Nine-Unit Apartment
1001 & 1003 W 8th St. W 8th Street Wilmington, DE 19806
1001 & 1003 W 8th St. W 8th Street, Wilmington, DE, 19806
$1,050,000
For Sale
$1,050,000
Nine-unit apartment property consists of two structures with separate entrances and a shared-access basement.
Property Size4,350 SF
Price / SF$241.38
Days on Market96
Property Features for 1001 & 1003 W 8th St. W 8th Street
General Information
- Standard status
- Active
- Size
- 4,350 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1889
Listing agency
Pantano Real Estate Inc
(302) 740-5524
Listed by
Joseph P Hurley III · License #RS-0018346
Source
Deepcreeklake
Added: Apr 18 Updated: Jul 21 at 4:25AM Checked: Jul 21 at 4:25AM
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
Local Financial Insights For Apartment 5plus
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 | $79.9k | $18.36 |
| − Vacancy | −$5.0k | −$1.14 |
| EGI | $74.9k | $17.22 |
| − OpEx | −$33.7k | −$7.75 |
| NOI | $41.2k | $9.47 |
4,350 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$588.6K
$515.0K – $686.7K
NOI $41,203 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$910.4K – $1.21M
NOI $72,834 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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 $1,050,000.
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
