9-Unit Apartment
For Sale
$1,200,000
26 S State St, Dover, DE 19901
Updated interiors, select kitchens, refreshed common areas, and on-site laundry facilities support the property’s apartment configuration.
Property Size7,030 SF
Price / SF$170.70
Days on Market25
Property Features for 26 S State St
General Information
Standard status
Active
Size
7,030 SF
Additional Details
Multifamily Units
9
Amenities
central washer and dryer facilities
Building Details
Year Built
1900
Listing Agency:
RE/MAX Horizons
(302) 678-4326
Listed By:
Steven B. Schmidt · License #RB-0031118
Source:
Tbhteam
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 28 at 8:12PM
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 RE/MAX Horizons
Investment Insights
Based on property information with market context.
This 9-unit apartment property contains 7,030 square feet and dates to 1900. Recent work includes updated windows, interior improvements, select kitchen renovations, and new flooring in most units. Common hallways have also received fresh flooring and paint, while capital improvements include a new fire escape and newer heating systems in some areas.
Located at 26 S State St in Dover, Delaware, the property includes central washer and dryer facilities that generate additional income. Residents are responsible for gas heat and electric service; ownership covers water, sewer, trash, and central hot water. The combination of apartment count, documented building improvements, and defined utility responsibilities provides a clear operating profile for multifamily ownership.
Located at 26 S State St in Dover, Delaware, the property includes central washer and dryer facilities that generate additional income. Residents are responsible for gas heat and electric service; ownership covers water, sewer, trash, and central hot water. The combination of apartment count, documented building improvements, and defined utility responsibilities provides a clear operating profile for multifamily ownership.
Key Highlights
- 9‑unit multifamily property with 7,030 square feet
- Updated windows, interior improvements, and select new kitchens
- New flooring installed in most units; hallways also refreshed
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
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
2,894
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated interiors, select kitchens, refreshed common areas, and on-site laundry facilities support the property’s apartment configuration.
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: 9‑unit multifamily property with 7,030 square feet; Updated windows, interior improvements, and select new kitchens; New flooring installed in most units; hallways also refreshed
