Renovated 2-Bedroom Income
For Sale
$185,000
1306 W 13TH STREET #2, Wilmington, DE 19806
Second-floor apartment with private outdoor space, dedicated parking, and updated interior finishes.
Property Size700 SF
Price / SF$264.29
Days on Market9
Property Features for 1306 W 13TH STREET #2
General Information
Standard status
Active
Size
700 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Parking per Unit
1
Amenities
private porch/deck
Building Details
Year Built
1910
Listing Agency:
Crown Homes Real Estate
(302) 598-2487
Listed By:
George Herbert Larson III · License #RS366770
(302) 598-2487
Source:
Cummingsrealtors
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 5:19PM
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 Crown Homes Real Estate
Investment Insights
Based on property information with market context.
This second-floor residential income property contains two bedrooms and one bathroom within 700 square feet. The 1910 building has been recently renovated with a refreshed kitchen featuring quartzite countertops, a quartzite island, extensive cabinetry, LED lighting, and new LVP flooring in the main living areas. Both bedrooms have new carpeting, and the unit receives abundant natural light.
Approximately 200 square feet of private porch and deck space overlooks Pennsylvania Avenue, with stairs providing access to the ground level. The property also includes one dedicated parking space in a lot across the street. HOA services cover exterior building maintenance, water, and sewer.
The address is in Trolley Square in Wilmington, with restaurants, cafes, shops, nightlife, and neighborhood amenities located nearby.
Approximately 200 square feet of private porch and deck space overlooks Pennsylvania Avenue, with stairs providing access to the ground level. The property also includes one dedicated parking space in a lot across the street. HOA services cover exterior building maintenance, water, and sewer.
The address is in Trolley Square in Wilmington, with restaurants, cafes, shops, nightlife, and neighborhood amenities located nearby.
Key Highlights
- Two‑bedroom, one‑bathroom unit with 700 SF of interior space
- Recently renovated kitchen with quartzite countertops and island
- Approximately 200 square feet of private porch/deck space
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
$6,630
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
3.58%
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%
$132,600
$132.6K
Cap Rate 7%
$94,714
$94.7K
Cap Rate 9%
$73,667
$73.7K
Market Conditions
NOI Build-Up for 700 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
$12.9K $18.36/SF
− Vacancy
−$797 −$1.14/SF
EGI
$12.1K $17.22/SF
− OpEx
−$5.4K −$7.75/SF
NOI
$6.6K $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%
$132,600
Cap Rate 7%
$94,714
Cap Rate 9%
$73,667
Alternative Uses
Best Use
Apartment 5plus
$94.7K
$82.9K – $110.5K
NOI $6,630 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$167.4K
$146.5K – $195.3K
NOI $11,720 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,336
Businesses Nearby
Explore this area
Business Placement
Demographics for 19806, DE
10,083
Population
6,638
Households
1.5
Avg Household Size
45
Median Age
71%
College-Educated
98%
High-School Grad
1.7 sq mi
ZIP Area
5,931
Density / Sq Mi
$86,240
Median Household Income
$76,246
Median Earnings
$1,329
Median Rent
$370,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor apartment with private outdoor space, dedicated parking, and updated interior finishes.
Where is this residential income property located?
The property is located at 1306 W 13TH STREET #2 Wilmington, DE.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom unit with 700 SF of interior space; Recently renovated kitchen with quartzite countertops and island; Approximately 200 square feet of private porch/deck space
