803 E STATE Street, Delmar, DE 19940
MULTI_FAMILY - Cape Cod - DELMAR, DE
- Added:
- Oct 24, 2025
- Days on Market:
- 247
- Last Refresh:
- Jun 27 at 5:06 pm
Property Features for 803 E STATE Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking
- 4
- Parking features
- Off Street
- Standard status
- Active
- Size
- 2,560 SF
- Lot size
- 0.23 Acres
Taxes and HOA fees
- Tax Annual Amount
- 844
Utilities
- Heating system
- Forced Air
- Cooling system
- Window Unit(s)
Building Details
- Year built
- 1940
- Number of units
- 3
- Building materials
- Shingle Siding
- Architectural style
- Cape Cod
Listing agent Kelley J Johnson (302) 278-9632
Listing office Redfin Corporation 993 Old Eagle School Road unit: 417, Conshohocken, DE (484) 962-0034
Listing date Oct 24, 2025
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.
HighLights
- Strong income‑producing triplex with a full rental history, offering immediate returns on investment.
- Recent updates include new appliances and replaced systems (boiler, hot water heater, sump, heat pumps) minimizing future maintenance costs.
- Ideally located close to downtown and local schools, increasing tenant appeal.
- Off‑street parking available for up to 4 vehicles, a valuable amenity for tenants.
- Property includes a 2‑bedroom unit and two 1‑bedroom units, providing a diverse rental portfolio.
- Mortgage savings may be available for buyers of this listing.
Overview
The property is located at 803 E STATE Street in Delmar, Delaware, in Sussex County. Public remarks indicate it is close to downtown and within a short distance of local schools.
For buyers seeking a turnkey residential income property, the configuration supports multiple tenant households within a single asset, and the documented updates may help reduce near-term maintenance needs. With all three units described as currently rented, this offering may be well-suited for an owner-operator or investor looking to purchase a packaged income stream with established on-site operations.
Local Financial Insights For Multifamily LT 5
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 | $41.5k | $16.20 |
| − Vacancy | −$2.7k | −$1.05 |
| EGI | $38.8k | $15.15 |
| − OpEx | −$11.6k | −$4.54 |
| NOI | $27.1k | $10.60 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Delmar
- County
- Sussex
- State
- Delaware
- Longitude
- -75.56801
- Latitude
- 38.45596
