Renovated Quadplex: Investor
For Sale
$799,900
62 W CHURCH St, Selbyville, DE 19975
Extensively renovated quadplex with strong income potential in high-demand rental market.
Property Size2,500 SF
Days on Market130
Property Features for 62 W CHURCH St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$749
Building Details
Building Size
2,500 SF
Year Built
1998
Units
4
Listing Agency:
Coldwell Banker Premier
(302) 645-1111
Listed By:
Julie Gritton · License #RA-0031139
(302) 645-1111
Source:
Elliman
Added: Apr 24
Changed: Aug 13
Last Checked: Aug 31 at 2:09PM
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 Coldwell Banker Premier
Investment Insights
Based on property information with market context.
This quadplex presents an investment opportunity with projected rents estimated at $1,350–$1,650 per unit. The property has been extensively renovated, featuring upgrades to major systems, including a new foundation, all-new plumbing and electrical, a sprinkler system, and a full alarm system. The roof was replaced within the last five years. The building utilizes public water and sewer. Each unit has been renovated inside and out, featuring fresh paint, updated flooring, modern appliances, and refreshed finishes throughout. Dedicated parking is available for each unit. A garage and shed are included with the property. The location has a bike score of 44, indicating it is somewhat bikeable, and a walk score of 21, indicating car-dependence.
Key Highlights
- High Income Potential: Projected rents of $1,350–$1,650 per unit offers strong cash flow.
- Extensive Recent Renovations: Includes new foundation, plumbing, electrical, sprinkler system, and alarm system.
- Low Maintenance: New/updated systems and roof (replaced within the last five years) ensure reduced maintenance and operating costs.
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
$26,507
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
3.31%
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%
$530,140
$530.1K
Cap Rate 7%
$378,671
$378.7K
Cap Rate 9%
$294,522
$294.5K
Market Conditions
NOI Build-Up for 2,500 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
$40.5K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.9K $15.15/SF
− OpEx
−$11.4K −$4.54/SF
NOI
$26.5K $10.60/SF
Area
Sussex 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%
$530,140
Cap Rate 7%
$378,671
Cap Rate 9%
$294,522
Alternative Uses
Best Use
Multifamily LT 5
$378.7K
$331.3K – $441.8K
NOI $26,507 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$350.8K
$307.0K – $409.3K
NOI $24,558 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$687.0K
$601.1K – $801.5K
NOI $48,090 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 19975, DE
10,476
Population
8,890
Households
1.2
Avg Household Size
60
Median Age
39%
College-Educated
94%
High-School Grad
25.5 sq mi
ZIP Area
411
Density / Sq Mi
$86,063
Median Household Income
$41,090
Median Earnings
$1,098
Median Rent
$430,000
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?
Quadplex - Extensively renovated quadplex with strong income potential in high-demand rental market.
Where is this quadplex located?
The property is located at 62 W CHURCH St Selbyville, DE.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: High Income Potential: Projected rents of $1,350–$1,650 per unit offers strong cash flow.; Extensive Recent Renovations: Includes new foundation, plumbing, electrical, sprinkler system, and alarm system.; Low Maintenance: New/updated systems and roof (replaced within the last five years) ensure reduced maintenance and operating costs.
