Triplex with Separate
For Sale
$375,000
Pending
2423 N MADISON STREET, Wilmington, DE 19802
Three residential units feature two-level layouts and individual access.
Property Size2,675 SF
Days on Market11
Property Features for 2423 N MADISON STREET
General Information
Standard status
Pending
Size
2,675 SF
Property subtype
Triplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1924
Buildings
1
Tenancy
Multi
Listing Agency:
Realty Mark Cityscape
(215) 583-7777
Listed By:
Huajun Zhou · License #RS-0025674
(480) 414-9438
Source:
Cummingsrealtors
Added: Oct 7
Changed: Oct 16
Last Checked: Oct 16 at 8:36AM
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 Realty Mark Cityscape
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Investment Insights
Based on property information with market context.
Built in 1924, this triplex contains three two-level apartments, each with its own entrance. The unit mix consists of two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom apartment. Recent updates include plank flooring, refreshed paint, and improvements to the kitchens and bathrooms.
Gas and electricity are separately metered, with tenants responsible for those services; the owner pays for water. The property is being sold as-is, and showings require advance notice.
Gas and electricity are separately metered, with tenants responsible for those services; the owner pays for water. The property is being sold as-is, and showings require advance notice.
Key Highlights
- Three apartments: two 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit
- Each apartment has a two‑level layout and a separate entrance
- Recent work includes plank floors, updated kitchens and bathrooms, and fresh paint
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,363
Cap Rate
7.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$567,260
$567.3K
Cap Rate 7%
$405,186
$405.2K
Cap Rate 9%
$315,144
$315.1K
Market Conditions
NOI Build-Up for 2,675 SF
Gross rent
$43.3K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$40.5K $15.15/SF
− OpEx
−$12.2K −$4.54/SF
NOI
$28.4K $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 Rate 5%
$567,260
Cap Rate 7%
$405,186
Cap Rate 9%
$315,144
Alternative Uses
Best Use
Multifamily LT 5
$405.2K
$354.5K – $472.7K
NOI $28,363 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$362.0K
$316.7K – $422.3K
NOI $25,337 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$639.8K
$559.9K – $746.5K
NOI $44,788 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,640
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
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature two-level layouts and individual access.
Where is this triplex located?
The property is located at 2423 N MADISON STREET Wilmington, DE.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three apartments: two 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit; Each apartment has a two‑level layout and a separate entrance; Recent work includes plank floors, updated kitchens and bathrooms, and fresh paint
