Three-Unit Residential
For Sale
$350,000
600 W 5TH St, Wilmington, DE 19801
Triplex with three 2-bedroom units, each separately served by gas hot water and electric utilities.
Property Size2,775 SF
Days on Market43
Property Features for 600 W 5TH St
General Information
Standard status
Active
Size
2,775 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,715
Building Details
Building Size
2,775 SF
Year Built
1890
Units
3
Listing Agency:
Home Realty
(302) 690-4144
Listed By:
Michael Hunter · License #RB-0002727
(302) 690-4144
Source:
Elliman
Added: Jul 12
Changed: Aug 23
Last Checked: Aug 23 at 6:33AM
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 Home Realty
Investment Insights
Based on property information with market context.
This three-unit residential income property includes three 2-bedroom units, each with 1 bathroom. The building provides separate gas hot water and electric services for each unit, supporting convenient independent utility management.
The property is described as being within walking distance to Downtown Wilmington, the business district, and the Wilmington Riverfront.
Offered for sale as a triplex, the layout is suited for either an investor-focused acquisition or owner-occupancy with additional rental income from the remaining units.
The property is described as being within walking distance to Downtown Wilmington, the business district, and the Wilmington Riverfront.
Offered for sale as a triplex, the layout is suited for either an investor-focused acquisition or owner-occupancy with additional rental income from the remaining units.
Key Highlights
- Triplex built in 1890 with three 2‑bedroom units
- Each unit has separate gas hot water and electric services
- 3 units total, each separately served by gas hot water and 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
$29,423
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
8.41%
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%
$588,460
$588.5K
Cap Rate 7%
$420,329
$420.3K
Cap Rate 9%
$326,922
$326.9K
Market Conditions
NOI Build-Up for 2,775 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
$45.0K $16.20/SF
− Vacancy
−$2.9K −$1.05/SF
EGI
$42.0K $15.15/SF
− OpEx
−$12.6K −$4.54/SF
NOI
$29.4K $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%
$588,460
Cap Rate 7%
$420,329
Cap Rate 9%
$326,922
Alternative Uses
Best Use
Multifamily LT 5
$420.3K
$367.8K – $490.4K
NOI $29,423 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$375.5K
$328.6K – $438.1K
NOI $26,285 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$663.8K
$580.8K – $774.4K
NOI $46,463 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,701
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 - Triplex with three 2-bedroom units, each separately served by gas hot water and electric utilities.
Where is this triplex located?
The property is located at 600 W 5TH St Wilmington, DE.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Triplex built in 1890 with three 2‑bedroom units; Each unit has separate gas hot water and electric services; 3 units total, each separately served by gas hot water and electric utilities
