Edgemoor Gardens Triplex For
For Sale
$129,900
Pending
47 N PENNEWELL Dr, Wilmington, DE 19809
Tenant in place, Section 8, good condition, investor opportunity.
Property Size1,200 SF
Lot Size0.04 Acres
Days on Market316
Property Features for 47 N PENNEWELL Dr
General Information
Standard status
Pending
Size
1,200 SF
Lot size
0.04 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$913
Building Details
Building Size
1,200 SF
Year Built
1940
Listing Agency:
RE/MAX Associates-Hockessin
Listed By:
Andrew Mulrine IV · License #RA-0003441
(302) 547-7139
Source:
Elliman
Added: Nov 28, 2025
Changed: Oct 1
Last Checked: Oct 9 at 9:23PM
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 RE/MAX Associates-Hockessin
Investment Insights
Based on property information with market context.
Located in the Edgemoor Gardens community, this property features a 3-bedroom, 1-bathroom townhome. The sale is subject to the existing Section 8 tenant remaining in place, with a signed lease extending through March 2025. The current Section 8 rent is $1300.00 per month. The property is in good condition, presenting an opportunity for investors to expand their portfolios.
Key Highlights
- Existing Section 8 tenant provides immediate rental income.
- Current Section 8 rent is $1300.00 per month.
- Tenant has a lease agreement through March 2025.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,366
Cap Rate
8.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$227,320
$227.3K
Cap Rate 7%
$162,371
$162.4K
Cap Rate 9%
$126,289
$126.3K
Market Conditions
NOI Build-Up for 1,200 SF
Gross rent
$22.0K $18.36/SF
− Vacancy
−$1.4K −$1.14/SF
EGI
$20.7K $17.22/SF
− OpEx
−$9.3K −$7.75/SF
NOI
$11.4K $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%
$227,320
Cap Rate 7%
$162,371
Cap Rate 9%
$126,289
Alternative Uses
Best Use
Multifamily LT 5
$181.8K
$159.0K – $212.1K
NOI $12,723 @ 7.0% cap · market cap 9.79%
Second Best
Apartment 5plus
$162.4K
$142.1K – $189.4K
NOI $11,366 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$287.0K
$251.2K – $334.9K
NOI $20,092 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 19809, DE
14,658
Population
6,531
Households
2.2
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
6.8 sq mi
ZIP Area
2,156
Density / Sq Mi
$85,988
Median Household Income
$56,266
Median Earnings
$1,373
Median Rent
$308,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Tenant in place, Section 8, good condition, investor opportunity.
Where is this triplex located?
The property is located at 47 N PENNEWELL Dr Wilmington, DE.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Existing Section 8 tenant provides immediate rental income.; Current Section 8 rent is $1300.00 per month.; Tenant has a lease agreement through March 2025.
