Fully Leased Triplex with Basement
For Sale
$310,000
1310 N FRENCH St, Wilmington, DE 19801
Well-maintained triplex features four electric meters and three rental units, providing turnkey residential income occupancy.
Property Size1,896 SF
Days on Market100
Property Features for 1310 N FRENCH St
General Information
Standard status
Active
Size
1,896 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,031
Building Details
Building Size
1,896 SF
Year Built
1900
Stories
2
Units
1
Tenancy
Multi
Listed By:
Tracy L Burnett
(302) 499-4049
Source:
Elliman
Added: Jun 1
Changed: Sep 4
Last Checked: Sep 7 at 6:08AM
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 Tracy L Burnett
Investment Insights
Based on property information with market context.
This triplex offers three separate residential units with updated interior finishes. Unit A is located on the first floor and includes two bedrooms and one bathroom, along with a large eat-in kitchen and basement access. Unit B is a one-bedroom, one-bath unit on the second floor. Unit C is a studio. The property has newer flooring and fresh paint completed before the current occupants moved in. Exterior and mechanical-related improvements include a re-coated flat roof and replacement of E-boxes and flashing in 2025.
The building is positioned near Mid-Town Brandywine, with downtown Wilmington dining options and access to the Brandywine Trails described in the remarks. The property also includes individual metering infrastructure, with four separate electric meters and one water meter, supporting independent utility tracking by unit.
The current configuration is suited to an owner seeking a leased, low-touch residential income property with defined unit layouts. Showing requests require 48+ hours’ notice due to three occupied units, and unit photos were taken within the past two years. The arrangement of bedrooms, kitchen space, and basement access in Unit A may appeal to a range of tenant types, while Units B and C offer smaller-footprint alternatives within the same building.
The building is positioned near Mid-Town Brandywine, with downtown Wilmington dining options and access to the Brandywine Trails described in the remarks. The property also includes individual metering infrastructure, with four separate electric meters and one water meter, supporting independent utility tracking by unit.
The current configuration is suited to an owner seeking a leased, low-touch residential income property with defined unit layouts. Showing requests require 48+ hours’ notice due to three occupied units, and unit photos were taken within the past two years. The arrangement of bedrooms, kitchen space, and basement access in Unit A may appeal to a range of tenant types, while Units B and C offer smaller-footprint alternatives within the same building.
Key Highlights
- Triplex with 3 rental units, fully leased for $2,900/mo total
- Unit A: 2 bed/1 bath on the 1st floor with eat‑in kitchen and basement access; back bedroom has sitting area and back door
- Unit B: 1 bed/1 bath on the 2nd floor leased for $950/mo
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
$20,103
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
6.48%
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%
$402,060
$402.1K
Cap Rate 7%
$287,186
$287.2K
Cap Rate 9%
$223,367
$223.4K
Market Conditions
NOI Build-Up for 1,896 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
$30.7K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$28.7K $15.15/SF
− OpEx
−$8.6K −$4.54/SF
NOI
$20.1K $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%
$402,060
Cap Rate 7%
$287,186
Cap Rate 9%
$223,367
Alternative Uses
Best Use
Multifamily LT 5
$287.2K
$251.3K – $335.1K
NOI $20,103 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$256.6K
$224.5K – $299.3K
NOI $17,959 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$453.5K
$396.8K – $529.1K
NOI $31,745 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,432
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
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 - Well-maintained triplex features four electric meters and three rental units, providing turnkey residential income occupancy.
Where is this triplex located?
The property is located at 1310 N FRENCH St Wilmington, DE.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Triplex with 3 rental units, fully leased for $2,900/mo total; Unit A: 2 bed/1 bath on the 1st floor with eat‑in kitchen and basement access; back bedroom has sitting area and back door; Unit B: 1 bed/1 bath on the 2nd floor leased for $950/mo
