Renovated Duplex with Rear
For Sale
$245,000
Pending
2123 Seneca Road, Wilmington, DE 19805
Two-unit residential property with rear parking and access serving both residences.
Property Size1,600 SF
Days on Market172
Property Features for 2123 Seneca Road
General Information
Standard status
Pending
Size
1,600 SF
Property subtype
Multi-Family / Fee Simple
Zoning
19RGA
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,301
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1950
Listing Agency:
Crown Homes Real Estate
(302) 383-6066
Listed By:
Alissa Facciolo · License #RS367495
(302) 383-6066
Source:
Compass
Added: Mar 13
Changed: Aug 30
Last Checked: Aug 31 at 1:42AM
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 Crown Homes Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two separate residences, each configured with two bedrooms and one bathroom. The upper unit has undergone a recent renovation and includes its own stacking washer and dryer, while the lower unit features newly installed carpet. The property was built in 1950 and measures 1,600 SF.
Rear parking and access provide practical entry to the units. The property is located at 2123 Seneca Road in Wilmington, Delaware, outside city limits, within New Castle County and the Red Clay Consolidated School District. Zoning is 19RGA, and the property is occupied by long-term tenants.
Rear parking and access provide practical entry to the units. The property is located at 2123 Seneca Road in Wilmington, Delaware, outside city limits, within New Castle County and the Red Clay Consolidated School District. Zoning is 19RGA, and the property is occupied by long-term tenants.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- 1,600 SF property built in 1950
- Upper unit recently renovated with stacking washer and dryer
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
$16,965
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
6.92%
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%
$339,300
$339.3K
Cap Rate 7%
$242,357
$242.4K
Cap Rate 9%
$188,500
$188.5K
Market Conditions
NOI Build-Up for 1,600 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
$25.9K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.2K $15.15/SF
− OpEx
−$7.3K −$4.54/SF
NOI
$17.0K $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%
$339,300
Cap Rate 7%
$242,357
Cap Rate 9%
$188,500
Alternative Uses
Best Use
Multifamily LT 5
$242.4K
$212.1K – $282.8K
NOI $16,965 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$216.5K
$189.4K – $252.6K
NOI $15,155 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$382.7K
$334.9K – $446.5K
NOI $26,789 @ 7.0% cap · market cap 10.93%
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
1,087
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with rear parking and access serving both residences.
Where is this duplex located?
The property is located at 2123 Seneca Road Wilmington, DE.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; 1,600 SF property built in 1950; Upper unit recently renovated with stacking washer and dryer
