Turnkey Multifamily Investment
For Sale
$1,200,000
26 S STATE Street, Dover, DE 19901
MULTI_FAMILY - Victorian - DOVER, DE
Property Size7,030 SF
Lot Size0.17 Acres
Price / SF$170.70
Days on Market141
Property Features for 26 S STATE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street, Parking Lot
Elementary school district
CAPITAL
Middle school district
CAPITAL
High school district
CAPITAL
Standard status
Active
Size
7,030 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
4757
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Number of units
1
Building materials
Frame
Architectural style
Victorian
Listing Agency:
RE/MAX Horizons · RE/MAX International
(302) 678-4300
Listed By:
Steven B. Schmidt · License #RB-0031118
(302) 678-4326
Added: Mar 13
Changed: Jul 13
Last Checked: Jul 31 at 1:06AM
MLS# DEKT2044590
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.
Investment Insights
Based on property information with market context.
This is a turnkey nine-unit multifamily investment property located in Dover. The property is situated in an area characterized by historic charm and ongoing revitalization. As of April 1, 2026, the stabilized asset generates approximately $11,700 per month in rental income, with additional revenue from on-site central washer and dryer facilities. Tenants are responsible for their individual gas heat and electric expenses. The owner covers the costs of water, sewer, trash, and central hot water. The property has undergone numerous recent improvements, including updated windows, interior upgrades, select new kitchens, and recently installed flooring in most units. Hallways have been refreshed with new flooring and paint. Capital improvements include a new fire escape and some newer heating systems. The property, with a size of 7030 square feet and a lot size of 0.172 acres, presents a strong in-place income stream with potential for additional ancillary revenue. Further upside exists through future unit improvements and sustained long-term rental demand in the Dover market. This property is suitable for investors seeking a stabilized asset with proven cash flow.
Key Highlights
- 9‑unit multifamily property in Dover with approx. $11,700/month rental income (as stated for 4‑1‑26).
- Central washer and dryer facilities on‑site add additional income; tenants pay their own gas heat and electric.
- Owner pays water, sewer, trash, and central hot water.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.1k | $19.08 |
| − Vacancy | −$6.3k | −$0.90 |
| EGI | $127.8k | $18.18 |
| − OpEx | −$57.5k | −$8.18 |
| NOI | $70.3k | $10.00 |
7,030 SF · lease $19.08/SF/yr · vacancy 4.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.8K – $1.17M
NOI $70,305 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $123,913 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
Explore this area
Business Placement
Demographics for 19901, DE
36,839
Population
15,443
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
89%
High-School Grad
75.8 sq mi
ZIP Area
486
Density / Sq Mi
$63,891
Median Household Income
$33,069
Median Earnings
$1,353
Median Rent
$258,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit multifamily property in Dover with strong in-place income.
Where is this apartment building located?
The property is located at 26 S STATE Street Dover, DE.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9‑unit multifamily property in Dover with approx. $11,700/month rental income (as stated for 4‑1‑26).; Central washer and dryer facilities on‑site add additional income; tenants pay their own gas heat and electric.; Owner pays water, sewer, trash, and central hot water.
