Two-Building Multifamily
For Sale
$580,000
Pending
1131 South Broom Street, Wilmington, DE 19805
Four residential units feature updated interiors, private laundry, and additional conversion possibilities.
Property Size4,650 SF
Days on Market234
Property Features for 1131 South Broom Street
General Information
Standard status
Pending
Size
4,650 SF
Total Parking Spaces
10
Property subtype
Multi-Family / Fee Simple
Zoning
NC5
Units
Unit Mix
2 x 2BR, 1 x 2BR, 1 x 3BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,806
Amenities
Yes
1
No Pool
Above Grade, Below Grade
Building Details
Year Built
1940
Buildings
2
Listing Agency:
Coldwell Banker Realty
(302) 249-3880
Listed By:
Daniel Shainsky · License #RS-0019684
(302) 249-3880
Source:
Compass
Added: Jan 10
Changed: Aug 31
Last Checked: Aug 31 at 1:13AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 4650 SF multifamily property contains two separate buildings on one parcel. The first is a two-story structure with two updated two-bedroom apartments, each equipped with private laundry and 2023 HVAC systems. Its lower level includes a bathroom and space identified for potential conversion into another residential unit, office, or garage bays.
The second building is a Cape Cod configured with one two-bedroom unit and one three-bedroom unit. Features include private laundry, fresh paint, original hardwood flooring in the upper residence, and renovated kitchen and bathroom finishes in the lower residence. A full basement provides storage and includes separate gas boilers and separately metered electric. The property was built in 1940, is located in Wilmington city limits, and carries NC5 zoning.
The second building is a Cape Cod configured with one two-bedroom unit and one three-bedroom unit. Features include private laundry, fresh paint, original hardwood flooring in the upper residence, and renovated kitchen and bathroom finishes in the lower residence. A full basement provides storage and includes separate gas boilers and separately metered electric. The property was built in 1940, is located in Wilmington city limits, and carries NC5 zoning.
Key Highlights
- Two‑building multifamily property totaling 4650 SF
- Four residential units, including two 2‑bedroom units and one 3‑bedroom unit
- Two updated upper‑level apartments with 2023 HVAC systems and private in‑unit laundry
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
$44,044
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
7.59%
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%
$880,880
$880.9K
Cap Rate 7%
$629,200
$629.2K
Cap Rate 9%
$489,378
$489.4K
Market Conditions
NOI Build-Up for 4,650 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
$85.4K $18.36/SF
− Vacancy
−$5.3K −$1.14/SF
EGI
$80.1K $17.22/SF
− OpEx
−$36.0K −$7.75/SF
NOI
$44.0K $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%
$880,880
Cap Rate 7%
$629,200
Cap Rate 9%
$489,378
Alternative Uses
Best Use
Apartment 5plus
$629.2K
$550.6K – $734.1K
NOI $44,044 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$973.2K – $1.30M
NOI $77,857 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 19805, DE
39,985
Population
17,281
Households
2.3
Avg Household Size
35
Median Age
23%
College-Educated
87%
High-School Grad
5.5 sq mi
ZIP Area
7,270
Density / Sq Mi
$56,708
Median Household Income
$38,043
Median Earnings
$1,203
Median Rent
$220,200
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?
Multifamily property - Four residential units feature updated interiors, private laundry, and additional conversion possibilities.
Where is this multifamily property located?
The property is located at 1131 South Broom Street Wilmington, DE.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Two‑building multifamily property totaling 4650 SF; Four residential units, including two 2‑bedroom units and one 3‑bedroom unit; Two updated upper‑level apartments with 2023 HVAC systems and private in‑unit laundry
