Well-Maintained Quadplex Investment
For Sale
$470,000
12 S STATE St, Dover, DE 19901
Four 1 bed/1 bath units, all currently occupied.
Property Size3,220 SF
Days on Market108
Property Features for 12 S STATE St
General Information
Standard status
Active
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:
(302) 300-2300
Listed By:
Michael R. Davis · License #RA0020809
(302) 300-2300
Source:
Elliman
Added: May 14
Changed: Aug 24
Last Checked: Aug 29 at 1:11PM
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 Michael R. Davis
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 = 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
$34,886
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
7.42%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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.
