Nine-Unit Apartment
For Sale
$950,000
1001 & 1003 W 8th St. W 8th Street, Wilmington, DE 19806
Nine-unit apartment property consists of two structures with separate entrances and a shared-access basement.
Property Size4,350 SF
Price / SF$218.39
Days on Market206
Property Features for 1001 & 1003 W 8th St. W 8th Street
General Information
Standard status
Active
Size
4,350 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Highway Access
Yes
Multifamily Units
9
Building Details
Year Built
1889
Tenancy
Multi
Listing Agency:
Pantano Real Estate Inc
Listed By:
Joseph P Hurley III · License #RS-0018346
(302) 740-5524
Source:
Deepcreeklake
Added: Mar 25
Changed: Oct 15
Last Checked: Oct 14 at 11:47PM
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 Pantano Real Estate Inc
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Investment Insights
Based on property information with market context.
This nine-unit apartment building is comprised of two separate structures, each with its own entrance, plus a common access basement. The property is configured as four units in the first structure and five units in the second. Off-street parking is available in a limited, sliver-sized area.
The building is located on Wilmington’s west side in the Cool Springs area, with proximity to highways, places of worship, educational facilities, and downtown destinations including Trolley Square and the Central Business district.
With separate systems noted for each structure, the layout is designed to support operational independence between the two buildings while sharing the common access basement.
The building is located on Wilmington’s west side in the Cool Springs area, with proximity to highways, places of worship, educational facilities, and downtown destinations including Trolley Square and the Central Business district.
With separate systems noted for each structure, the layout is designed to support operational independence between the two buildings while sharing the common access basement.
Key Highlights
- Nine‑unit apartment building built in 1889, split between two structures with separate entrances
- 1001 has four units and 1003 has five units
- Shared‑access basement with common access for the two structures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,203
Cap Rate
4.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$824,060
$824.1K
Cap Rate 7%
$588,614
$588.6K
Cap Rate 9%
$457,811
$457.8K
Market Conditions
NOI Build-Up for 4,350 SF
Gross rent
$79.9K $18.36/SF
− Vacancy
−$5.0K −$1.14/SF
EGI
$74.9K $17.22/SF
− OpEx
−$33.7K −$7.75/SF
NOI
$41.2K $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 Rate 5%
$824,060
Cap Rate 7%
$588,614
Cap Rate 9%
$457,811
Alternative Uses
Best Use
Apartment 5plus
$588.6K
$515.0K – $686.7K
NOI $41,203 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$910.4K – $1.21M
NOI $72,834 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,352
Businesses Nearby
Explore this area
Business Placement
Demographics for 19806, DE
10,083
Population
6,638
Households
1.5
Avg Household Size
45
Median Age
71%
College-Educated
98%
High-School Grad
1.7 sq mi
ZIP Area
5,931
Density / Sq Mi
$86,240
Median Household Income
$76,246
Median Earnings
$1,329
Median Rent
$370,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit apartment property consists of two structures with separate entrances and a shared-access basement.
Where is this apartment building located?
The property is located at 1001 & 1003 W 8th St. W 8th Street Wilmington, DE.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Nine‑unit apartment building built in 1889, split between two structures with separate entrances; 1001 has four units and 1003 has five units; Shared‑access basement with common access for the two structures
