Brick Triplex with Vacant
For Sale
Under Contract
$369,900
1020 W 8TH Street, Wilmington, DE 19806
Multi-Family, WILMINGTON, DE
Property Size2,325 SF
Lot Size0.05 Acres
Price / SF$159.10
Days on Market8
Property Features for 1020 W 8TH Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Subdivision
WILM
Elementary school district
RED CLAY CONSOLIDATED
Middle school district
RED CLAY CONSOLIDATED
High school district
RED CLAY CONSOLIDATED
Standard status
Active Under Contract
Size
2,325 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
3468
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Amenities
large yard
Building Details
Year built
1920
Number of units
1
Building materials
Brick
Architectural style
Other
Listing Agency:
Century 21 Gold Key Realty · Century 21 Real Estate
(302) 369-5397
Listed By:
Danielle L Benson · License #RB-0003261
(302) 983-0147
Added: Aug 25
Changed: Aug 28
Last Checked: Sep 1 at 2:06AM
MLS# DENC2109726
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick triplex contains 2,325 square feet arranged as two two-bedroom residences and one one-bedroom residence. The upper-level one-bedroom unit and the first- and second-floor two-bedroom layouts provide a clearly defined three-unit configuration. One two-bedroom residence is vacant, while the other two units are occupied under month-to-month leases.
Built in 1920 on a 0.05-acre lot, the property includes a large yard and on-street parking. The building has a silicone roof, window-unit cooling, and a heating system and water heaters described as nearly new. The property is located at 1020 W 8th Street in Wilmington, Delaware 19806.
Built in 1920 on a 0.05-acre lot, the property includes a large yard and on-street parking. The building has a silicone roof, window-unit cooling, and a heating system and water heaters described as nearly new. The property is located at 1020 W 8th Street in Wilmington, Delaware 19806.
Key Highlights
- Three‑unit layout with two 2‑bedroom residences and one 1‑bedroom residence
- 2,325 square feet on a 0.05‑acre lot
- One 2‑bedroom unit is vacant; two units have month‑to‑month leases
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 - Brick three-unit property with one vacant residence and two month-to-month tenancies.
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 residences and one 1‑bedroom residence; 2,325 square feet on a 0.05‑acre lot; One 2‑bedroom unit is vacant; two units have month‑to‑month leases
