Two-Unit Residential Rental
202 West 35th Street Wilmington, DE 19802
For Sale
$225,000
Two 2-bedroom, 1-bath units with separate gas/electric metering and recent permitted foundation and bathroom improvements.
Property Size1,425 SF
Price / SF$157.89
Days on Market278
Property Features for 202 West 35th Street
General Information
- Standard status
- Active
- Size
- 1,425 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1935
Listing Agency:
Keller Williams Real Estate - Newark
(302) 464-8880
Listed By:
Marc Pollak · License #RS-0025450
(302) 464-8880
Source:
Compass
Added: Oct 20, 2025
Changed: Jul 23
Last Checked: Jul 23 at 4:07AM
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 Keller Williams Real Estate - Newark
Investment Insights
Based on property information with market context.
This two-unit rental duplex features two separate apartments, each with two bedrooms, one bathroom, a living room, and a kitchen. Gas and electric are split out between units. The property also includes basement access for the first-floor unit from inside the building, with an additional basement entry from the back of the building.
Recent work includes foundation repairs under much of the first floor that were rebuilt with permits and engineering, as well as a newly built bathroom on the first floor with permits dated 2nd & 3rd 1/4 of 2025. First-floor tenants are currently in place and the unit is positioned to provide immediate rental income, while the second-floor unit is vacant and being marketed for rent.
The basement space can be used by tenants or blocked off, depending on how a future rental setup is planned for the property.
Recent work includes foundation repairs under much of the first floor that were rebuilt with permits and engineering, as well as a newly built bathroom on the first floor with permits dated 2nd & 3rd 1/4 of 2025. First-floor tenants are currently in place and the unit is positioned to provide immediate rental income, while the second-floor unit is vacant and being marketed for rent.
The basement space can be used by tenants or blocked off, depending on how a future rental setup is planned for the property.
Key Highlights
- 2‑unit rental with two 2‑bedroom, 1‑bath units, each with a living room and kitchen
- Separate gas/electric metering for the units (no gas utilities currently being used, but option is there)
- Foundation under much of the 1st floor has been rebuilt with permits and engineering
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $23.1k | $16.20 |
| − Vacancy | −$1.5k | −$1.05 |
| EGI | $21.6k | $15.15 |
| − OpEx | −$6.5k | −$4.54 |
| NOI | $15.1k | $10.60 |
1,425 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$215.8K
$188.9K – $251.8K
NOI $15,109 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$192.8K
$168.7K – $225.0K
NOI $13,497 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$340.8K
$298.2K – $397.7K
NOI $23,859 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Eastlawn Area Human ...
Social Service Agency
Macedonia Missionary Baptist ...
Church
FAQs
What type of property is this?
Duplex - Two 2-bedroom, 1-bath units with separate gas/electric metering and recent permitted foundation and bathroom improvements.
Where is this duplex located?
The property is located at 202 West 35th 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: 2‑unit rental with two 2‑bedroom, 1‑bath units, each with a living room and kitchen; Separate gas/electric metering for the units (no gas utilities currently being used, but option is there); Foundation under much of the 1st floor has been rebuilt with permits and engineering
