Income-Producing
For Sale
$339,000
1220 W 4TH STREET, Wilmington, DE 19805
Three-unit triplex with one 1-bedroom and two 2-bedroom apartments, including recent roof, boiler, and electrical updates.
Property Size2,275 SF
Price / SF$149.01
Days on Market68
Property Features for 1220 W 4TH STREET
General Information
Standard status
Active
Size
2,275 SF
Property subtype
Triplex
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
BHHS Fox & Roach-Greenville
Listed By:
Jennifer J Lee · License #RS-0023453
(302) 571-8855
Source:
Cummingsrealtors
Added: Jul 4
Changed: Sep 8
Last Checked: Sep 8 at 6:14AM
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 BHHS Fox & Roach-Greenville
Investment Insights
Based on property information with market context.
This income-producing triplex features three separate apartments: a first-floor 1-bedroom, 1-bath unit currently rented; a second-floor 2-bedroom, 1-bath unit with a new renter scheduled to begin August 1; and a third-floor 2-bedroom, 1-bath unit that is currently vacant but was previously rented. Recent improvements include a new roof completed December 2025, along with a new boiler and updated electrical and flooring completed February 2025.
The property is located in the City of Wilmington, just minutes from Amtrak, I-95, downtown Wilmington, and nearby shopping and restaurants.
The property is located in the City of Wilmington, just minutes from Amtrak, I-95, downtown Wilmington, and nearby shopping and restaurants.
Key Highlights
- Three‑unit triplex built in 1900 with one 1‑bed/1‑bath and two 2‑bed/1‑bath apartments
- First‑floor unit: 1 bed/1 bath currently rented for $1,050/month
- Second‑floor unit: 2 bed/1 bath with new renter starting August 1 at $1,100/month
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
$24,122
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
7.12%
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%
$482,440
$482.4K
Cap Rate 7%
$344,600
$344.6K
Cap Rate 9%
$268,022
$268.0K
Market Conditions
NOI Build-Up for 2,275 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
$36.9K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.5K $15.15/SF
− OpEx
−$10.3K −$4.54/SF
NOI
$24.1K $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%
$482,440
Cap Rate 7%
$344,600
Cap Rate 9%
$268,022
Alternative Uses
Best Use
Multifamily LT 5
$344.6K
$301.5K – $402.0K
NOI $24,122 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$307.8K
$269.4K – $359.2K
NOI $21,549 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$544.2K
$476.1K – $634.9K
NOI $38,091 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,544
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?
Triplex - Three-unit triplex with one 1-bedroom and two 2-bedroom apartments, including recent roof, boiler, and electrical updates.
Where is this triplex located?
The property is located at 1220 W 4TH STREET Wilmington, DE.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1900 with one 1‑bed/1‑bath and two 2‑bed/1‑bath apartments; First‑floor unit: 1 bed/1 bath currently rented for $1,050/month; Second‑floor unit: 2 bed/1 bath with new renter starting August 1 at $1,100/month
