing, show properties, and assist in preparing an offer to buy. The broker, any cooperating brokers, and any salesperson working with either, also have the duty to respond accurately and honestly to a potential buyer’s questions and disclose material facts about properties, submit promptly all offers to purchase.

Disclaimer

Information concerning this offering is from source deemed reliable, but no warranty is made as to the accuracy thereof; and it is submitted subject to errors, omissions, change of price, or other conditions, prior to lease or sale, or withdrawal without notice.

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