Two-Unit Duplex with Private
New
For Sale
$250,000
29 N NEW ST, Dover, DE 19904
Converted residential property with separate apartments and a currently occupied first-floor unit.
Property Size1,591 SF
Price / SF$157.13
Days on Market2
Property Features for 29 N NEW ST
General Information
Standard status
Active
Size
1,591 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Listing Agency:
Keller Williams Realty Central-Delaware
(302) 677-0020
Listed By:
Casey L Gore · License #RS-0024991
(302) 331-3568
Source:
Imanirealtors
Added: Sep 14
Last Checked: Sep 14 at 2:31PM
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 Keller Williams Realty Central-Delaware
Investment Insights
Based on property information with market context.
This 1,591-square-foot duplex occupies a converted single-family home and contains two separate residential apartments. The first-floor unit includes 2 bedrooms, 1 full bath, and an open kitchen-and-living area; it is currently tenant-occupied. Upstairs, a private entrance leads to a 1-bedroom, 1-full-bath apartment with an efficient layout.
The property is located at 29 N New St in Dover, Delaware, near shopping, dining, schools, and major commuting routes. Separate living areas and distinct unit configurations provide a straightforward two-unit residential setup.
The property is located at 29 N New St in Dover, Delaware, near shopping, dining, schools, and major commuting routes. Separate living areas and distinct unit configurations provide a straightforward two-unit residential setup.
Key Highlights
- 1,591‑square‑foot duplex in a converted single‑family home
- Two separate residential apartments
- First‑floor unit has 2 bedrooms and 1 full bath
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
$17,237
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
6.89%
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%
$344,740
$344.7K
Cap Rate 7%
$246,243
$246.2K
Cap Rate 9%
$191,522
$191.5K
Market Conditions
NOI Build-Up for 1,591 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
$25.8K $16.20/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$24.6K $15.48/SF
− OpEx
−$7.4K −$4.64/SF
NOI
$17.2K $10.83/SF
Area
Kent County, DE
Vacancy
4.46%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$344,740
Cap Rate 7%
$246,243
Cap Rate 9%
$191,522
Alternative Uses
Best Use
Multifamily LT 5
$246.2K
$215.5K – $287.3K
NOI $17,237 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$227.3K
$198.9K – $265.2K
NOI $15,911 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$400.6K
$350.6K – $467.4K
NOI $28,044 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 19904, DE
36,880
Population
16,047
Households
2.3
Avg Household Size
38
Median Age
27%
College-Educated
91%
High-School Grad
43.2 sq mi
ZIP Area
854
Density / Sq Mi
$66,885
Median Household Income
$39,459
Median Earnings
$1,240
Median Rent
$281,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Converted residential property with separate apartments and a currently occupied first-floor unit.
Where is this duplex located?
The property is located at 29 N NEW ST Dover, DE.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,591‑square‑foot duplex in a converted single‑family home; Two separate residential apartments; First‑floor unit has 2 bedrooms and 1 full bath
