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    803 E STATE Street Delmar, DE 19940

    View on Map
    For Sale
    $349,900

    MULTI_FAMILY - Cape Cod - DELMAR, DE

    Property size:
    2,560 SF
    Lot size:
    0.23 Acres
    Added:
    Oct 24, 2025
    Days on Market:
    164
    Last Refresh:
    Apr 5 at 11:06 am

    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

    We can help!

    Listing Contact
    Kelley J Johnson

    Listing agent Kelley J Johnson

    Listing office Redfin Corporation 993 Old Eagle School Road unit: 417, Conshohocken, DE

    Listing date Oct 24, 2025

    MLS# DESU2099328

    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.

    Overview

    Income-Producing Triplex in Delmar, DE

    This well-maintained triplex presents an income-producing opportunity. The property is fully rented and has a strong rental history. It features three units: one with 2 bedrooms and 1 full bath, and two additional units each offering 1 bedroom and 1 bath. Tenants have access to off-street parking for up to 4 vehicles and a storage shed in the rear yard. Recent updates include new appliances and replaced systems such as the boiler, hot water heater, sump, and heat pumps. The property is located close to downtown and within a short distance of local schools. The lot size is 0.23 acres and the property size is 2560 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Delmar
    County
    Sussex
    State
    Delaware
    Longitude
    -75.5680064
    Latitude
    38.4559637

    Nearby Similar for Sale

    • $16
      12,000 SF

      Prime Retail/Office/Flex Space Available

      Highway frontage, customizable space, and build-to-suit options available.
      Sussex Highway, Delmar, DE 19940
      View Details
    • $495,000
      6,534 SF

      Delmar Flex Space Opportunity

      6,534 SF flex space in Delmar, DE for sale.
      501 N Bi State Blvd, Delmar, DE 19940
      View Details

    FAQs

    What type of property is this?
    Triplex - Well-maintained triplex with strong rental history near downtown Delmar.
    Where is this triplex located?
    The property is located at 803 E STATE Street Delmar, DE.
    What is the asking price?
    The asking price for this property is $349,900.
    What are key features of this property?
    This property features: 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.
    (302) 278-9632
    We can help!
    Listing Contact
    Kelley J Johnson
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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