3-Unit Brick
New
For Sale
$375,000
617 W 9TH St, Wilmington, DE 19801
Historic townhouse property with a detached garage, compact backyard, and three residential units in Wilmington.
Property Size1,750 SF
Lot Size0.04 Acres
Price / SF$214.29
Days on Market2
Property Features for 617 W 9TH St
General Information
Standard status
Active
Size
1,750 SF
Lot size
0.04 Acres
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,038
Building Details
Building Size
1,750 SF
Year Built
1890
Buildings
1
Units
1
Construction
brick
Listed By:
Shanika Monica Clark
(302) 521-4922
Source:
Elliman
Added: Sep 4
Last Checked: Sep 5 at 11:15AM
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 Shanika Monica Clark
Investment Insights
Based on property information with market context.
This 1,750-square-foot triplex occupies an end-of-row townhouse built in 1890. The property includes three residential units, a classic brick exterior, and a large detached garage that provides storage space. A compact 0.04-acre lot includes a backyard, while on-street parking serves residents and guests. The property does not have an HOA fee.
Located at 617 W 9TH St in Wilmington, Delaware, the property records a walk score of 83, categorized as Very Walkable. Its bike score is 43, or Bikeable, and its transit score is 56, categorized as Good Transit. The combination of multiple units, a detached garage, and walkable access provides a clear physical profile for a residential income property.
Located at 617 W 9TH St in Wilmington, Delaware, the property records a walk score of 83, categorized as Very Walkable. Its bike score is 43, or Bikeable, and its transit score is 56, categorized as Good Transit. The combination of multiple units, a detached garage, and walkable access provides a clear physical profile for a residential income property.
Key Highlights
- Three residential units within a 1,750‑square‑foot property
- Built in 1890 with a classic brick exterior
- Large detached garage included
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
$18,555
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
4.95%
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%
$371,100
$371.1K
Cap Rate 7%
$265,071
$265.1K
Cap Rate 9%
$206,167
$206.2K
Market Conditions
NOI Build-Up for 1,750 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
$28.4K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$26.5K $15.15/SF
− OpEx
−$8.0K −$4.54/SF
NOI
$18.6K $10.60/SF
Area
New Castle 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%
$371,100
Cap Rate 7%
$265,071
Cap Rate 9%
$206,167
Alternative Uses
Best Use
Multifamily LT 5
$265.1K
$231.9K – $309.3K
NOI $18,555 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$236.8K
$207.2K – $276.3K
NOI $16,576 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$418.6K
$366.3K – $488.4K
NOI $29,301 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,717
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?
Triplex - Historic townhouse property with a detached garage, compact backyard, and three residential units in Wilmington.
Where is this triplex located?
The property is located at 617 W 9TH St Wilmington, DE.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three residential units within a 1,750‑square‑foot property; Built in 1890 with a classic brick exterior; Large detached garage included
