Multifamily
For Sale
$295,900
940 N SPRUCE St, Wilmington, DE 19801
Built in 1903, this multifamily property offers an established residential asset in a walkable, transit-served setting.
Property Size2,624 SF
Days on Market12
Property Features for 940 N SPRUCE St
General Information
Standard status
Active
Size
2,624 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,108
Building Details
Building Size
2,624 SF
Year Built
1903
Units
3
Listing Agency:
CENTURY 21 Gold Key Realty
(302) 528-4448
Listed By:
Susan Elentrio-Mahoney · License #0038849
(302) 528-4448
Source:
Elliman
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 30 at 10:44PM
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 CENTURY 21 Gold Key Realty
Investment Insights
Based on property information with market context.
Located at 940 N SPRUCE St in Wilmington, Delaware, this multifamily property was built in 1903. The surrounding setting records a Walk Score of 83, indicating that many daily destinations can be reached on foot, along with a Transit Score of 56 and a Bike Score of 43.
The property’s location combines strong walkability with access to public transportation and bikeable routes. These location metrics provide practical context for evaluating the asset within Wilmington’s residential market.
The property’s location combines strong walkability with access to public transportation and bikeable routes. These location metrics provide practical context for evaluating the asset within Wilmington’s residential market.
Key Highlights
- Multifamily property at 940 N SPRUCE St, Wilmington, DE 19801
- Built in 1903
- Walk Score of 83
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
$24,854
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
8.40%
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%
$497,080
$497.1K
Cap Rate 7%
$355,057
$355.1K
Cap Rate 9%
$276,156
$276.2K
Market Conditions
NOI Build-Up for 2,624 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
$48.2K $18.36/SF
− Vacancy
−$3.0K −$1.14/SF
EGI
$45.2K $17.22/SF
− OpEx
−$20.3K −$7.75/SF
NOI
$24.9K $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%
$497,080
Cap Rate 7%
$355,057
Cap Rate 9%
$276,156
Alternative Uses
Best Use
Apartment 5plus
$355.1K
$310.7K – $414.2K
NOI $24,854 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$627.6K
$549.2K – $732.3K
NOI $43,935 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,741
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?
Multifamily property - Built in 1903, this multifamily property offers an established residential asset in a walkable, transit-served setting.
Where is this multifamily property located?
The property is located at 940 N SPRUCE St Wilmington, DE.
What is the asking price?
The asking price for this property is $295,900.
What are key features of this property?
This property features: Multifamily property at 940 N SPRUCE St, Wilmington, DE 19801; Built in 1903; Walk Score of 83
