Residential Income Property with
For Sale
$365,000
614 LOVEVILLE RD #E01G, Hockessin, DE 19707
HOCKESSIN, DE
Property Size2,000 SF
Price / SF$182.50
Days on Market10
Property Features for 614 LOVEVILLE RD #E01G
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1
Subdivision
COFFEE RUN
Elementary school district
RED CLAY CONSOLIDATED
Middle school district
RED CLAY CONSOLIDATED
High school district
RED CLAY CONSOLIDATED
Standard status
Active
Amenities
swimming pool
clubhouse
assigned private basement storage
personal storage closet
Building Details
Year built
1973
Listing Agency:
Greenville
(302) 351-5000
Listed By:
Michael J McCullough
(302) 893-7601
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 24 at 2:06PM
MLS# DENC2111220
Copyright © 2026 Long & Foster Real Estate. 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 first-floor residential income property is a two-bedroom, two-bath condominium offering more than 2,000 square feet of low-maintenance living space. The interior includes a foyer, open living and dining areas, a white kitchen with granite countertops and a built-in Sub-Zero refrigerator, and a bonus room suited to office, den, craft, or flex use. The primary suite has two walk-in closets and a private tiled shower, while the second bedroom also includes a walk-in closet. A 21' x 10' balcony extends from the main living area.
Community features include a swimming pool, clubhouse, assigned basement storage, and an additional storage closet outside the unit. Monthly condominium expenses include water, trash, heat, cable, high-speed Wi-Fi, security, and other services. The property is near restaurants, shopping, parks, fitness centers, major transportation routes, and everyday conveniences in Hockessin, Delaware. Built in 1973, the condominium is located at 614 Loveville Rd, Unit E01G.
Community features include a swimming pool, clubhouse, assigned basement storage, and an additional storage closet outside the unit. Monthly condominium expenses include water, trash, heat, cable, high-speed Wi-Fi, security, and other services. The property is near restaurants, shopping, parks, fitness centers, major transportation routes, and everyday conveniences in Hockessin, Delaware. Built in 1973, the condominium is located at 614 Loveville Rd, Unit E01G.
Key Highlights
- Two‑bedroom, two‑full‑bath first‑floor condominium
- More than 2,000 square feet of living space
- 21' x 10' balcony with views
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
$18,944
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
5.19%
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%
$378,880
$378.9K
Cap Rate 7%
$270,629
$270.6K
Cap Rate 9%
$210,489
$210.5K
Market Conditions
NOI Build-Up for 2,000 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
$36.7K $18.36/SF
− Vacancy
−$2.3K −$1.14/SF
EGI
$34.4K $17.22/SF
− OpEx
−$15.5K −$7.75/SF
NOI
$18.9K $9.47/SF
Area
New Castle County, DE
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$378,880
Cap Rate 7%
$270,629
Cap Rate 9%
$210,489
Alternative Uses
Best Use
Apartment 5plus
$270.6K
$236.8K – $315.7K
NOI $18,944 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$478.4K
$418.6K – $558.1K
NOI $33,487 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Explore this area
Business Placement
Demographics for 19707, DE
17,274
Population
6,610
Households
2.6
Avg Household Size
48
Median Age
65%
College-Educated
98%
High-School Grad
13.2 sq mi
ZIP Area
1,309
Density / Sq Mi
$172,161
Median Household Income
$90,171
Median Earnings
$2,230
Median Rent
$534,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor condo with flexible living space, private storage, and access to community amenities.
Where is this residential income property located?
The property is located at 614 LOVEVILLE RD #E01G Hockessin, DE.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑bedroom, two‑full‑bath first‑floor condominium; More than 2,000 square feet of living space; 21' x 10' balcony with views
