Turnkey Duplex Investment
For Sale
$390,000
209 N BROOM STREET, Wilmington, DE 19805
Turnkey duplex built in 1900 with two units offering 3 and 4 bedrooms plus on-site parking opportunity.
Property Size2,200 SF
Price / SF$177.27
Days on Market27
Property Features for 209 N BROOM STREET
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Duplex
Additional Details
Gross Income
$42,000
Highway Access
Yes
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
EXP Realty, LLC
(302) 540-8048
Listed By:
Erik Bashford · License #RS-0020681
(302) 540-8048
Source:
Cummingsrealtors
Added: Jul 16
Changed: Aug 11
Last Checked: Aug 11 at 6:21AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This turnkey duplex investment property includes two residential units. Unit 1 offers three bedrooms and one full bathroom. Unit 2 offers four bedrooms and one full bathroom. The property is presented as well-maintained and income-producing.
The duplex is located at 209 N Broom Street in Wilmington, Delaware, convenient to downtown Wilmington as well as major highways and public transportation. It’s also positioned near shopping, restaurants, and employment centers.
With a total property size of 2,200 SF and a year built of 1900, this duplex offers a straightforward two-unit configuration for an owner-occupant or investor seeking rental housing.
Showing details include an open house on Thursday, July 30 at noon and Saturday, August 1 at 1:00 pm.
The duplex is located at 209 N Broom Street in Wilmington, Delaware, convenient to downtown Wilmington as well as major highways and public transportation. It’s also positioned near shopping, restaurants, and employment centers.
With a total property size of 2,200 SF and a year built of 1900, this duplex offers a straightforward two-unit configuration for an owner-occupant or investor seeking rental housing.
Showing details include an open house on Thursday, July 30 at noon and Saturday, August 1 at 1:00 pm.
Key Highlights
- Two‑unit duplex investment property
- Unit 1: 3 bedrooms and 1 full bathroom
- Unit 2: 4 bedrooms and 1 full bathroom
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
$23,326
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
5.98%
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%
$466,520
$466.5K
Cap Rate 7%
$333,229
$333.2K
Cap Rate 9%
$259,178
$259.2K
Market Conditions
NOI Build-Up for 2,200 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
$35.6K $16.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$33.3K $15.15/SF
− OpEx
−$10.0K −$4.54/SF
NOI
$23.3K $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%
$466,520
Cap Rate 7%
$333,229
Cap Rate 9%
$259,178
Alternative Uses
Best Use
Multifamily LT 5
$333.2K
$291.6K – $388.8K
NOI $23,326 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$297.7K
$260.5K – $347.3K
NOI $20,838 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$526.2K
$460.4K – $613.9K
NOI $36,835 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,935
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Turnkey duplex built in 1900 with two units offering 3 and 4 bedrooms plus on-site parking opportunity.
Where is this duplex located?
The property is located at 209 N BROOM STREET Wilmington, DE.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two‑unit duplex investment property; Unit 1: 3 bedrooms and 1 full bathroom; Unit 2: 4 bedrooms and 1 full bathroom
