9-Unit Multifamily
For Sale
Under Contract
$1,200,000
26 S STATE Street, Dover, DE 19901
Multi-Family, DOVER, DE
Property Size7,030 SF
Lot Size0.17 Acres
Price / SF$170.70
Days on Market235
Property Features for 26 S STATE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street, Parking Lot
Elementary school district
CAPITAL
Middle school district
CAPITAL
High school district
CAPITAL
Standard status
Active Under Contract
Size
7,030 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
4757
Utilities
Heating system
Forced Air
Amenities
on-site laundry
Building Details
Year built
1900
Number of units
1
Building materials
Frame
Architectural style
Victorian
Listing Agency:
RE/MAX Horizons · RE/MAX International
(302) 678-4300
Listed By:
Steven B. Schmidt · License #RB-0031118
(302) 678-4326
Added: Mar 13
Changed: Oct 21
Last Checked: Nov 2 at 12:06PM
MLS# DEKT2044590
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 9-unit multifamily property contains 7,030 square feet and dates to 1900. Recent work includes interior updates, select kitchen replacements, new flooring in most units, and refreshed hallway finishes. The property also has a newer fire escape and some newer heating systems. Shared central washer and dryer facilities provide an additional property feature.
Tenants pay for gas heat and electricity; ownership covers water, sewer, trash, and central hot water. Parking features include a lot and on-street spaces.
Tenants pay for gas heat and electricity; ownership covers water, sewer, trash, and central hot water. Parking features include a lot and on-street spaces.
Key Highlights
- 9‑unit multifamily property
- 7,030 square feet on a 0.172‑acre lot
- Shared central washer and dryer facilities
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
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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 unit interiors and shared laundry facilities add practical features to this rental property.
Where is this apartment building located?
The property is located at 26 S STATE Street 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; 7,030 square feet on a 0.172‑acre lot; Shared central washer and dryer facilities
