Updated Triplex with Separate
For Sale
Under Contract
$375,000
2423 N MADISON Street, Wilmington, DE 19802
Multi-Family, WILMINGTON, DE
Property Size2,675 SF
Lot Size0.06 Acres
Price / SF$140.19
Days on Market10
Property Features for 2423 N MADISON Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Elementary school district
RED CLAY CONSOLIDATED
Middle school district
RED CLAY CONSOLIDATED
High school district
RED CLAY CONSOLIDATED
Standard status
Active Under Contract
Size
2,675 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3992
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1924
Number of units
3
Building materials
Frame, Brick
Architectural style
Other
Listing Agency:
Realty Mark Cityscape
(215) 583-7777
Listed By:
Huajun Zhou · License #RS-0025674
(480) 414-9438
Added: Oct 7
Changed: Oct 9
Last Checked: Oct 16 at 12:06PM
MLS# DENC2112648
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,675-square-foot triplex contains two 2-bedroom, 1-bathroom residences and one 1-bedroom, 1-bathroom residence. Each unit spans two levels and has its own entrance. Recent interior work includes new plank flooring, refreshed paint, and updated kitchens and bathrooms. The 1924 building has frame and brick construction, heat-pump heating, central air, and a basement.
Gas and electric service are separately metered, with tenants responsible for those utilities; the owner pays for water. The property is offered in its current condition, and inspections are for informational purposes only. The 0.06-acre parcel has on-street parking.
Gas and electric service are separately metered, with tenants responsible for those utilities; the owner pays for water. The property is offered in its current condition, and inspections are for informational purposes only. The 0.06-acre parcel has on-street parking.
Key Highlights
- Three residences: two 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit
- 2,675 square feet on a 0.06‑acre parcel
- Each unit has two levels and a separate entrance
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
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 - Each residence occupies two levels, with a dedicated entrance and separately metered gas and electric service.
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 residences: two 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit; 2,675 square feet on a 0.06‑acre parcel; Each unit has two levels and a separate entrance
