Two-Unit Duplex with
For Sale
$324,900
Pending
421 S WASHINGTON STREET, Milford, DE 19963
Side-by-side two-story duplex with 3BR units, new carpet and paint, and private storage sheds plus alley-access driveways.
Property Size2,384 SF
Days on Market60
Property Features for 421 S WASHINGTON STREET
General Information
Standard status
Pending
Size
2,384 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1894
Stories
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Premier - Milford
(302) 422-8200
Listed By:
Ken W Wolfe · License #RS-0013804
(302) 542-7051
Source:
Cummingsrealtors
Added: Jul 17
Changed: Sep 14
Last Checked: Sep 14 at 6:42AM
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 Coldwell Banker Premier - Milford
Investment Insights
Based on property information with market context.
This side-by-side, two-story duplex includes two separate units. Unit 421 offers 3 bedrooms and 1 bathroom, while unit 421 1/2 offers 3 bedrooms and 2 bathrooms. Recent updates include new carpet and paint in both units. Utilities and services noted for the property include oil FHA heat (no AC), propane hot water, and city water and sewer, along with electric and trash service. Each unit also includes its own storage shed, and both have driveway access off an alley behind the property.
The property is located in town Milford at 421 S Washington Street in Milford, DE. The duplex has operated as an active rental, with both sides leased through 2026.
Each unit is separately configured with bedroom and bathroom counts as described above, and the property provides practical exterior storage and alley-behind vehicle access via driveway.
The property is located in town Milford at 421 S Washington Street in Milford, DE. The duplex has operated as an active rental, with both sides leased through 2026.
Each unit is separately configured with bedroom and bathroom counts as described above, and the property provides practical exterior storage and alley-behind vehicle access via driveway.
Key Highlights
- Side‑by‑side 2‑story duplex in town of Milford built in 1894
- Both units are leased through 2026
- 421: 3BR/1BA with new carpet and paint
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
$25,277
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
7.78%
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%
$505,540
$505.5K
Cap Rate 7%
$361,100
$361.1K
Cap Rate 9%
$280,856
$280.9K
Market Conditions
NOI Build-Up for 2,384 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
$38.6K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$36.1K $15.15/SF
− OpEx
−$10.8K −$4.54/SF
NOI
$25.3K $10.60/SF
Area
Sussex 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%
$505,540
Cap Rate 7%
$361,100
Cap Rate 9%
$280,856
Alternative Uses
Best Use
Multifamily LT 5
$361.1K
$316.0K – $421.3K
NOI $25,277 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$334.5K
$292.7K – $390.3K
NOI $23,418 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$655.1K
$573.2K – $764.3K
NOI $45,859 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 19963, DE
20,827
Population
10,300
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
105.1 sq mi
ZIP Area
198
Density / Sq Mi
$65,420
Median Household Income
$40,157
Median Earnings
$1,161
Median Rent
$291,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side two-story duplex with 3BR units, new carpet and paint, and private storage sheds plus alley-access driveways.
Where is this duplex located?
The property is located at 421 S WASHINGTON STREET Milford, DE.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Side‑by‑side 2‑story duplex in town of Milford built in 1894; Both units are leased through 2026; 421: 3BR/1BA with new carpet and paint
