7-Unit Apartment Building with Renovated
New
For Sale
$760,000
600 N WEST Street, Wilmington, DE 19801
MULTI_FAMILY - WILMINGTON, DE
Property Size7,233 SF
Lot Size0.07 Acres
Price / SF$105.07
Days on Market7
Property Features for 600 N WEST Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
CHRISTINA
Middle school district
CHRISTINA
High school district
CHRISTINA
Standard status
Active
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
11903
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Amenities
walk out balconies
Building Details
Year built
1900
Number of units
4
Listing Agency:
Keller Williams Real Estate - West Chester · Keller Williams Realty
(610) 399-5100
Listed By:
Richard DiPrimio · License #RS338327
(484) 947-8988
Added: Aug 5
Last Checked: Aug 11 at 4:06AM
MLS# DENC2108594
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 600 N West Street in Wilmington, this 7,233-square-foot apartment building contains seven residential units: one studio, four one-bedroom, one-bath apartments, and two two-bedroom, one-bath apartments. The structure dates to 1900, and five units have received renovations including new windows, flooring, kitchens, and bathrooms.
Each apartment includes a walk-out balcony, an individual water heater, and separately metered electric service paid by tenants. The property uses one boiler for oil heat, with the landlord currently responsible for that heating expense. Window units provide cooling, and parking is available on the street. The building is situated in the Quaker Hill neighborhood among historic brick buildings.
Each apartment includes a walk-out balcony, an individual water heater, and separately metered electric service paid by tenants. The property uses one boiler for oil heat, with the landlord currently responsible for that heating expense. Window units provide cooling, and parking is available on the street. The building is situated in the Quaker Hill neighborhood among historic brick buildings.
Key Highlights
- 7,233 SF apartment building with seven units
- Unit mix includes one studio, four 1‑bedroom/1‑bath units, and two 2‑bedroom/1‑bath units
- Five of seven units renovated with new windows, flooring, kitchens, and bathrooms
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
$68,510
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
9.01%
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%
$1,370,200
$1.4M
Cap Rate 7%
$978,714
$978.7K
Cap Rate 9%
$761,222
$761.2K
Market Conditions
NOI Build-Up for 7,233 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
$132.8K $18.36/SF
− Vacancy
−$8.2K −$1.14/SF
EGI
$124.6K $17.22/SF
− OpEx
−$56.1K −$7.75/SF
NOI
$68.5K $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%
$1,370,200
Cap Rate 7%
$978,714
Cap Rate 9%
$761,222
Alternative Uses
Best Use
Apartment 5plus
$978.7K
$856.4K – $1.14M
NOI $68,510 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,105 @ 7.0% cap · market cap 15.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
6,402
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five apartments feature updated windows, flooring, kitchens, and bathrooms for an improved residential offering.
Where is this apartment building located?
The property is located at 600 N WEST Street Wilmington, DE.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: 7,233 SF apartment building with seven units; Unit mix includes one studio, four 1‑bedroom/1‑bath units, and two 2‑bedroom/1‑bath units; Five of seven units renovated with new windows, flooring, kitchens, and bathrooms
