6-Unit Apartment
New
For Sale
$595,000
409 W 8th St, Wilmington, DE 19801
Five one-bedroom apartments and a studio are occupied by tenants.
Property Size3,000 SF
Price / SF$198.33
Days on Market2
Property Features for 409 W 8th St
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
5 x 1BR, 1 x studio
Multifamily Units
6
Additional Details
Public Transit
Yes
Building Details
Year Built
1899
Buildings
1
Listed By:
Jeffrey Fowler Group
(302) 727-3013
Source:
Jeffreyfowler
Added: Oct 20
Changed: Oct 21
Last Checked: Oct 20 at 7:43PM
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 Jeffrey Fowler Group
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Investment Insights
Based on property information with market context.
This Wilmington apartment building contains six units: five one-bedroom apartments and one studio. The units are described as being in solid condition, and all six are occupied by tenants. The building dates to 1899 and measures approximately 3,000 square feet, based on county records.
The property is near downtown Wilmington, employment centers, public transportation, shopping, and dining.
The property is near downtown Wilmington, employment centers, public transportation, shopping, and dining.
Key Highlights
- Six apartments: five one‑bedroom units and one studio
- All six units are occupied by paying tenants
- Approximately 3,000 square feet, based on county records
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,416
Cap Rate
4.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$568,320
$568.3K
Cap Rate 7%
$405,943
$405.9K
Cap Rate 9%
$315,733
$315.7K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$55.1K $18.36/SF
− Vacancy
−$3.4K −$1.14/SF
EGI
$51.7K $17.22/SF
− OpEx
−$23.2K −$7.75/SF
NOI
$28.4K $9.47/SF
Area
New Castle County, DE
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$568,320
Cap Rate 7%
$405,943
Cap Rate 9%
$315,733
Alternative Uses
Best Use
Apartment 5plus
$405.9K
$355.2K – $473.6K
NOI $28,416 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$717.6K
$627.9K – $837.2K
NOI $50,230 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 19801, DE
16,219
Population
9,390
Households
1.7
Avg Household Size
34
Median Age
26%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
3,686
Density / Sq Mi
$44,505
Median Household Income
$36,684
Median Earnings
$1,126
Median Rent
$196,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments and a studio are occupied by tenants.
Where is this apartment building located?
The property is located at 409 W 8th St Wilmington, DE.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Six apartments: five one‑bedroom units and one studio; All six units are occupied by paying tenants; Approximately 3,000 square feet, based on county records
