Furnished Renovated
New
For Sale
$599,900
1220 N King St, Wilmington, DE 19801
Two residences share a renovated three-story layout with separate building systems and private off-street parking.
Property Size2,400 SF
Price / SF$249.96
Days on Market6
Property Features for 1220 N King St
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Furnished
Yes
Multifamily Units
2
Amenities
heated floors
steam shower
rainfall shower panels
stainless appliances
washer/dryer sets
Nest thermostats
TVs
audio
wine cellar
Building Details
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
Tesla Realty Group, LLC
Listed By:
Clarissa Howard · License #3140696
(302) 213-4162
Source:
Findahomewithus
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 14 at 12:16PM
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 Tesla Realty Group, LLC
Investment Insights
Based on property information with market context.
This renovated duplex at 1220 N King Street includes two complete residences within a three-story home spanning about 2,400 square feet, along with a full basement and wine cellar. Each residence has its own HVAC, water service, and electrical panel, while an interior door connects the units. The ground-level residence has a private entrance, full kitchen, bathroom, and laundry. Across the property are three bedrooms, three luxury baths, heated floors in two bathrooms, a steam shower, and rainfall shower panels. Both kitchens feature stainless appliances, and the sale includes two washer/dryer sets, Nest thermostats, room TVs, housewares, and furnishings.
The double-wide lot provides four marked off-street parking spaces. The property is adjacent to Midtown Brandywine and blocks from Rodney Square, Brandywine Park, Chancery Market, and Hotel du Pont. It previously operated as a short-term rental and accumulated more than 650 reviews with an average rating of 4.9 stars across its listings.
The double-wide lot provides four marked off-street parking spaces. The property is adjacent to Midtown Brandywine and blocks from Rodney Square, Brandywine Park, Chancery Market, and Hotel du Pont. It previously operated as a short-term rental and accumulated more than 650 reviews with an average rating of 4.9 stars across its listings.
Key Highlights
- Two complete residences with separate HVAC, water service, and electrical panels
- About 2,400 square feet across three stories plus a full basement with wine cellar
- Three bedrooms and three luxury baths, including heated floors in two bathrooms
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
$25,447
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
4.24%
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%
$508,940
$508.9K
Cap Rate 7%
$363,529
$363.5K
Cap Rate 9%
$282,744
$282.7K
Market Conditions
NOI Build-Up for 2,400 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
$38.9K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$36.4K $15.15/SF
− OpEx
−$10.9K −$4.54/SF
NOI
$25.4K $10.60/SF
Area
New Castle 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%
$508,940
Cap Rate 7%
$363,529
Cap Rate 9%
$282,744
Alternative Uses
Best Use
Multifamily LT 5
$363.5K
$318.1K – $424.1K
NOI $25,447 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$324.8K
$284.2K – $378.9K
NOI $22,733 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$574.1K
$502.3K – $669.7K
NOI $40,184 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 19801, DE
16,219
Population
9,390
Households
1.7
Avg Household Size
34
Median Age
26%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
3,686
Density / Sq Mi
$44,505
Median Household Income
$36,684
Median Earnings
$1,126
Median Rent
$196,000
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 - Two residences share a renovated three-story layout with separate building systems and private off-street parking.
Where is this duplex located?
The property is located at 1220 N King St Wilmington, DE.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two complete residences with separate HVAC, water service, and electrical panels; About 2,400 square feet across three stories plus a full basement with wine cellar; Three bedrooms and three luxury baths, including heated floors in two bathrooms
