Detached 3-Unit
New
For Sale
$399,000
Pending
600 N WASHINGTON St, Wilmington, DE 19801
Corner asset in the Quaker Hill Historic District includes off-street parking and a remodeled vacant residence.
Property Size3,625 SF
Days on Market3
Property Features for 600 N WASHINGTON St
General Information
Standard status
Pending
Size
3,625 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,080
Building Details
Building Size
3,625 SF
Year Built
1860
Units
1
Listing Agency:
(302) 425-4900
Listed By:
Kevin G A Melloy
(302) 425-4900
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 12:34PM
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 Kevin G A Melloy
Investment Insights
Based on property information with market context.
Built in 1860, this detached triplex is arranged as three residential units on a corner property with off-street parking. One vacant unit has been remodeled and offers three bedrooms and two bathrooms, while the other two units generate rental income. The configuration also supports owner-occupant use of the renovated residence alongside the occupied units.
The property is located at 600 N WASHINGTON St in Wilmington’s Quaker Hill Historic District and Downtown Development District. Downtown attractions, the train station, transportation options, and Riverfront destinations are nearby. Walk Score is 83, Bike Score is 43, and Transit Score is 56.
The property is located at 600 N WASHINGTON St in Wilmington’s Quaker Hill Historic District and Downtown Development District. Downtown attractions, the train station, transportation options, and Riverfront destinations are nearby. Walk Score is 83, Bike Score is 43, and Transit Score is 56.
Key Highlights
- Detached triplex with three residential units
- Vacant remodeled unit offers 3 bedrooms and 2 bathrooms
- Two additional units generate rental income
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
$34,336
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
8.61%
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%
$686,720
$686.7K
Cap Rate 7%
$490,514
$490.5K
Cap Rate 9%
$381,511
$381.5K
Market Conditions
NOI Build-Up for 3,625 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
$66.6K $18.36/SF
− Vacancy
−$4.1K −$1.14/SF
EGI
$62.4K $17.22/SF
− OpEx
−$28.1K −$7.75/SF
NOI
$34.3K $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%
$686,720
Cap Rate 7%
$490,514
Cap Rate 9%
$381,511
Alternative Uses
Best Use
Multifamily LT 5
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 9.63%
Second Best
Apartment 5plus
$490.5K
$429.2K – $572.3K
NOI $34,336 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$867.1K
$758.7K – $1.01M
NOI $60,695 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,590
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?
Triplex - Corner asset in the Quaker Hill Historic District includes off-street parking and a remodeled vacant residence.
Where is this triplex located?
The property is located at 600 N WASHINGTON St Wilmington, DE.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Detached triplex with three residential units; Vacant remodeled unit offers 3 bedrooms and 2 bathrooms; Two additional units generate rental income
