Downtown Seaford
For Sale
$265,000
229 N FRONT STREET, Seaford, DE 19973
Two residential units include an occupied four-bedroom home and a second unit undergoing renovation.
Property Size1,350 SF
Price / SF$196.30
Days on Market10
Property Features for 229 N FRONT STREET
General Information
Standard status
Active
Size
1,350 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
requires additional renovation and completion
Units
Unit Mix
1 x 4BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1972
Listing Agency:
Tri-County Realty
(302) 252-1962
Listed By:
Angel L Cabazza · License #RS-0022989
(302) 252-1962
Source:
Cummingsrealtors
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 6:05PM
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 Tri-County Realty
Investment Insights
Based on property information with market context.
This 1972 duplex contains approximately 1,350 square feet across two residential units. The occupied unit offers four bedrooms and one bathroom. The second residence has three bedrooms and one bathroom and is currently vacant while renovation work continues. Drywall and some electrical improvements have been started, with additional completion work required before occupancy.
The property is located at 229 N Front Street in Seaford, Delaware, within the City of Seaford's Downtown Development District. Incentives may currently be available for qualifying improvements, subject to eligibility, availability, and applicable requirements verified with the appropriate authorities.
The property is located at 229 N Front Street in Seaford, Delaware, within the City of Seaford's Downtown Development District. Incentives may currently be available for qualifying improvements, subject to eligibility, availability, and applicable requirements verified with the appropriate authorities.
Key Highlights
- Two‑unit duplex at 229 N Front Street, Seaford, DE 19973
- 1,350 square feet of residential property
- Occupied unit with 4 bedrooms and 1 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
$14,314
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
5.40%
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%
$286,280
$286.3K
Cap Rate 7%
$204,486
$204.5K
Cap Rate 9%
$159,044
$159.0K
Market Conditions
NOI Build-Up for 1,350 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
$21.9K $16.20/SF
− Vacancy
−$1.4K −$1.05/SF
EGI
$20.4K $15.15/SF
− OpEx
−$6.1K −$4.54/SF
NOI
$14.3K $10.60/SF
Area
Sussex 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%
$286,280
Cap Rate 7%
$204,486
Cap Rate 9%
$159,044
Alternative Uses
Best Use
Multifamily LT 5
$204.5K
$178.9K – $238.6K
NOI $14,314 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$189.4K
$165.8K – $221.0K
NOI $13,261 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$371.0K
$324.6K – $432.8K
NOI $25,969 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Explore this area
Business Placement
Demographics for 19973, DE
25,550
Population
10,725
Households
2.4
Avg Household Size
42
Median Age
18%
College-Educated
84%
High-School Grad
84.0 sq mi
ZIP Area
304
Density / Sq Mi
$62,668
Median Household Income
$36,439
Median Earnings
$1,131
Median Rent
$254,300
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 residential units include an occupied four-bedroom home and a second unit undergoing renovation.
Where is this duplex located?
The property is located at 229 N FRONT STREET Seaford, DE.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑unit duplex at 229 N Front Street, Seaford, DE 19973; 1,350 square feet of residential property; Occupied unit with 4 bedrooms and 1 bathroom
