Two-Unit Duplex with Private
New
For Sale
$249,900
2125 Seneca Road, Wilmington, DE 19805
Wilmington duplex with two two-bedroom units, separate living areas, backyard access, and one driveway parking space.
Property Size1,600 SF
Price / SF$156.19
Days on Market7
Property Features for 2125 Seneca Road
General Information
Standard status
Active
Size
1,600 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1950
Listing Agency:
RE/MAX Associates-Wilmington
(302) 218-5182
Listed By:
Stephanie Mikul · License #3281963
Source:
Findmydedreamhome
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 4:57PM
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 RE/MAX Associates-Wilmington
Investment Insights
Based on property information with market context.
Built in 1950, this 1,600-square-foot duplex contains two separate two-bedroom, one-bath residences. Each unit includes its own living area, private entry, and access to the backyard. The property also provides one driveway parking space.
The lower residence is occupied by tenants receiving Housing Choice Voucher assistance. Residents are responsible for gas and electric service, while the owner covers property taxes, water, and sewer. The property is located at 2125 Seneca Road in Wilmington, Delaware. Lease terms, rental amounts, HAP or subsidy details, and program requirements are subject to buyer verification.
The lower residence is occupied by tenants receiving Housing Choice Voucher assistance. Residents are responsible for gas and electric service, while the owner covers property taxes, water, and sewer. The property is located at 2125 Seneca Road in Wilmington, Delaware. Lease terms, rental amounts, HAP or subsidy details, and program requirements are subject to buyer verification.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- 1,600 square feet in a duplex built in 1950
- Private entrances and backyard access for each residence
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
6.79%
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 6.79%
Second Best
Apartment 5plus
$216.5K
$189.4K – $252.6K
NOI $15,155 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$382.7K
$334.9K – $446.5K
NOI $26,789 @ 7.0% cap · market cap 10.72%
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 - Wilmington duplex with two two-bedroom units, separate living areas, backyard access, and one driveway parking space.
Where is this duplex located?
The property is located at 2125 Seneca Road Wilmington, DE.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units; 1,600 square feet in a duplex built in 1950; Private entrances and backyard access for each residence
