Duplex Near
For Sale
$249,900
221 Chestnut Street, New Castle, DE 19720
Two-unit residential property in city limits with walkable access to shops and dining.
Property Size1,125 SF
Price / SF$222.13
Days on Market221
Property Features for 221 Chestnut Street
General Information
Standard status
Active
Size
1,125 SF
Property subtype
Multi-Family / Fee Simple
Zoning
21HR
Property Condition
Severity
Repairs Needed
Evidence
requires minimal renovations
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,738
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1910
Listing Agency:
FSBO Broker
(717) 461-7201
Listed By:
Lee F. Wolff · License #RB-0031203
(717) 461-7201
Source:
Compass
Added: Jan 21
Changed: Aug 30
Last Checked: Aug 30 at 1:00AM
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 FSBO Broker
Investment Insights
Based on property information with market context.
This duplex at 221 Chestnut Street includes 1,125 square feet of property area and dates to 1910. The two-unit configuration is located in New Castle city limits and carries 21HR zoning. Installation of hardwired smoke detectors remains needed.
The property is positioned near the waterfront in historic Old New Castle, with walkable access to shops, dining, and scenic river views. It is within the Colonial School District and the New Castle/Red Lion/Del.City MLS area.
The property is positioned near the waterfront in historic Old New Castle, with walkable access to shops, dining, and scenic river views. It is within the Colonial School District and the New Castle/Red Lion/Del.City MLS area.
Key Highlights
- Duplex configuration with 1,125 square feet of property area
- Built in 1910
- 21HR zoning within New Castle city limits
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
$11,928
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
4.77%
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%
$238,560
$238.6K
Cap Rate 7%
$170,400
$170.4K
Cap Rate 9%
$132,533
$132.5K
Market Conditions
NOI Build-Up for 1,125 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
$18.2K $16.20/SF
− Vacancy
−$1.2K −$1.05/SF
EGI
$17.0K $15.15/SF
− OpEx
−$5.1K −$4.54/SF
NOI
$11.9K $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%
$238,560
Cap Rate 7%
$170,400
Cap Rate 9%
$132,533
Alternative Uses
Best Use
Multifamily LT 5
$170.4K
$149.1K – $198.8K
NOI $11,928 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$152.2K
$133.2K – $177.6K
NOI $10,656 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$269.1K
$235.5K – $313.9K
NOI $18,836 @ 7.0% cap · market cap 7.54%
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
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 19720, DE
61,043
Population
24,262
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
89%
High-School Grad
38.3 sq mi
ZIP Area
1,594
Density / Sq Mi
$75,985
Median Household Income
$42,600
Median Earnings
$1,282
Median Rent
$242,600
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 - Two-unit residential property in city limits with walkable access to shops and dining.
Where is this duplex located?
The property is located at 221 Chestnut Street New Castle, 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: Duplex configuration with 1,125 square feet of property area; Built in 1910; 21HR zoning within New Castle city limits
