Well-Maintained Quadplex Investment
For Sale
$470,000
Pending
12 S STATE St, Dover, DE 19901
Four 1 bed/1 bath units, all currently occupied.
Property Size3,220 SF
Days on Market155
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Property Features for 12 S STATE St
General Information
Standard status
Pending
Size
3,220 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$2,048
Building Details
Building Size
3,220 SF
Year Built
1900
Units
4
Listing Agency:
Phoenix Real Estate
Listed By:
Michael R. Davis · License #RA0020809
(302) 300-2300
Source:
Elliman
Added: May 14
Changed: Oct 11
Last Checked: Oct 15 at 1:50AM
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 Phoenix Real Estate
Investment Insights
Based on property information with market context.
This is a well-maintained quadplex investment opportunity featuring four units, each with 1 bed and 1 bath. All units are currently occupied with tenants in place. Each unit is separately metered for electric, allowing tenants to pay their own electric utilities. The owner currently pays for water. The property also includes an on-site laundry room for tenant convenience. This is a strong income-producing property with consistent rental demand and solid investment potential. The bike score is 56, indicating it is bikeable. The walk score is 79, indicating it is very walkable. The transit score is 42, indicating some transit options are available.
Key Highlights
- Strong income‑producing quadplex with consistent rental demand.
- Four 1 bed / 1 bath units, all currently occupied with tenants in place.
- Each unit is separately metered for electric, with tenants paying their own electric utilities.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,886
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$697,720
$697.7K
Cap Rate 7%
$498,371
$498.4K
Cap Rate 9%
$387,622
$387.6K
Market Conditions
NOI Build-Up for 3,220 SF
Gross rent
$52.2K $16.20/SF
− Vacancy
−$2.3K −$0.72/SF
EGI
$49.8K $15.48/SF
− OpEx
−$15.0K −$4.64/SF
NOI
$34.9K $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 Rate 5%
$697,720
Cap Rate 7%
$498,371
Cap Rate 9%
$387,622
Alternative Uses
Best Use
Multifamily LT 5
$498.4K
$436.1K – $581.4K
NOI $34,886 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$460.0K
$402.5K – $536.7K
NOI $32,203 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$810.8K
$709.5K – $946.0K
NOI $56,757 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,894
Businesses Nearby
Explore this area
Business Placement
Demographics for 19901, DE
36,839
Population
15,443
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
89%
High-School Grad
75.8 sq mi
ZIP Area
486
Density / Sq Mi
$63,891
Median Household Income
$33,069
Median Earnings
$1,353
Median Rent
$258,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four 1 bed/1 bath units, all currently occupied.
Where is this quadplex located?
The property is located at 12 S STATE St Dover, DE.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Strong income‑producing quadplex with consistent rental demand.; Four 1 bed / 1 bath units, all currently occupied with tenants in place.; Each unit is separately metered for electric, with tenants paying their own electric utilities.
