Nine-Unit Apartment
For Sale
$950,000
1001 & 1003 W 8th St. 8TH STREET, Wilmington, DE 19806
Nine-unit multifamily property consists of two structures with separate entrances and a shared access basement.
Property Size4,350 SF
Price / SF$218.39
Days on Market117
Property Features for 1001 & 1003 W 8th St. 8TH STREET
General Information
Standard status
Active
Size
4,350 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$8,065
Amenities
Central Air, Ceiling Fan(s)
3
Laminate, Carpet
Flat
Parking.
Driveway, On Street.
47x105
Urban.
Building Details
Year Built
1889
Stories
3
Tenancy
Multi
Listing Agency:
Pantano Real Estate Inc
(302) 740-5524
Listed By:
Joseph P Hurley · License #RS-0018346
(302) 740-5524
Source:
Xome
Added: Apr 16
Changed: Aug 8
Last Checked: Aug 9 at 4:43AM
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 with independent entrances and a common access basement. The property is arranged with four units in one structure and five units in the other. Each structure has separate systems, supporting straightforward day-to-day operation and ownership management.
The building is located on the west side of Wilmington with convenient access to highways and nearby employment and neighborhood destinations, including Trolley Square, Union Street, and the downtown Central Business District. A small amount of off-street parking is available to support tenants and management.
The mix of units offers a blend of modern and functional living spaces within a compact, two-building configuration designed for efficient building operations.
The building is located on the west side of Wilmington with convenient access to highways and nearby employment and neighborhood destinations, including Trolley Square, Union Street, and the downtown Central Business District. A small amount of off-street parking is available to support tenants and management.
The mix of units offers a blend of modern and functional living spaces within a compact, two-building configuration designed for efficient building operations.
Key Highlights
- 9‑unit multifamily property made up of two structures with separate entrances
- Unit mix: 1001 has 4 units and 1003 has 5 units
- Shared access basement with common entry 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
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 multifamily 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. 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: 9‑unit multifamily property made up of two structures with separate entrances; Unit mix: 1001 has 4 units and 1003 has 5 units; Shared access basement with common entry for the two structures
