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 Market72
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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
Listed By:
Steven B. Schmidt · License #RB-0031118
(302) 678-4326
Source:
Tbhteam
Added: Aug 5
Changed: Oct 3
Last Checked: Oct 7 at 3:08PM
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 / Yr
$70,305
Cap Rate
5.86%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
2,894
Businesses Nearby
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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
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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?
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
