3-Unit Multifamily
For Sale
$369,900
Pending
1020 W 8TH STREET, Wilmington, DE 19806
Includes one vacant residence, two month-to-month tenancies, and a large yard.
Property Size2,325 SF
Days on Market9
Property Features for 1020 W 8TH STREET
General Information
Standard status
Pending
Size
2,325 SF
Property subtype
Triplex
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Century 21 Gold Key Realty
(302) 983-0147
Listed By:
Danielle L Benson · License #RB-0003261
(302) 983-0147
Source:
Cummingsrealtors
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 30 at 6:19PM
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 Century 21 Gold Key Realty
Investment Insights
Based on property information with market context.
This 1920-built triplex contains three residences: two 2-bedroom units and one 1-bedroom unit. The second-floor residence is vacant, while the other two units are occupied under month-to-month leases. The property measures 2,325 square feet and includes a large yard.
Recent property improvements include a nearly new heating system, nearly new water heaters, and a silicone roof. Located at 1020 W 8th St in Wilmington, Delaware, the property offers an established multifamily configuration with a vacant unit available for occupancy or leasing.
Recent property improvements include a nearly new heating system, nearly new water heaters, and a silicone roof. Located at 1020 W 8th St in Wilmington, Delaware, the property offers an established multifamily configuration with a vacant unit available for occupancy or leasing.
Key Highlights
- Three‑unit layout with two 2‑bedroom homes and one 1‑bedroom home
- 2,325 square feet on a large yard
- Second‑floor unit is currently vacant
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
$24,652
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
6.66%
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%
$493,040
$493.0K
Cap Rate 7%
$352,171
$352.2K
Cap Rate 9%
$273,911
$273.9K
Market Conditions
NOI Build-Up for 2,325 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
$37.7K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$35.2K $15.15/SF
− OpEx
−$10.6K −$4.54/SF
NOI
$24.7K $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 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%
$493,040
Cap Rate 7%
$352,171
Cap Rate 9%
$273,911
Alternative Uses
Best Use
Multifamily LT 5
$352.2K
$308.2K – $410.9K
NOI $24,652 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$314.6K
$275.3K – $367.0K
NOI $22,022 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$556.1K
$486.6K – $648.8K
NOI $38,928 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,639
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?
Triplex - Includes one vacant residence, two month-to-month tenancies, and a large yard.
Where is this triplex located?
The property is located at 1020 W 8TH STREET Wilmington, DE.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom homes and one 1‑bedroom home; 2,325 square feet on a large yard; Second‑floor unit is currently vacant
