Renovated Four-Unit
For Sale
$799,900
62 W CHURCH Street, Selbyville, DE 19975
Multi-Family, SELBYVILLE, DE
Property Size2,500 SF
Lot Size0.20 Acres
Price / SF$319.96
Days on Market238
Property Features for 62 W CHURCH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room
Parking
6
Parking features
Driveway
Interior features
Additional Stairway, 2nd Kitchen, Efficiency, Dining Area, Entry Level Bedroom, Floor Plan - Traditional, Kitchenette, Recessed Lighting
Appliances
Oven/Range - Electric, Washer/Dryer Hookups Only, WaterHeater
Elementary school district
INDIAN RIVER
Middle school district
INDIAN RIVER
High school district
INDIAN RIVER
Standard status
Active
Size
2,500 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
749
Utilities
Heating system
Electric (Heating), Baseboard, Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1998
Number of units
4
Building materials
Frame, Block
Architectural style
Other
Listing Agency:
Coldwell Banker Premier - Lewes · Coldwell Banker Real Estate
(302) 645-2881
Listed By:
Julie Gritton · License #RA-0031139
(302) 645-1111
Added: Jan 9
Changed: Aug 19
Last Checked: Sep 4 at 4:06AM
MLS# DESU2102302
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 four-unit residential income property contains 2,500 square feet on a 0.2-acre lot and was built in 1998. The building has undergone extensive improvements, including a new foundation, updated plumbing and electrical systems, a sprinkler system, and a full alarm system. The roof was replaced within the last five years. Unit interiors feature refreshed paint, flooring, appliances, and finishes, with layouts that include kitchens, dining areas, entry-level bedrooms, efficiencies, and kitchenettes. Electric baseboard heating, window-unit cooling, and washer/dryer hookups are in place.
The property is served by public water and sewer and includes dedicated driveway parking for each unit. A garage and shed are also included. Located at 62 W Church Street in Selbyville, Delaware, the property offers a four-unit configuration with recently updated building components and on-site ancillary improvements.
The property is served by public water and sewer and includes dedicated driveway parking for each unit. A garage and shed are also included. Located at 62 W Church Street in Selbyville, Delaware, the property offers a four-unit configuration with recently updated building components and on-site ancillary improvements.
Key Highlights
- Four‑unit property with 2,500 square feet on a 0.2‑acre lot
- New foundation plus updated plumbing and electrical systems
- Roof replacement completed within the last five years
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
$26,507
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
3.31%
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%
$530,140
$530.1K
Cap Rate 7%
$378,671
$378.7K
Cap Rate 9%
$294,522
$294.5K
Market Conditions
NOI Build-Up for 2,500 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
$40.5K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.9K $15.15/SF
− OpEx
−$11.4K −$4.54/SF
NOI
$26.5K $10.60/SF
Area
Sussex County, DE
Vacancy
6.50%
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%
$530,140
Cap Rate 7%
$378,671
Cap Rate 9%
$294,522
Alternative Uses
Best Use
Multifamily LT 5
$378.7K
$331.3K – $441.8K
NOI $26,507 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$350.8K
$307.0K – $409.3K
NOI $24,558 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$687.0K
$601.1K – $801.5K
NOI $48,090 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 19975, DE
10,476
Population
8,890
Households
1.2
Avg Household Size
60
Median Age
39%
College-Educated
94%
High-School Grad
25.5 sq mi
ZIP Area
411
Density / Sq Mi
$86,063
Median Household Income
$41,090
Median Earnings
$1,098
Median Rent
$430,000
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?
Quadplex - Renovated quadplex with upgraded building systems, individual parking, a garage, and a shed.
Where is this quadplex located?
The property is located at 62 W CHURCH Street Selbyville, DE.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four‑unit property with 2,500 square feet on a 0.2‑acre lot; New foundation plus updated plumbing and electrical systems; Roof replacement completed within the last five years
