Building Details

Building Size 6,626 SF

Year Built 1910

Listing Agency: Keller Williams Realty Central-Delaware

Listed By: Mason McGill Jr. Show Phone

Source: Barnesrealestatecompany

Added: Aug 8 Changed: Sep 27 Last Checked: Sep 26 at 2:41PM

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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 Keller Williams Realty Central-Delaware

Investment Insights

Based on property information with market context.

This six-unit apartment property in Wyoming, Delaware, was built in 1910 and offers a varied residential layout. The configuration includes an attached three-bedroom townhouse, a two-bedroom apartment with its own entrance, two additional three-bedroom units, another two-bedroom unit, and one one-bedroom unit.

Private parking is located at the rear of the property. The separate entrance serving one apartment provides a distinct access arrangement within the building. The property records a Walk Score of 47, categorized as car-dependent, and a Bike Score of 46, categorized as somewhat bikeable.

Key Highlights

• Six‑unit apartment property built in 1910
• Unit mix includes two 3‑bedroom units, two 2‑bedroom units, one 3‑bedroom townhouse, and one 1‑bedroom unit
• Attached 3‑bedroom townhouse adds a distinct residential configuration

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

$66,265

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

6.66%

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%

$1,325,300 $1.3M

Cap Rate 7%

$946,643 $946.6K

Cap Rate 9%

$736,278 $736.3K

Market Conditions

NOI Build-Up for 6,626 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

$126.4K $19.08/SF

− Vacancy

−$5.9K −$0.90/SF

EGI

$120.5K $18.18/SF

− OpEx

−$54.2K −$8.18/SF

NOI

$66.3K $10.00/SF

Area

Kent County, DE

Vacancy

4.70%

Lease Rate

$19.08 /SF/Yr

Expense Ratio

45.00%

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%

$1,325,300

Cap Rate 7%

$946,643

Cap Rate 9%

$736,278

Alternative Uses

Best Use

Apartment 5plus

$946.6K

$828.3K – $1.10M (±1% cap)

NOI $66,265 @ 7.0% cap · market cap 6.66%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.67M

$1.46M – $1.95M (±1% cap)

NOI $116,792 @ 7.0% cap · market cap 11.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Parking Lot & Garage Garden Center Dental Office (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Location Intelligence

Trade Area within ½ mile

166

Businesses Nearby

Explore this area Business Placement

Demographics for 19934, DE

14,243

Population

5,318

Households

2.7

Avg Household Size

41

Median Age

35%

College-Educated

92%

High-School Grad

46.6 sq mi

ZIP Area

306

Density / Sq Mi

$79,100

Median Household Income

$40,474

Median Earnings

$1,510

Median Rent

$311,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Apartment building - Attached townhouse, varied unit mix, and private rear parking create a flexible residential configuration.

Where is this apartment building located?

The property is located at 127 BROAD Wyoming, DE.

What is the asking price?

The asking price for this property is $995,000.

What are key features of this property?

This property features: Six‑unit apartment property built in 1910; Unit mix includes two 3‑bedroom units, two 2‑bedroom units, one 3‑bedroom townhouse, and one 1‑bedroom unit; Attached 3‑bedroom townhouse adds a distinct residential configuration