Turnkey Multifamily Investment
For Sale
$1,200,000
26 S STATE St, Dover, DE 19901
Nine-unit multifamily property in Dover with strong in-place income.
Property Size7,030 SF
Days on Market110
Property Features for 26 S STATE St
General Information
Standard status
Active
Size
7,030 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,757
Building Details
Building Size
7,030 SF
Year Built
1900
Units
1
Listing Agency:
REMAX Horizons, Inc
(302) 678-4326
Listed By:
Steven B. Schmidt · License #RB-0031118
(302) 678-4326
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 11 at 10:39AM
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 REMAX Horizons, Inc
Investment Insights
Based on property information with market context.
This is a turnkey nine-unit multifamily investment property located in Dover. The property is situated in an area characterized by historic charm and ongoing revitalization. As of April 1, 2026, the stabilized asset generates approximately $11,700 per month in rental income, with additional revenue from on-site central washer and dryer facilities. Tenants are responsible for their individual gas heat and electric expenses, while the owner covers the costs of water, sewer, trash, and central hot water. The property has undergone several recent improvements, including updated windows, interior upgrades, select new kitchens, and newly installed flooring in most units. Hallways have been refreshed with new flooring and paint. Capital improvements include a new fire escape and some newer heating systems. The property presents a strong in-place income stream, with potential for additional ancillary revenue and future upside through continued unit improvements and sustained rental demand in the Dover market. It is suitable for investors seeking a stabilized asset with proven cash flow. The property has a bike score of 56, indicating it is bikeable, a walk score of 79, indicating it is very walkable, and a transit score of 42, indicating some transit options are available.
Key Highlights
- Turnkey 9‑unit multifamily investment property
- Stabilized asset producing approximately $11,700 per month in rental income, plus additional income from on‑site laundry
- Tenants pay their own gas heat and electric
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
$70,305
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
5.86%
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%
$1,406,100
$1.4M
Cap Rate 7%
$1,004,357
$1.0M
Cap Rate 9%
$781,167
$781.2K
Market Conditions
NOI Build-Up for 7,030 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
$134.1K $19.08/SF
− Vacancy
−$6.3K −$0.90/SF
EGI
$127.8K $18.18/SF
− OpEx
−$57.5K −$8.18/SF
NOI
$70.3K $10.00/SF
Area
Kent County, DE
Vacancy
4.70%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$1,406,100
Cap Rate 7%
$1,004,357
Cap Rate 9%
$781,167
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.8K – $1.17M
NOI $70,305 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $123,913 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
Explore this area
Business Placement
Demographics for 19901, DE
36,839
Population
15,443
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
89%
High-School Grad
75.8 sq mi
ZIP Area
486
Density / Sq Mi
$63,891
Median Household Income
$33,069
Median Earnings
$1,353
Median Rent
$258,400
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?
Apartment building - Nine-unit multifamily property in Dover with strong in-place income.
Where is this apartment building located?
The property is located at 26 S STATE St Dover, DE.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Turnkey 9‑unit multifamily investment property; Stabilized asset producing approximately $11,700 per month in rental income, plus additional income from on‑site laundry; Tenants pay their own gas heat and electric
