Two-Unit Side-by-Side
409 N BROAD STREET, Middletown, DE 19709
For Sale
New
$425,000
Both residences are tenant occupied, with a two-bedroom, one-bathroom layout in each.
Property Size2,275 SF
Price / SF$186.81
Days on Market5
Property Features for 409 N BROAD STREET
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Year Built
Listing Agency:
VRA Realty
(484) 800-1777
Listed By:
Deakwon Hancock
(302) 450-8963
Source:
Cummingsrealtors
Added: Nov 9
Changed: Nov 12
Last Checked: Nov 12 at 2:20PM
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 VRA Realty
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Investment Insights
Based on property information with market context.
This duplex contains two side-by-side townhome-style residences, each arranged with two bedrooms and one bathroom. The 2,275-square-foot property was built in 1900 and is offered in as-is condition. Both units are tenant occupied.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 2,275 square feet; built in 1900
- Currently tenant occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,122
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$482,440
$482.4K
Cap Rate 7%
$344,600
$344.6K
Cap Rate 9%
$268,022
$268.0K
Market Conditions
NOI Build-Up for 2,275 SF
Gross rent
$36.9K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.5K $15.15/SF
− OpEx
−$10.3K −$4.54/SF
NOI
$24.1K $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 Rate 5%
$482,440
Cap Rate 7%
$344,600
Cap Rate 9%
$268,022
Alternative Uses
Best Use
Multifamily LT 5
$344.6K
$301.5K – $402.0K
NOI $24,122 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$307.8K
$269.4K – $359.2K
NOI $21,549 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$544.2K
$476.1K – $634.9K
NOI $38,091 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,674
Businesses Nearby
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Business Placement
Demographics for 19709, DE
49,599
Population
17,819
Households
2.8
Avg Household Size
39
Median Age
49%
College-Educated
96%
High-School Grad
77.6 sq mi
ZIP Area
639
Density / Sq Mi
$129,971
Median Household Income
$69,505
Median Earnings
$1,571
Median Rent
$444,900
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in New Castle County, DE
Properties on Market for Duplexes in New Castle County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are tenant occupied, with a two-bedroom, one-bathroom layout in each.
Where is this duplex located?
The property is located at 409 N BROAD STREET Middletown, DE.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 2,275 square feet; built in 1900; Currently tenant occupied
