Stabilized 5-Unit Investment
118 West Division Street, Dover, DE 19904
Fully leased 5-unit property in Downtown Dover revitalization area.
Type:Multi-Family / Fee Simple
Property size:
3,432 SFPrice / SF:
$174/SF- Added:
- Mar 13, 2026
- Days on Market:
- 82
- Last Refresh:
- Mar 13 at 2:28 pm
Property Features for 118 West Division Street
General Information
- Standard status
- Active
- Size
- 3,432 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1900
Listing agent Steven B. Schmidt License #RB-0031118 (302) 678-4326
Listing office RE/MAX Horizons (302) 678-4326
Listing date Mar 13, 2026
Source Compass
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 RE/MAX Horizons
HighLights
- Fully stabilized 5‑unit investment property with immediate, reliable cash flow.
- Rents at allowable maximum levels, ensuring strong and consistent income.
- Four of five units recently refreshed/updated, minimizing near‑term capital expenditures.
- Located in Downtown Dover revitalization area with ongoing investment and growth potential.
- Tenants pay their own utilities, resulting in low operating expenses.
- Zoned C‑1A, allowing flexible mixed‑use possibilities.
Overview
This is a fully stabilized 5-unit investment opportunity located in the heart of Downtown Dover. All units have been recently leased within the past two months, providing immediate and reliable cash flow. Four of the five units have been refreshed and updated, reducing near-term capital needs for a new owner. The rents are supported and currently at allowable maximum levels, offering strong and consistent income performance. Tenants are responsible for paying their own utilities, which keeps operating expenses low. The property is located within the Downtown Dover revitalization area, which features ongoing investment, redevelopment, and long-term growth potential nearby. Zoned C-1A, the property allows for flexible mixed-use possibilities including office or small commercial applications. This is a turnkey, stabilized rental with strong cap rate potential and minimal vacancy risk. The property is located in the Capital MLS Area (30802), within city limits, and in the CAPITAL school district. The property size is 3432 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $65.5k | $19.08 |
| − Vacancy | −$3.1k | −$0.90 |
| EGI | $62.4k | $18.18 |
| − OpEx | −$28.1k | −$8.18 |
| NOI | $34.3k | $10.00 |
3,432 SF · lease $19.08/SF/yr · vacancy 4.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$490.3K
$429.0K – $572.1K
NOI $34,323 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$864.2K
$756.2K – $1.01M
NOI $60,494 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Conscious cleaners Dover ...
General Contractor
Location Insight
- Map
- Local Demand
- City
- Dover
- County
- Kent
- State
- Delaware
- Longitude
- -75.5276827
- Latitude
- 39.1610748
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Fully leased 5-unit property in Downtown Dover revitalization area.
Where is this apartment building located?
The property is located at 118 West Division Street Dover, DE.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Fully stabilized 5‑unit investment property with immediate, reliable cash flow.; Rents at allowable maximum levels, ensuring strong and consistent income.; Four of five units recently refreshed/updated, minimizing near‑term capital expenditures.
