Renovated 3-Unit
New
For Sale
$540,000
1005 North Madison Street, Wilmington, DE 19801
The apartment mix includes two two-bedroom homes and one one-bedroom home, each with a single bathroom.
Property Size2,178 SF
Days on Market1
Property Features for 1005 North Madison Street
General Information
Standard status
Active
Size
2,178 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Building Size
2,178 SF
Listing Agency:
LMT Commercial Realty / CORFAC International
Listed By:
Chris Moore, CCIM
(302) 414-1000
Source:
Lmtcre
Added: Oct 23
Last Checked: Oct 23 at 5:32PM
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 LMT Commercial Realty / CORFAC International
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Investment Insights
Based on property information with market context.
This Wilmington triplex has three apartments across three floors. The first and second floors each contain a two-bedroom, one-bathroom unit; the third floor has a one-bedroom, one-bathroom unit. Renovation work has been completed.
The property is in Wilmington, near downtown, retail and dining options, and public transportation. I-95 and other commuter routes provide regional access.
The property is in Wilmington, near downtown, retail and dining options, and public transportation. I-95 and other commuter routes provide regional access.
Key Highlights
- Three apartments across three floors
- First and second floors: 2 BR / 1 BA each
- Third floor: 1 BR / 1 BA
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,093
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$461,860
$461.9K
Cap Rate 7%
$329,900
$329.9K
Cap Rate 9%
$256,589
$256.6K
Market Conditions
NOI Build-Up for 2,178 SF
Gross rent
$35.3K $16.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$33.0K $15.15/SF
− OpEx
−$9.9K −$4.54/SF
NOI
$23.1K $10.60/SF
Area
New Castle 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 Rate 5%
$461,860
Cap Rate 7%
$329,900
Cap Rate 9%
$256,589
Alternative Uses
Best Use
Multifamily LT 5
$329.9K
$288.7K – $384.9K
NOI $23,093 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$294.7K
$257.9K – $343.8K
NOI $20,630 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$521.0K
$455.8K – $607.8K
NOI $36,467 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,717
Businesses Nearby
Explore this area
Business Placement
Demographics for 19801, DE
16,219
Population
9,390
Households
1.7
Avg Household Size
34
Median Age
26%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
3,686
Density / Sq Mi
$44,505
Median Household Income
$36,684
Median Earnings
$1,126
Median Rent
$196,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - The apartment mix includes two two-bedroom homes and one one-bedroom home, each with a single bathroom.
Where is this triplex located?
The property is located at 1005 North Madison Street Wilmington, DE.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Three apartments across three floors; First and second floors: 2 BR / 1 BA each; Third floor: 1 BR / 1 BA
