Renovated Four-Unit Multifamily
For Sale
$950,000
113 S CHURCH STREET, Milford, DE 19963
Renovated four-unit building with new roof, separate utilities, individual HVAC, and fire sprinkler system.
Property Size4,400 SF
Price / SF$215.91
Days on Market99
Property Features for 113 S CHURCH STREET
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Multifamily Units
4
Building Details
Year Built
1965
Listing Agency:
Compass
(302) 273-4998
Listed By:
Deja Johnson · License #0037685
(302) 505-0935
Source:
Cummingsrealtors
Added: Jun 8
Changed: Sep 13
Last Checked: Sep 13 at 9:11AM
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 Compass
Investment Insights
Based on property information with market context.
This four-unit multifamily property features one 3-bedroom, 1-bath unit and three 2-bedroom, 1-bath units. Extensive renovations have been completed, including a brand-new roof, five new 200-amp electrical services, individually metered water and electric for each unit, separate high-efficiency HVAC systems, all-new plumbing throughout, and a professionally installed fire sprinkler system with a monitored alarm.
The property is described as being just moments from Route 1, with convenient access to shopping, dining, healthcare, schools, and Delaware’s beach destinations.
The offering also notes a potential path to expand rental inventory by constructing an additional multifamily building on the existing parcel, subject to buyer due diligence and all required zoning and municipal approvals. Buyer should conduct due diligence regarding the square footage of each unit.
The property is described as being just moments from Route 1, with convenient access to shopping, dining, healthcare, schools, and Delaware’s beach destinations.
The offering also notes a potential path to expand rental inventory by constructing an additional multifamily building on the existing parcel, subject to buyer due diligence and all required zoning and municipal approvals. Buyer should conduct due diligence regarding the square footage of each unit.
Key Highlights
- Four‑unit multifamily building built in 1965 with 1 x 3‑bedroom/1‑bath unit and 3 x 2‑bedroom/1‑bath units.
- Extensive renovations completed, including a brand‑new roof and all‑new plumbing throughout.
- Utilities are separately metered for each unit with individually metered water and electric.
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
$46,653
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
4.91%
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%
$933,060
$933.1K
Cap Rate 7%
$666,471
$666.5K
Cap Rate 9%
$518,367
$518.4K
Market Conditions
NOI Build-Up for 4,400 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
$71.3K $16.20/SF
− Vacancy
−$4.6K −$1.05/SF
EGI
$66.6K $15.15/SF
− OpEx
−$20.0K −$4.54/SF
NOI
$46.7K $10.60/SF
Area
Sussex 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%
$933,060
Cap Rate 7%
$666,471
Cap Rate 9%
$518,367
Alternative Uses
Best Use
Multifamily LT 5
$666.5K
$583.2K – $777.6K
NOI $46,653 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$617.5K
$540.3K – $720.4K
NOI $43,222 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,638 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 19963, DE
20,827
Population
10,300
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
105.1 sq mi
ZIP Area
198
Density / Sq Mi
$65,420
Median Household Income
$40,157
Median Earnings
$1,161
Median Rent
$291,200
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?
Quadplex - Renovated four-unit building with new roof, separate utilities, individual HVAC, and fire sprinkler system.
Where is this quadplex located?
The property is located at 113 S CHURCH STREET Milford, 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: Four‑unit multifamily building built in 1965 with 1 x 3‑bedroom/1‑bath unit and 3 x 2‑bedroom/1‑bath units.; Extensive renovations completed, including a brand‑new roof and all‑new plumbing throughout.; Utilities are separately metered for each unit with individually metered water and electric.
