Occupied Duplex Income
For Sale
$225,000
202 North Union Street, Wilmington, DE 19805
Duplex with an occupied commercial unit downstairs and an occupied one-bedroom apartment upstairs, both reported in good condition.
Property Size1,650 SF
Price / SF$136.36
Days on Market333
Property Features for 202 North Union Street
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Multi-Family / Fee Simple
Zoning
26C-2
Occupancy
100%
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,098
Amenities
No
No Pool
Building Details
Year Built
1900
Listing Agency:
Compass
Listed By:
Bob Blackhurst · License #RS-0022776
(302) 723-3770
Source:
Compass
Added: Oct 10, 2025
Changed: Aug 8
Last Checked: Aug 1 at 1:45PM
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 duplex at 202 North Union Street includes an occupied commercial unit on the first level and an occupied full one-bedroom residential apartment upstairs. The property is described as well maintained, with both units reported in good condition.
The property is located in Wilmington, Delaware, in city limits, within New Castle County. The listing references the Red Clay Consolidated School District.
For buyers seeking a cash-flowing, two-unit setup, the key current configuration is a commercial tenant downstairs paired with a residential tenant upstairs.
The property is located in Wilmington, Delaware, in city limits, within New Castle County. The listing references the Red Clay Consolidated School District.
For buyers seeking a cash-flowing, two-unit setup, the key current configuration is a commercial tenant downstairs paired with a residential tenant upstairs.
Key Highlights
- Duplex on Union Street with an occupied commercial unit downstairs and an occupied 1‑bedroom residential unit upstairs
- Both units are reported in good condition
- Occupied long‑term tenants in the downstairs commercial unit
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
$17,495
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
7.78%
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%
$349,900
$349.9K
Cap Rate 7%
$249,929
$249.9K
Cap Rate 9%
$194,389
$194.4K
Market Conditions
NOI Build-Up for 1,650 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
$26.7K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$25.0K $15.15/SF
− OpEx
−$7.5K −$4.54/SF
NOI
$17.5K $10.60/SF
Area
New Castle County, DE
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$349,900
Cap Rate 7%
$249,929
Cap Rate 9%
$194,389
Alternative Uses
Best Use
Multifamily LT 5
$249.9K
$218.7K – $291.6K
NOI $17,495 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$223.3K
$195.4K – $260.5K
NOI $15,629 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$394.7K
$345.3K – $460.5K
NOI $27,627 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,719
Businesses Nearby
Explore this area
Business Placement
Demographics for 19805, DE
39,985
Population
17,281
Households
2.3
Avg Household Size
35
Median Age
23%
College-Educated
87%
High-School Grad
5.5 sq mi
ZIP Area
7,270
Density / Sq Mi
$56,708
Median Household Income
$38,043
Median Earnings
$1,203
Median Rent
$220,200
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?
Duplex - Duplex with an occupied commercial unit downstairs and an occupied one-bedroom apartment upstairs, both reported in good condition.
Where is this duplex located?
The property is located at 202 North Union Street Wilmington, DE.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Duplex on Union Street with an occupied commercial unit downstairs and an occupied 1‑bedroom residential unit upstairs; Both units are reported in good condition; Occupied long‑term tenants in the downstairs commercial unit
