24-Unit Apartment Complex
For Sale
$4,000,000
602 DUPONT HIGHWAY, New Castle, DE 19720
Well-maintained 24-unit apartment complex in New Castle, Delaware.
Property Size30,000 SF
Price / SF$133.33
Days on Market299
Property Features for 602 DUPONT HIGHWAY
General Information
Standard status
Active
Size
30,000 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$12,681
Amenities
A/C - Other
3
Parking.
Lot.
329.50 x 220.70
Building Details
Year Built
1972
Listing Agency:
Crown Homes Real Estate
(302) 250-2013
Listed By:
Crown Homes Real Estate · License #RS-0025005
(302) 250-2013
Source:
Xome
Added: Oct 29, 2025
Changed: Aug 23
Last Checked: Aug 22 at 11:05AM
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 Crown Homes Real Estate
Investment Insights
Based on property information with market context.
This well-maintained apartment complex in New Castle features 24 units across two brick buildings. The property includes 22 two-bedroom, one-bath apartments and 2 one-bedroom, one-bath units. The two-bedroom apartments feature a consistent floor plan. On-site parking is available for residents, along with a playground area. The property is located in a convenient New Castle location near Wilmington University Campus and Route 13, offering a stable, income-producing asset.
Key Highlights
- Substantial investment opportunity with this 24‑unit apartment complex.
- Solid brick construction ensures durability.
- Features a mix of 22 two‑bedroom and 2 one‑bedroom units.
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
$284,158
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
7.10%
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%
$5,683,160
$5.7M
Cap Rate 7%
$4,059,400
$4.1M
Cap Rate 9%
$3,157,311
$3.2M
Market Conditions
NOI Build-Up for 30,000 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
$550.8K $18.36/SF
− Vacancy
−$34.1K −$1.14/SF
EGI
$516.7K $17.22/SF
− OpEx
−$232.5K −$7.75/SF
NOI
$284.2K $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%
$5,683,160
Cap Rate 7%
$4,059,400
Cap Rate 9%
$3,157,311
Alternative Uses
Best Use
Apartment 5plus
$4.06M
$3.55M – $4.74M
NOI $284,158 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.18M
$6.28M – $8.37M
NOI $502,301 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Explore this area
Business Placement
Demographics for 19720, DE
61,043
Population
24,262
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
89%
High-School Grad
38.3 sq mi
ZIP Area
1,594
Density / Sq Mi
$75,985
Median Household Income
$42,600
Median Earnings
$1,282
Median Rent
$242,600
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 - Well-maintained 24-unit apartment complex in New Castle, Delaware.
Where is this apartment building located?
The property is located at 602 DUPONT HIGHWAY New Castle, DE.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Substantial investment opportunity with this 24‑unit apartment complex.; Solid brick construction ensures durability.; Features a mix of 22 two‑bedroom and 2 one‑bedroom units.
