One-Level Twin Home With Gas
For Sale
$375,000
40 PANAMA STREET, Smyrna, DE 19977
SINGLE_FAMILY - SMYRNA, DE
Property Size1,773 SF
Price / SF$211.51
Days on Market34
Property Features for 40 PANAMA STREET
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3
Subdivision
BERGMONT WOODS
High school
SMYRNA
Standard status
Active
Size
1,773 SF
Building Details
Year built
2021
Listing Agency:
BHHS Fox & Roach Hockessin-Pike Creek Home Marketing · Berkshire Hathaway HomeServices
(302) 999-9999
Listed By:
Scott Farnan · License #R3-0019815
(302) 528-8276
Added: Jul 7
Changed: Aug 2
Last Checked: Aug 9 at 11:06PM
MLS# DEKT2048594
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. 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.
40 Panama Street is a one-level twin home built in 2021 in the Bergmont Woods community of Smyrna. The open-concept layout includes a spacious living area with a cozy gas fireplace, plus a kitchen featuring granite countertops, a large center island, stainless steel appliances, recessed lighting, and a generous pantry. The owner’s suite is positioned at the rear of the home and offers a walk-in closet and an en-suite bath with a double vanity and walk-in shower. Two additional bedrooms add flexibility for guests, a home office, or hobbies.
Outside, enjoy a covered patio overlooking the backyard. The home also includes a two-car attached garage and smart home technology, with energy-efficient construction. Public water and sewer support convenient, low-maintenance living in a location close to shopping, dining, and Route 1.
Outside, enjoy a covered patio overlooking the backyard. The home also includes a two-car attached garage and smart home technology, with energy-efficient construction. Public water and sewer support convenient, low-maintenance living in a location close to shopping, dining, and Route 1.
Key Highlights
- Built in 2021, one‑level twin home in Bergmont Woods
- Open‑concept living area with gas fireplace
- 3 bedrooms and 2 full baths, with rear‑positioned owner’s suite
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
$19,209
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
5.12%
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%
$384,180
$384.2K
Cap Rate 7%
$274,414
$274.4K
Cap Rate 9%
$213,433
$213.4K
Market Conditions
NOI Build-Up for 1,773 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
$28.7K $16.20/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$27.4K $15.48/SF
− OpEx
−$8.2K −$4.64/SF
NOI
$19.2K $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%
$384,180
Cap Rate 7%
$274,414
Cap Rate 9%
$213,433
Alternative Uses
Best Use
Multifamily LT 5
$274.4K
$240.1K – $320.2K
NOI $19,209 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$253.3K
$221.6K – $295.5K
NOI $17,731 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$446.5K
$390.7K – $520.9K
NOI $31,252 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 19977, DE
27,505
Population
9,899
Households
2.8
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
83.1 sq mi
ZIP Area
331
Density / Sq Mi
$78,803
Median Household Income
$48,246
Median Earnings
$1,366
Median Rent
$311,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One-level twin home with 3 bedrooms, 2 full baths, a gas fireplace, and a covered patio.
Where is this duplex located?
The property is located at 40 PANAMA STREET Smyrna, DE.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Built in 2021, one‑level twin home in Bergmont Woods; Open‑concept living area with gas fireplace; 3 bedrooms and 2 full baths, with rear‑positioned owner’s suite
