Three-Unit Multifamily
For Sale
$625,000
2401 N BROOM ST, Wilmington, DE 19802
WILMINGTON, DE
Property Size3,875 SF
Lot Size0.11 Acres
Price / SF$161.29
Days on Market12
Property Features for 2401 N BROOM ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school district
RED CLAY CONSOLIDATED
Middle school district
RED CLAY CONSOLIDATED
High school district
RED CLAY CONSOLIDATED
Standard status
Active
Lot size
0.11 Acres
Building Details
Year built
1924
Listing Agency:
Greenville
(302) 351-5000
Listed By:
Rose Bloom · License #RS-0013852
(302) 690-3298
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 21 at 11:06AM
MLS# DENC2111040
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This detached multifamily property contains 3,875 square feet on a 0.11-acre lot and was built in 1924. The building includes three rented apartments. Two units offer three bedrooms, one full bathroom, a full kitchen with butler pantry, dining room, living room, and wood-burning fireplace. The third apartment has two bedrooms, one full bathroom, a studio-style kitchenette, and a family room.
A two-car garage provides additional storage space, with a designated laundry area within the property. The address is near Salesianum School and offers access to schools, transportation, employment centers, and major roadways in Wilmington, Delaware.
A two-car garage provides additional storage space, with a designated laundry area within the property. The address is near Salesianum School and offers access to schools, transportation, employment centers, and major roadways in Wilmington, Delaware.
Key Highlights
- Three rented apartments within one detached multifamily property
- 3,875‑square‑foot building on a 0.11‑acre lot
- Two apartments with 3 bedrooms, 1 full bathroom, full kitchen, dining room, living room, and wood‑burning fireplace
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
$41,086
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
6.57%
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%
$821,720
$821.7K
Cap Rate 7%
$586,943
$586.9K
Cap Rate 9%
$456,511
$456.5K
Market Conditions
NOI Build-Up for 3,875 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
$62.8K $16.20/SF
− Vacancy
−$4.1K −$1.05/SF
EGI
$58.7K $15.15/SF
− OpEx
−$17.6K −$4.54/SF
NOI
$41.1K $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%
$821,720
Cap Rate 7%
$586,943
Cap Rate 9%
$456,511
Alternative Uses
Best Use
Multifamily LT 5
$586.9K
$513.6K – $684.8K
NOI $41,086 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$524.3K
$458.8K – $611.7K
NOI $36,704 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$926.9K
$811.0K – $1.08M
NOI $64,881 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 19802, DE
26,189
Population
11,596
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
89%
High-School Grad
3.5 sq mi
ZIP Area
7,483
Density / Sq Mi
$54,370
Median Household Income
$39,579
Median Earnings
$1,236
Median Rent
$188,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Detached rental property with three apartments, flexible layouts, and a two-car garage.
Where is this triplex located?
The property is located at 2401 N BROOM ST Wilmington, DE.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Three rented apartments within one detached multifamily property; 3,875‑square‑foot building on a 0.11‑acre lot; Two apartments with 3 bedrooms, 1 full bathroom, full kitchen, dining room, living room, and wood‑burning fireplace
