Move-In-Ready Single-Family
For Sale
$293,000
2703 N MONROE STREET, Wilmington, DE 19802
SINGLE_FAMILY - WILMINGTON, DE
Property Size2,020 SF
Price / SF$145.05
Days on Market17
Property Features for 2703 N MONROE STREET
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 1
Subdivision
WILM #03
Standard status
Active
Size
2,020 SF
Building Details
Year built
1928
Listing Agency:
BHHS Fox & Roach Hockessin-Pike Creek Home Marketing · Berkshire Hathaway HomeServices
(302) 999-9999
Listed By:
Scott Farnan · License #R3-0019815
(302) 528-8276
Added: Jul 25
Changed: Aug 5
Last Checked: Aug 10 at 12:06AM
MLS# DENC2106244
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This move-in-ready single-family home offers three bedrooms and two bathrooms, with refinished hardwood floors and fresh interior paint. The kitchen was fully remodeled in 2021 with granite countertops, new cabinetry, hardwood flooring, a dishwasher, and an updated ceiling fan in the breakfast nook. An enclosed front porch adds usable space, while the finished walk-out basement provides flexibility with a second full bathroom and ample storage.
Updates over the years include hardwood floor refinishing in 2005, an upstairs bathroom remodel, and professionally landscaped backyard improvements in 2006. Electrical wiring was updated throughout in 2008, and galvanized plumbing from the upstairs bathroom to the basement was replaced. The front porch was enclosed in 2009, and the walk-out basement was finished with the addition of the second full bathroom.
A complete kitchen renovation was completed in 2021, followed by a protective roof coating applied in June 2026 and new protective hardwood floor coating added in July 2026. The fireplace has never been used. Access to I-95 and U.S. Route 202 is described as convenient, with shopping and daily conveniences along Market Street and Concord Pike minutes away, along with nearby parks.
Updates over the years include hardwood floor refinishing in 2005, an upstairs bathroom remodel, and professionally landscaped backyard improvements in 2006. Electrical wiring was updated throughout in 2008, and galvanized plumbing from the upstairs bathroom to the basement was replaced. The front porch was enclosed in 2009, and the walk-out basement was finished with the addition of the second full bathroom.
A complete kitchen renovation was completed in 2021, followed by a protective roof coating applied in June 2026 and new protective hardwood floor coating added in July 2026. The fireplace has never been used. Access to I-95 and U.S. Route 202 is described as convenient, with shopping and daily conveniences along Market Street and Concord Pike minutes away, along with nearby parks.
Key Highlights
- Move‑in ready 3‑bedroom, 2‑bath home built in 1928 with inviting living spaces and refinished hardwood floors
- Kitchen fully remodeled in 2021 with granite countertops, new cabinetry, hardwood flooring, dishwasher, and an updated ceiling fan
- Finished walk‑out basement adds flexible living space plus a second full bathroom and ample storage
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
$19,133
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
6.53%
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%
$382,660
$382.7K
Cap Rate 7%
$273,329
$273.3K
Cap Rate 9%
$212,589
$212.6K
Market Conditions
NOI Build-Up for 2,020 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
$37.1K $18.36/SF
− Vacancy
−$2.3K −$1.14/SF
EGI
$34.8K $17.22/SF
− OpEx
−$15.7K −$7.75/SF
NOI
$19.1K $9.47/SF
Area
New Castle County, DE
Vacancy
6.20%
Lease Rate
$18.36 /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%
$382,660
Cap Rate 7%
$273,329
Cap Rate 9%
$212,589
Alternative Uses
Best Use
Apartment 5plus
$273.3K
$239.2K – $318.9K
NOI $19,133 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.2K
$422.8K – $563.7K
NOI $33,822 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 19802, DE
26,189
Population
11,596
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
89%
High-School Grad
3.5 sq mi
ZIP Area
7,483
Density / Sq Mi
$54,370
Median Household Income
$39,579
Median Earnings
$1,236
Median Rent
$188,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Move-in-ready 3-bedroom home with remodeled kitchen, enclosed front porch, and finished walk-out basement.
Where is this single family property located?
The property is located at 2703 N MONROE STREET Wilmington, DE.
What is the asking price?
The asking price for this property is $293,000.
What are key features of this property?
This property features: Move‑in ready 3‑bedroom, 2‑bath home built in 1928 with inviting living spaces and refinished hardwood floors; Kitchen fully remodeled in 2021 with granite countertops, new cabinetry, hardwood flooring, dishwasher, and an updated ceiling fan; Finished walk‑out basement adds flexible living space plus a second full bathroom and ample storage
