Remodeled Duplex with Two
For Sale
$400,000
40 S BRADFORD St, Dover, DE 19904
Two-unit duplex remodeled in 2009 with parking.
Property Size2,177 SF
Lot Size0.08 Acres
Days on Market274
Property Features for 40 S BRADFORD St
General Information
Standard status
Active
Size
2,177 SF
Lot size
0.08 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$1,461
Building Details
Building Size
2,177 SF
Year Built
1880
Units
2
Listing Agency:
McGinnis Commercial Real Estate
(302) 736-1538
Listed By:
Philip McGinnis · License #R1-0001967
(302) 736-1538
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 28
Last Checked: Aug 26 at 11:43AM
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 McGinnis Commercial Real Estate
Investment Insights
Based on property information with market context.
The property at 40 South Bradford Street is a duplex featuring two units in an over-and-under configuration. The ground floor unit includes 2 bedrooms and 2 bathrooms. The second and third floor unit offers 3 bedrooms and 2 bathrooms. Both units are equipped with full kitchens, washers, and dryers. The building was completely remodeled in 2009 and is in excellent condition. Two parking spaces are located on the rear alley. This property represents the south half of a duplex, with the north half under separate and unrelated ownership.
Key Highlights
- Two separate units: a 2‑bedroom, 2‑bath unit and a 3‑bedroom, 2‑bath unit.
- Fully equipped kitchens in both units.
- Washers and dryers in both units.
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
$23,586
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
5.90%
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%
$471,720
$471.7K
Cap Rate 7%
$336,943
$336.9K
Cap Rate 9%
$262,067
$262.1K
Market Conditions
NOI Build-Up for 2,177 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
$35.3K $16.20/SF
− Vacancy
−$1.6K −$0.72/SF
EGI
$33.7K $15.48/SF
− OpEx
−$10.1K −$4.64/SF
NOI
$23.6K $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%
$471,720
Cap Rate 7%
$336,943
Cap Rate 9%
$262,067
Alternative Uses
Best Use
Multifamily LT 5
$336.9K
$294.8K – $393.1K
NOI $23,586 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$311.0K
$272.2K – $362.9K
NOI $21,772 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$548.2K
$479.7K – $639.6K
NOI $38,373 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,894
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex remodeled in 2009 with parking.
Where is this duplex located?
The property is located at 40 S BRADFORD St Dover, DE.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two separate units: a 2‑bedroom, 2‑bath unit and a 3‑bedroom, 2‑bath unit.; Fully equipped kitchens in both units.; Washers and dryers in both units.
