8-Unit Multifamily with 9th
For Sale
$1,200,000
1300 N French St, Wilmington, DE 19801
8-unit multifamily with a unit mix of one-, two-, and three-bedrooms, spanning 6,513 square feet.
Property Size6,513 SF
Price / SF$184.25
Days on Market95
Property Features for 1300 N French St
General Information
Standard status
Active
Size
6,513 SF
Building Details
Year Built
1920
Listing Agency:
Compass
Listed By:
Mark Stape · License #RS-0023956
(302) 202-9855
Source:
Elkaimpropertygroup
Added: Jun 4
Changed: Sep 4
Last Checked: Sep 5 at 10:47AM
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 Compass
Investment Insights
Based on property information with market context.
This offering is an 8-unit multifamily property with an existing mix of four 1-bedroom units, three 2-bedroom units, and two 3-bedroom units totaling 6,513 square feet. The property is also described as having potential to add a ninth unit, subject to zoning.
The asset is positioned in downtown Wilmington and is noted as being near ChristianaCare Wilmington Hospital. Access is highlighted via I-95, along with public transportation and proximity to employment hubs, downtown amenities, and Rodney Square.
The remarks also cite value-add opportunities, including leasing the potential 9th unit and implementing RUBS (with 80% recapture assumed). The current property tax assessment is stated as $1,478,500, with the opportunity described as contesting that assessment.
The asset is positioned in downtown Wilmington and is noted as being near ChristianaCare Wilmington Hospital. Access is highlighted via I-95, along with public transportation and proximity to employment hubs, downtown amenities, and Rodney Square.
The remarks also cite value-add opportunities, including leasing the potential 9th unit and implementing RUBS (with 80% recapture assumed). The current property tax assessment is stated as $1,478,500, with the opportunity described as contesting that assessment.
Key Highlights
- 8‑unit multifamily property built in 1920 with 6,513 SF total building area
- Unit mix: four 1‑bedroom, three 2‑bedroom, and two 3‑bedroom units
- Potential to add a 9th unit subject to zoning
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
$61,691
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
5.14%
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%
$1,233,820
$1.2M
Cap Rate 7%
$881,300
$881.3K
Cap Rate 9%
$685,456
$685.5K
Market Conditions
NOI Build-Up for 6,513 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
$119.6K $18.36/SF
− Vacancy
−$7.4K −$1.14/SF
EGI
$112.2K $17.22/SF
− OpEx
−$50.5K −$7.75/SF
NOI
$61.7K $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%
$1,233,820
Cap Rate 7%
$881,300
Cap Rate 9%
$685,456
Alternative Uses
Best Use
Apartment 5plus
$881.3K
$771.1K – $1.03M
NOI $61,691 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,050 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Apartment building - 8-unit multifamily with a unit mix of one-, two-, and three-bedrooms, spanning 6,513 square feet.
Where is this apartment building located?
The property is located at 1300 N French St Wilmington, DE.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8‑unit multifamily property built in 1920 with 6,513 SF total building area; Unit mix: four 1‑bedroom, three 2‑bedroom, and two 3‑bedroom units; Potential to add a 9th unit subject to zoning
