Two-Unit
For Sale
$289,900
114 N NEW ST, Dover, DE 19904
Separate one-bedroom layouts include one occupied unit and one available for lease.
Property Size1,316 SF
Price / SF$220.29
Days on Market10
Property Features for 114 N NEW ST
General Information
Standard status
Active
Size
1,316 SF
Property subtype
Multi-family
Listing Agency:
Tri-County Realty
(302) 538-5899
Listed By:
Angel L Cabazza · License #RS-0022989
(302) 252-1962
Source:
Keygroupmd
Added: Sep 6
Changed: Sep 12
Last Checked: Sep 14 at 12:23PM
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 Tri-County Realty
Investment Insights
Based on property information with market context.
Located at 114 N New St in Dover, Delaware, this duplex contains 1,316 square feet arranged as two separate one-bedroom units. The configuration provides distinct living spaces within a single residential income property.
One unit is occupied, while the second is vacant and available for leasing. The property is situated near shopping, restaurants, schools, employment centers, major roadways, and downtown Dover, providing access to a range of everyday services and local destinations.
One unit is occupied, while the second is vacant and available for leasing. The property is situated near shopping, restaurants, schools, employment centers, major roadways, and downtown Dover, providing access to a range of everyday services and local destinations.
Key Highlights
- Two separate one‑bedroom units within a 1,316‑square‑foot duplex
- One unit is currently occupied
- Second one‑bedroom unit is vacant and available for leasing
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
$14,258
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
4.92%
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%
$285,160
$285.2K
Cap Rate 7%
$203,686
$203.7K
Cap Rate 9%
$158,422
$158.4K
Market Conditions
NOI Build-Up for 1,316 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
$21.3K $16.20/SF
− Vacancy
−$951 −$0.72/SF
EGI
$20.4K $15.48/SF
− OpEx
−$6.1K −$4.64/SF
NOI
$14.3K $10.83/SF
Area
Kent County, DE
Vacancy
4.46%
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%
$285,160
Cap Rate 7%
$203,686
Cap Rate 9%
$158,422
Alternative Uses
Best Use
Multifamily LT 5
$203.7K
$178.2K – $237.6K
NOI $14,258 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$188.0K
$164.5K – $219.4K
NOI $13,161 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$331.4K
$290.0K – $386.6K
NOI $23,196 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 19904, DE
36,880
Population
16,047
Households
2.3
Avg Household Size
38
Median Age
27%
College-Educated
91%
High-School Grad
43.2 sq mi
ZIP Area
854
Density / Sq Mi
$66,885
Median Household Income
$39,459
Median Earnings
$1,240
Median Rent
$281,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate one-bedroom layouts include one occupied unit and one available for lease.
Where is this duplex located?
The property is located at 114 N NEW ST Dover, DE.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two separate one‑bedroom units within a 1,316‑square‑foot duplex; One unit is currently occupied; Second one‑bedroom unit is vacant and available for leasing
