5-Unit Residential Income
For Sale
$525,000
133 S MAIN St, Smyrna, DE 19977
Five residential units feature individual gas and electric meters, with a lobby, basement, and parking plus street parking.
Property Size4,374 SF
Days on Market121
Property Features for 133 S MAIN St
General Information
Standard status
Active
Size
4,374 SF
Property subtype
Investment
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$3,059
Amenities
lobby
basement
parking lot
street parking
front and rear entrances/exits
Building Details
Building Size
4,374 SF
Year Built
1870
Units
4
Tenancy
Multi
Listing Agency:
Bryan Realty Group
Listed By:
Aaron Layton
(302) 242-0432
Source:
Elliman
Added: May 9
Changed: Aug 27
Last Checked: Sep 5 at 12:57PM
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 Bryan Realty Group
Investment Insights
Based on property information with market context.
This 5-unit residential income property includes a lobby and basement, with both front and rear entrances/exits. Each unit is separately metered with its own heat, gas, and electric meters.
The property is located in the downtown Smyrna area. On-site parking and street parking are available, and the units are currently on month-to-month leases.
The current gross annual rents are listed as $58,500, with fixed expenses noted as $7,027 for insurance and taxes.
The property is located in the downtown Smyrna area. On-site parking and street parking are available, and the units are currently on month-to-month leases.
The current gross annual rents are listed as $58,500, with fixed expenses noted as $7,027 for insurance and taxes.
Key Highlights
- 5‑unit residential property in downtown Smyrna built in 1870
- All 5 units have their own gas and electric meters
- Gross annual rents are $58,500
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
$43,743
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
8.33%
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%
$874,860
$874.9K
Cap Rate 7%
$624,900
$624.9K
Cap Rate 9%
$486,033
$486.0K
Market Conditions
NOI Build-Up for 4,374 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
$83.5K $19.08/SF
− Vacancy
−$3.9K −$0.90/SF
EGI
$79.5K $18.18/SF
− OpEx
−$35.8K −$8.18/SF
NOI
$43.7K $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%
$874,860
Cap Rate 7%
$624,900
Cap Rate 9%
$486,033
Alternative Uses
Best Use
Apartment 5plus
$624.9K
$546.8K – $729.1K
NOI $43,743 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$963.7K – $1.28M
NOI $77,098 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Explore this area
Business Placement
Demographics for 19977, DE
27,505
Population
9,899
Households
2.8
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
83.1 sq mi
ZIP Area
331
Density / Sq Mi
$78,803
Median Household Income
$48,246
Median Earnings
$1,366
Median Rent
$311,800
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?
Multifamily property - Five residential units feature individual gas and electric meters, with a lobby, basement, and parking plus street parking.
Where is this multifamily property located?
The property is located at 133 S MAIN St Smyrna, DE.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 5‑unit residential property in downtown Smyrna built in 1870; All 5 units have their own gas and electric meters; Gross annual rents are $58,500
