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 Market150
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: Apr 9
Changed: Sep 5
Last Checked: Sep 5 at 9:14AM
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
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 = 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
$41,203
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
4.34%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
