Two-Unit Duplex with Recent
For Sale
$399,000
23 23-25 Clark St, Harrington, DE 19952
Tenant-occupied duplex with flexible zoning, private driveway parking, and additional on-street parking.
Property Size2,688 SF
Lot Size0.15 Acres
Price / SF$148.44
Days on Market49
Property Features for 23 23-25 Clark St
General Information
Standard status
Active
Size
2,688 SF
Lot size
0.15 Acres
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Iron Valley Real Estate at The Beach
(302) 360-0300
Listed By:
Renee Edge · License #RA-0031042
Source:
Lgagne
Added: Jul 12
Changed: Aug 28
Last Checked: Aug 25 at 5:01AM
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 Iron Valley Real Estate at The Beach
Investment Insights
Based on property information with market context.
This two-unit duplex includes matching residential layouts, with each unit providing 3 bedrooms and 1 full bath. The property is currently tenant-occupied and sits on a 0.15-acre lot. A roof installed approximately 2 years ago is among the recent improvements, while parking is provided through a private driveway and along the street.
The property is located at 23–25 Clark St in Harrington, Delaware, within the Downtown Development District. The zoning is described as supporting residential, multifamily, and commercial use, giving the building multiple potential occupancy frameworks. Its location also places the property near local shops, amenities, and major routes.
The property is located at 23–25 Clark St in Harrington, Delaware, within the Downtown Development District. The zoning is described as supporting residential, multifamily, and commercial use, giving the building multiple potential occupancy frameworks. Its location also places the property near local shops, amenities, and major routes.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 full bath in each unit
- 0.15‑acre lot with private driveway and on‑street parking
- Roof approximately 2 years old
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
$29,122
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
7.30%
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%
$582,440
$582.4K
Cap Rate 7%
$416,029
$416.0K
Cap Rate 9%
$323,578
$323.6K
Market Conditions
NOI Build-Up for 2,688 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
$43.5K $16.20/SF
− Vacancy
−$1.9K −$0.72/SF
EGI
$41.6K $15.48/SF
− OpEx
−$12.5K −$4.64/SF
NOI
$29.1K $10.83/SF
Area
Kent County, DE
Vacancy
4.46%
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%
$582,440
Cap Rate 7%
$416,029
Cap Rate 9%
$323,578
Alternative Uses
Best Use
Multifamily LT 5
$416.0K
$364.0K – $485.4K
NOI $29,122 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$384.0K
$336.0K – $448.0K
NOI $26,882 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$676.9K
$592.3K – $789.7K
NOI $47,380 @ 7.0% cap · market cap 11.87%
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
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 19952, DE
10,621
Population
4,446
Households
2.4
Avg Household Size
41
Median Age
23%
College-Educated
91%
High-School Grad
91.0 sq mi
ZIP Area
117
Density / Sq Mi
$78,333
Median Household Income
$41,713
Median Earnings
$1,183
Median Rent
$274,000
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 - Tenant-occupied duplex with flexible zoning, private driveway parking, and additional on-street parking.
Where is this duplex located?
The property is located at 23 23-25 Clark St Harrington, DE.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 full bath in each unit; 0.15‑acre lot with private driveway and on‑street parking; Roof approximately 2 years old
