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    1131 S Broom St Wilmington, DE 19805

    Sponsored
    For Sale
    Under Contract
    $580,000

    MULTI_FAMILY - Cape Cod - WILMINGTON, DE

    Property size:
    4,650 SF
    Lot size:
    0.21 Acres
    Days on Market:
    7
    Last Refresh:
    Feb 2 at 4:06 pm

    Property Features for 1131 S Broom St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Rooms
    Basement
    Parking
    10
    Parking features
    Driveway, Garage - Attached, On Street
    Fireplace
    1
    Size
    4,650 SF
    Lot size
    0.21 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1940
    Number of units
    4
    Building materials
    Brick
    Architectural style
    Cape Cod

    We can help!

    Listing Contact
    Daniel Shainsky

    Coldwell Banker Preferred (215) 654-9494

    Listing agent Daniel Shainsky (302) 249-3880 License #RS-0019684

    Listing date Jan 27, 2026

    MLS# DENC2095232 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Multi-Structure Property in Cleland Heights

    This multi-structure property, located on a single parcel in Wilmington's Cleland Heights, presents a versatile investment opportunity. The property includes two buildings: a two-story building with two updated upper-level apartments, and a Cape Cod style building divided into a two-bedroom unit on the main level and a three-bedroom unit on the 2nd floor. The two-story building features two-bedroom units with LVP flooring, modern grey cabinetry, bright white bathrooms, new 2023 HVAC systems, and in-unit laundry. A large lower-level space with an existing bath offers the potential to build out a fifth unit (3-bed), a professional office, or functional garage bays. The Cape Cod building includes a spacious two-bedroom unit on the main level and a three-bedroom unit on the 2nd floor. The upper unit features a private mudroom entrance, original solid hardwoods, and a kitchen with dark cabinetry, while the lower unit has a renovated kitchen and an updated bathroom with marble tile surrounds. Both Cape Cod units include their own laundry and fresh paint throughout. The Cape Cod building also includes a full basement with separate gas boilers and separately metered electric, offering storage or the potential for a sixth unit conversion. The property is situated on a 0.21-acre lot and the property size is 4650 square feet. The first structure has a large driveway offering plenty of off-street parking.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.57357788
    Latitude
    39.73550034

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    FAQs

    What type of property is this?
    Apartment building - Multi-structure property with move-in ready renovations and value-add potential.
    Where is this apartment building located?
    The property is located at 1131 S Broom St Wilmington, DE.
    What is the asking price?
    The asking price for this property is $580,000.
    What are key features of this property?
    This property features: - High-yield investment opportunity with two buildings on one parcel in Wilmington's Cleland Heights.; - Four move-in ready, renovated apartments with potential for significant value-add.; - Two updated apartments in the first building featuring new 2023 HVAC systems and in-unit laundry.
    (302) 249-3880
    Request Owner's contact information
    1131 S Broom St Wilmington, DE 19805
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    Wilmington, DE 19805
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1131 S Broom St Wilmington, DE 19805
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    We can help!
    Listing Contact
    Daniel Shainsky
    Real Estate License ID: RS-0019684
    (302) 249-3880
    Learn more
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