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 Market267
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
(302) 547-7139
Listed By:
Andrew Mulrine IV · License #RA-0003441
(302) 547-7139
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 14
Last Checked: Aug 21 at 12:58PM
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 = 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
$11,366
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
8.75%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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.
