Three-Unit Property with Private
For Sale
$350,000
400 W 21ST St, Wilmington, DE 19802
Three apartments offer separate utilities, full kitchens, and access to on-site coin laundry.
Property Size2,900 SF
Days on Market11
Property Features for 400 W 21ST St
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Investment
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Gross Income
$40,800
Taxes and HOA fees
Annual Taxes
$5,402
Amenities
on-site pay/coin laundry area
Building Details
Building Size
2,900 SF
Year Built
1919
Units
3
Tenancy
Multi
Listing Agency:
CENTURY 21 Gold Key Realty
Listed By:
CJ Farris Jones
(267) 902-2886
Source:
Elliman
Added: Sep 11
Changed: Sep 17
Last Checked: Sep 21 at 7:51AM
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 CENTURY 21 Gold Key Realty
Investment Insights
Based on property information with market context.
Built in 1919, this Wilmington triplex contains three apartments with a two-bedroom configuration in Units 1 and 2 and a one-bedroom layout in Unit 3. Each apartment includes a full-sized kitchen, while separate gas lines and individual utility meters serve the units independently. The property also includes a private garage and an on-site coin laundry area.
The address is 400 W 21ST St in Wilmington’s historic district, with a Walk Score of 83, a Transit Score of 56, and a Bike Score of 43. Its location provides access to downtown Wilmington, along with nearby dining, entertainment, and nightlife described in the property information.
The address is 400 W 21ST St in Wilmington’s historic district, with a Walk Score of 83, a Transit Score of 56, and a Bike Score of 43. Its location provides access to downtown Wilmington, along with nearby dining, entertainment, and nightlife described in the property information.
Key Highlights
- Three‑unit multifamily property built in 1919
- Units 1 and 2 each feature 2 bedrooms; Unit 3 has 1 bedroom
- Separate gas lines and individual utility meters for each unit
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
$30,748
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
8.79%
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%
$614,960
$615.0K
Cap Rate 7%
$439,257
$439.3K
Cap Rate 9%
$341,644
$341.6K
Market Conditions
NOI Build-Up for 2,900 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
$47.0K $16.20/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$43.9K $15.15/SF
− OpEx
−$13.2K −$4.54/SF
NOI
$30.7K $10.60/SF
Area
New Castle County, DE
Vacancy
6.50%
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%
$614,960
Cap Rate 7%
$439,257
Cap Rate 9%
$341,644
Alternative Uses
Best Use
Multifamily LT 5
$439.3K
$384.4K – $512.5K
NOI $30,748 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$392.4K
$343.4K – $457.8K
NOI $27,469 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$693.7K
$607.0K – $809.3K
NOI $48,556 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,662
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Triplex - Three apartments offer separate utilities, full kitchens, and access to on-site coin laundry.
Where is this triplex located?
The property is located at 400 W 21ST St Wilmington, DE.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1919; Units 1 and 2 each feature 2 bedrooms; Unit 3 has 1 bedroom; Separate gas lines and individual utility meters for each unit
