Renovated Duplex with Fenced
For Sale
$369,000
203 Silview Avenue, Wilmington, DE 19804
Two detached residential units offer updated interiors, a fenced yard, and basement access.
Property Size1,575 SF
Price / SF$234.29
Days on Market219
Property Features for 203 Silview Avenue
General Information
Standard status
Active
Size
1,575 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RES
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,079
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Compass
(302) 723-3770
Listed By:
Bob Blackhurst · License #RS-0022776
(302) 723-3770
Source:
Compass
Added: Jan 24
Changed: Aug 31
Last Checked: Aug 31 at 1:38AM
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 1,575-square-foot duplex, built in 1940, contains two detached residential units with refreshed interiors. Improvements include new flooring, lighting, paint, and a remodeled kitchen, with bedrooms described as pristine. The upper unit is accessed from the spacious backyard, which is enclosed by fencing. Bilco doors provide access to the basement, adding below-grade space to the property.
Located at 203 Silview Avenue in Wilmington, Delaware, the property is outside city limits and is zoned RES. It falls within the Red Clay Consolidated School District and the Elsmere/Newport/Pike Creek MLS area. The configuration supports separate residential living areas within one property, including above-grade and below-grade components.
Located at 203 Silview Avenue in Wilmington, Delaware, the property is outside city limits and is zoned RES. It falls within the Red Clay Consolidated School District and the Elsmere/Newport/Pike Creek MLS area. The configuration supports separate residential living areas within one property, including above-grade and below-grade components.
Key Highlights
- Two‑unit detached duplex configuration
- 1,575 square feet on a 0.36‑acre lot
- Interiors updated with new flooring, lighting, and paint
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
$16,700
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
4.53%
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%
$334,000
$334.0K
Cap Rate 7%
$238,571
$238.6K
Cap Rate 9%
$185,556
$185.6K
Market Conditions
NOI Build-Up for 1,575 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
$25.5K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$23.9K $15.15/SF
− OpEx
−$7.2K −$4.54/SF
NOI
$16.7K $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%
$334,000
Cap Rate 7%
$238,571
Cap Rate 9%
$185,556
Alternative Uses
Best Use
Multifamily LT 5
$238.6K
$208.8K – $278.3K
NOI $16,700 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$213.1K
$186.5K – $248.6K
NOI $14,918 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$376.7K
$329.6K – $439.5K
NOI $26,371 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 19804, DE
18,292
Population
8,075
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
89%
High-School Grad
7.2 sq mi
ZIP Area
2,541
Density / Sq Mi
$76,204
Median Household Income
$44,897
Median Earnings
$1,157
Median Rent
$244,700
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 - Two detached residential units offer updated interiors, a fenced yard, and basement access.
Where is this duplex located?
The property is located at 203 Silview Avenue Wilmington, DE.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two‑unit detached duplex configuration; 1,575 square feet on a 0.36‑acre lot; Interiors updated with new flooring, lighting, and paint
