Renovated Duplex
For Sale
$395,000
10 E Church St, Selbyville, DE 19975
Two residential units feature practical layouts, natural light, and updated building systems.
Property Size1,054 SF
Price / SF$374.76
Days on Market10
Property Features for 10 E Church St
General Information
Standard status
Active
Size
1,054 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1904
Year Renovated
1993
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(410) 289-2539
Listed By:
Alexander Piela · License #661071
Source:
Griffinhigginsteam
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 7:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This duplex contains two rental residences with distinct bedroom configurations: one offers 3 bedrooms and 1.5 baths, while the other includes 2 bedrooms and 1.5 baths. Both units are described as functional and naturally lit, with practical tenant space.
A substantial renovation completed in 1993 reached the interior studs and addressed the plumbing, electrical systems, drywall, windows, and roof. The property is located at 10 E Church St in Selbyville, Delaware.
A substantial renovation completed in 1993 reached the interior studs and addressed the plumbing, electrical systems, drywall, windows, and roof. The property is located at 10 E Church St in Selbyville, Delaware.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 2‑bedroom residences
- Both units include 1.5 baths
- Major 1993 renovation reached the interior studs
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
$11,175
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
2.83%
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%
$223,500
$223.5K
Cap Rate 7%
$159,643
$159.6K
Cap Rate 9%
$124,167
$124.2K
Market Conditions
NOI Build-Up for 1,054 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
$17.1K $16.20/SF
− Vacancy
−$1.1K −$1.05/SF
EGI
$16.0K $15.15/SF
− OpEx
−$4.8K −$4.54/SF
NOI
$11.2K $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%
$223,500
Cap Rate 7%
$159,643
Cap Rate 9%
$124,167
Alternative Uses
Best Use
Multifamily LT 5
$159.6K
$139.7K – $186.3K
NOI $11,175 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$147.9K
$129.4K – $172.6K
NOI $10,354 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$289.6K
$253.4K – $337.9K
NOI $20,275 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
247
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?
Duplex - Two residential units feature practical layouts, natural light, and updated building systems.
Where is this duplex located?
The property is located at 10 E Church St Selbyville, DE.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom and 2‑bedroom residences; Both units include 1.5 baths; Major 1993 renovation reached the interior studs
