Two-Building Apartment
For Sale
$1,500,000
211 & 213 N Walnut Street, Milford, DE 19963
Two-building apartment portfolio with separately metered water and recently passed city inspections in Milford.
Property Size4,928 SF
Price / SF$304.38
Days on Market105
Property Features for 211 & 213 N Walnut Street
General Information
Standard status
Active
Size
4,928 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Multifamily Units
10
Building Details
Year Built
2004
Listing Agency:
Myers Realty
(302) 423-0276
Listed By:
Albert Leskovar · License #RS-0018925
(302) 423-0276
Source:
Xome
Added: Apr 24
Changed: Jul 10
Last Checked: Jun 14 at 1:53AM
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 Myers Realty
Investment Insights
Based on property information with market context.
This portfolio consists of two apartment buildings containing 10 units total. The buildings have recently passed full City of Milford inspections, and the current ownership has maintained the property with recent remodels across most units. The portfolio also features separately metered water, supporting tenant-specific usage.
The properties are located at 211 & 213 N Walnut Street in Milford, Delaware, and sit on a large private parking lot intended for resident use.
As an acquisition, this configuration can appeal to investors or buyers looking for a multi-unit setup with documented inspection compliance and building systems that are already separated via individual water metering. The 10-unit count provides an operator with multiple residential units within a two-building footprint, while the on-site private parking lot supports day-to-day resident convenience.
The properties are located at 211 & 213 N Walnut Street in Milford, Delaware, and sit on a large private parking lot intended for resident use.
As an acquisition, this configuration can appeal to investors or buyers looking for a multi-unit setup with documented inspection compliance and building systems that are already separated via individual water metering. The 10-unit count provides an operator with multiple residential units within a two-building footprint, while the on-site private parking lot supports day-to-day resident convenience.
Key Highlights
- Two‑building apartment portfolio in Milford with separately metered water
- Both buildings and all 10 units recently passed full City of Milford inspections
- Remodels have been completed across most units
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
$48,409
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
3.23%
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%
$968,180
$968.2K
Cap Rate 7%
$691,557
$691.6K
Cap Rate 9%
$537,878
$537.9K
Market Conditions
NOI Build-Up for 4,928 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
$93.4K $18.96/SF
− Vacancy
−$5.4K −$1.10/SF
EGI
$88.0K $17.86/SF
− OpEx
−$39.6K −$8.04/SF
NOI
$48.4K $9.82/SF
Area
Sussex County, DE
Vacancy
5.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
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%
$968,180
Cap Rate 7%
$691,557
Cap Rate 9%
$537,878
Alternative Uses
Best Use
Apartment 5plus
$691.6K
$605.1K – $806.8K
NOI $48,409 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,795 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Explore this area
Business Placement
Demographics for 19963, DE
20,827
Population
10,300
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
105.1 sq mi
ZIP Area
198
Density / Sq Mi
$65,420
Median Household Income
$40,157
Median Earnings
$1,161
Median Rent
$291,200
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?
Apartment building - Two-building apartment portfolio with separately metered water and recently passed city inspections in Milford.
Where is this apartment building located?
The property is located at 211 & 213 N Walnut Street Milford, DE.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two‑building apartment portfolio in Milford with separately metered water; Both buildings and all 10 units recently passed full City of Milford inspections; Remodels have been completed across most units
