9-Unit Apartment
For Sale
$1,200,000
Pending
26 South State Street, Dover, DE 19901
Updated interiors and shared laundry support an established multifamily property with tenant-paid gas heat and electric.
Property Size7,030 SF
Days on Market217
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Property Features for 26 South State Street
General Information
Standard status
Pending
Size
7,030 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RG0
Net Operating Income
$111,282
Additional Details
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$4,757
Amenities
on-site laundry
No
Main Entrance Lock
No Pool
Building Details
Year Built
1900
Listing Agency:
RE/MAX Horizons
Listed By:
Steven B. Schmidt · License #RB-0031118
(302) 678-4326
Source:
Compass
Added: Mar 13
Changed: Sep 30
Last Checked: Oct 15 at 1:58AM
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 upgraded windows, interior renovations, select kitchen replacements, and new flooring in most apartments. Common hallways have also received refreshed flooring and paint. Additional improvements include a new fire escape and newer heating systems in select areas.
Residents pay their own gas heat and electric, while ownership covers water, sewer, trash, and central hot water. On-site central washer and dryer facilities provide an additional income stream. The property is located at 26 South State Street in Dover, Delaware, within city limits and under RG0 zoning. It is served by the Capital School District.
Residents pay their own gas heat and electric, while ownership covers water, sewer, trash, and central hot water. On-site central washer and dryer facilities provide an additional income stream. The property is located at 26 South State Street in Dover, Delaware, within city limits and under RG0 zoning. It is served by the Capital School District.
Key Highlights
- 9‑unit multifamily property with 7,030 square feet
- RG0 zoning at 26 South State Street, Dover, DE 19901
- Updated windows, interior finishes, select kitchens, and flooring in most units
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
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
2,775
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
Frequently Asked Questions
What type of property is this?
Apartment building - Updated interiors and shared laundry support an established multifamily property with tenant-paid gas heat and electric.
Where is this apartment building located?
The property is located at 26 South 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 with 7,030 square feet; RG0 zoning at 26 South State Street, Dover, DE 19901; Updated windows, interior finishes, select kitchens, and flooring in most units
