Duplex with Basement
For Sale
$260,000
204 West 35th Street, Wilmington, DE 19802
Separate gas and electric metering serves the two residential units.
Property Size1,450 SF
Price / SF$179.31
Days on Market236
Property Features for 204 West 35th Street
General Information
Standard status
Active
Size
1,450 SF
Property subtype
Multi-Family / Fee Simple
Zoning
26R-3
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,245
Amenities
No
Refrigerator, Oven/Range - Electric
No Pool
Above Grade, Below Grade
Building Details
Year Built
1935
Listing Agency:
Empower Real Estate, LLC
(302) 464-8880
Listed By:
Marc Pollak · License #RS-0025450
(302) 464-8880
Source:
Compass
Added: Jan 7
Changed: Aug 30
Last Checked: Aug 31 at 2:08AM
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 Empower Real Estate, LLC
Investment Insights
Based on property information with market context.
This Wilmington duplex contains two residential units within a 1,450-square-foot property built in 1935. Each unit includes two bedrooms, one bathroom, a living room, and a kitchen equipped with an electric oven/range and refrigerator. Gas and electric utilities are separately metered between the units.
The upper unit is occupied by tenants who have expressed interest in remaining, while the lower unit is being marketed for a new resident. Interior access connects the first-floor unit to the basement, which can also be reached from the rear of the building. The property is within Wilmington city limits and is zoned 26R-3.
The upper unit is occupied by tenants who have expressed interest in remaining, while the lower unit is being marketed for a new resident. Interior access connects the first-floor unit to the basement, which can also be reached from the rear of the building. The property is within Wilmington city limits and is zoned 26R-3.
Key Highlights
- Two‑unit duplex with 1,450 SF of property size
- Both units offer 2 bedrooms, 1 bath, living room, and kitchen
- Gas and electric utilities are separately metered
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
$15,374
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
5.91%
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%
$307,480
$307.5K
Cap Rate 7%
$219,629
$219.6K
Cap Rate 9%
$170,822
$170.8K
Market Conditions
NOI Build-Up for 1,450 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
$23.5K $16.20/SF
− Vacancy
−$1.5K −$1.05/SF
EGI
$22.0K $15.15/SF
− OpEx
−$6.6K −$4.54/SF
NOI
$15.4K $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%
$307,480
Cap Rate 7%
$219,629
Cap Rate 9%
$170,822
Alternative Uses
Best Use
Multifamily LT 5
$219.6K
$192.2K – $256.2K
NOI $15,374 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$196.2K
$171.7K – $228.9K
NOI $13,734 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$346.8K
$303.5K – $404.6K
NOI $24,278 @ 7.0% cap · market cap 9.34%
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
958
Businesses Nearby
Explore this area
Business Placement
Demographics for 19802, DE
26,189
Population
11,596
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
89%
High-School Grad
3.5 sq mi
ZIP Area
7,483
Density / Sq Mi
$54,370
Median Household Income
$39,579
Median Earnings
$1,236
Median Rent
$188,400
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 - Separate gas and electric metering serves the two residential units.
Where is this duplex located?
The property is located at 204 West 35th Street Wilmington, DE.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,450 SF of property size; Both units offer 2 bedrooms, 1 bath, living room, and kitchen; Gas and electric utilities are separately metered
