Duplex with Separate
For Sale
$250,000
29 N NEW Street, Dover, DE 19904
Multi-Family, DOVER, DE
Property Size1,591 SF
Lot Size0.07 Acres
Price / SF$157.13
Days on Market77
Property Features for 29 N NEW Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
CAPITAL
Middle school district
CAPITAL
High school district
CAPITAL
Standard status
Active
Size
1,591 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
908
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Central Air
Building Details
Year built
1925
Number of units
1
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Keller Williams Realty Central-Delaware
(302) 677-0020
Listed By:
Casey L Gore · License #RS-0024991
(302) 331-3568
Added: Jul 1
Changed: Aug 19
Last Checked: Sep 15 at 8:06AM
MLS# DEKT2048172
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.
Located at 29 N NEW Street in Dover, Delaware, this duplex occupies a 0.073-acre lot and contains 1,591 square feet. The property is a converted single-family residence with two distinct apartments, providing separate residential areas within the building.
The lower apartment includes two bedrooms, one full bathroom, and an open kitchen and living area. It is currently tenant-occupied. The upper apartment has its own private entrance, one bedroom, one full bathroom, and a compact layout. Built in 1925, the Colonial-style frame property has electric baseboard heating, central air conditioning, and on-street parking.
The lower apartment includes two bedrooms, one full bathroom, and an open kitchen and living area. It is currently tenant-occupied. The upper apartment has its own private entrance, one bedroom, one full bathroom, and a compact layout. Built in 1925, the Colonial-style frame property has electric baseboard heating, central air conditioning, and on-street parking.
Key Highlights
- Two‑unit duplex with 1,591 square feet
- First‑floor apartment is currently tenant‑occupied
- Lower unit has 2 bedrooms and 1 full bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,237
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$344,740
$344.7K
Cap Rate 7%
$246,243
$246.2K
Cap Rate 9%
$191,522
$191.5K
Market Conditions
NOI Build-Up for 1,591 SF
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.
Gross rent
$25.8K $16.20/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$24.6K $15.48/SF
− OpEx
−$7.4K −$4.64/SF
NOI
$17.2K $10.83/SF
Area
Kent County, DE
Vacancy
4.46%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$344,740
Cap Rate 7%
$246,243
Cap Rate 9%
$191,522
Alternative Uses
Best Use
Multifamily LT 5
$246.2K
$215.5K – $287.3K
NOI $17,237 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$227.3K
$198.9K – $265.2K
NOI $15,911 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$400.6K
$350.6K – $467.4K
NOI $28,044 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 19904, DE
36,880
Population
16,047
Households
2.3
Avg Household Size
38
Median Age
27%
College-Educated
91%
High-School Grad
43.2 sq mi
ZIP Area
854
Density / Sq Mi
$66,885
Median Household Income
$39,459
Median Earnings
$1,240
Median Rent
$281,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - The property includes a tenant-occupied first-floor apartment and a separately accessed upper unit.
Where is this duplex located?
The property is located at 29 N NEW Street Dover, DE.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,591 square feet; First‑floor apartment is currently tenant‑occupied; Lower unit has 2 bedrooms and 1 full bath
