Remodeled Duplex with Occupied
For Sale
Under Contract
$316,000
32 W NORTH Street, Smyrna, DE 19977
Multi-Family, SMYRNA, DE
Property Size2,438 SF
Lot Size0.15 Acres
Price / SF$129.61
Days on Market141
Property Features for 32 W NORTH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Appliances
Dryer, Oven/Range - Electric, Refrigerator, Washer, WaterHeater
High school
SMYRNA
Elementary school district
SMYRNA
Middle school district
SMYRNA
High school district
SMYRNA
Standard status
Active Under Contract
Size
2,438 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
143
Building Details
Year built
1900
Number of units
1
Building materials
Frame
Architectural style
Other
Listing Agency:
Myers Realty
(302) 674-4255
Listed By:
Albert C Leskovar Jr. · License #RS-0018925
(302) 423-0276
Added: Apr 11
Changed: Aug 19
Last Checked: Aug 29 at 1:06AM
MLS# DEKT2045848
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.
Investment Insights
Based on property information with market context.
This duplex contains 2,438 square feet on a 0.15-acre lot, with both sides recently remodeled and currently occupied. The frame-built property dates to 1900 and includes electric ranges, refrigerators, washers, dryers, and water heaters. A new heat pump was installed in winter 2025 on the 30 W. North St side.
The property is located in Smyrna, Delaware, with on-street parking. Town of Smyrna inspections are complete. Tours require 48 hours’ notice, and current rent and lease information is available through the listing agent.
The property is located in Smyrna, Delaware, with on-street parking. Town of Smyrna inspections are complete. Tours require 48 hours’ notice, and current rent and lease information is available through the listing agent.
Key Highlights
- 2,438 square feet on a 0.15‑acre lot
- Both units recently remodeled and occupied
- New heat pump installed in winter 2025 on the 30 W. North St side
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
$26,414
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
8.36%
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%
$528,280
$528.3K
Cap Rate 7%
$377,343
$377.3K
Cap Rate 9%
$293,489
$293.5K
Market Conditions
NOI Build-Up for 2,438 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
$39.5K $16.20/SF
− Vacancy
−$1.8K −$0.72/SF
EGI
$37.7K $15.48/SF
− OpEx
−$11.3K −$4.64/SF
NOI
$26.4K $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%
$528,280
Cap Rate 7%
$377,343
Cap Rate 9%
$293,489
Alternative Uses
Best Use
Multifamily LT 5
$377.3K
$330.2K – $440.2K
NOI $26,414 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$348.3K
$304.8K – $406.4K
NOI $24,382 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$613.9K
$537.2K – $716.2K
NOI $42,973 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 19977, DE
27,505
Population
9,899
Households
2.8
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
83.1 sq mi
ZIP Area
331
Density / Sq Mi
$78,803
Median Household Income
$48,246
Median Earnings
$1,366
Median Rent
$311,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have been recently remodeled, remain occupied, and completed all required Town of Smyrna inspections.
Where is this duplex located?
The property is located at 32 W NORTH Street Smyrna, DE.
What is the asking price?
The asking price for this property is $316,000.
What are key features of this property?
This property features: 2,438 square feet on a 0.15‑acre lot; Both units recently remodeled and occupied; New heat pump installed in winter 2025 on the 30 W. North St side
