Boutique Apartment
For Sale
$1,585,000
2901 N Broom St., Wilmington, DE 19802
Boutique apartment community with 11 units, including eight one-bedroom and three two-bedroom apartments.
Property Size8,670 SF
Days on Market109
Property Features for 2901 N Broom St.
General Information
Standard status
Active
Size
8,670 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
11
Building Details
Building Size
8,670 SF
Year Built
1940
Listing Agency:
NAI Emory Hill
(610) 633-7513
Listed By:
Matt Chacko · License ##R5-0037315
(610) 633-7513
Source:
Sbrealtyco
Added: May 16
Changed: Aug 31
Last Checked: Aug 31 at 3:33PM
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 NAI Emory Hill
Investment Insights
Based on property information with market context.
Located on N Broom St in Wilmington, Delaware, this boutique apartment community offers 11 apartment units in a mix of eight one-bedroom and three two-bedroom homes. The property is presented as a small, multifamily income opportunity.
The building sits on a scheduled Wilmington block near established commercial services. It is described as only minutes from Salesianum School and the ramp to I-95 and Amtrak Train Station, offering multiple access options for residents.
With a predominantly one-bedroom tenant mix and additional two-bedroom units, the property provides a straightforward residential configuration within a limited unit count.
The building sits on a scheduled Wilmington block near established commercial services. It is described as only minutes from Salesianum School and the ramp to I-95 and Amtrak Train Station, offering multiple access options for residents.
With a predominantly one-bedroom tenant mix and additional two-bedroom units, the property provides a straightforward residential configuration within a limited unit count.
Key Highlights
- Boutique apartment community with 11 total apartment units
- Unit mix includes 8 one‑bedroom and 3 two‑bedroom apartments
- Located on N Broom St in Wilmington’s Baynard Village neighborhood
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
$82,122
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
5.18%
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%
$1,642,440
$1.6M
Cap Rate 7%
$1,173,171
$1.2M
Cap Rate 9%
$912,467
$912.5K
Market Conditions
NOI Build-Up for 8,670 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
$159.2K $18.36/SF
− Vacancy
−$9.9K −$1.14/SF
EGI
$149.3K $17.22/SF
− OpEx
−$67.2K −$7.75/SF
NOI
$82.1K $9.47/SF
Area
New Castle County, DE
Vacancy
6.20%
Lease Rate
$18.36 /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%
$1,642,440
Cap Rate 7%
$1,173,171
Cap Rate 9%
$912,467
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,122 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $145,165 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
599
Businesses Nearby
Explore this area
Business Placement
Demographics for 19802, DE
26,189
Population
11,596
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
89%
High-School Grad
3.5 sq mi
ZIP Area
7,483
Density / Sq Mi
$54,370
Median Household Income
$39,579
Median Earnings
$1,236
Median Rent
$188,400
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?
Apartment building - Boutique apartment community with 11 units, including eight one-bedroom and three two-bedroom apartments.
Where is this apartment building located?
The property is located at 2901 N Broom St. Wilmington, DE.
What is the asking price?
The asking price for this property is $1,585,000.
What are key features of this property?
This property features: Boutique apartment community with 11 total apartment units; Unit mix includes 8 one‑bedroom and 3 two‑bedroom apartments; Located on N Broom St in Wilmington’s Baynard Village neighborhood
