Duplex with Private Rear
For Sale
$315,000
623 Concord Ave, Wilmington, DE 19802
Two units provide separate laundry facilities and outdoor deck space for residential use.
Property Size1,675 SF
Price / SF$188.06
Days on Market43
Property Features for 623 Concord Ave
General Information
Standard status
Active
Size
1,675 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit washer and dryer
private rear decks
Building Details
Year Built
1920
Listing Agency:
EXP Realty, LLC
(302) 420-5930
Listed By:
Brandon L Jones · License #RS-0022985
Source:
Burkhart
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 30 at 7:21PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 1,675-square-foot duplex, built in 1920, contains two distinct residential units. The smaller unit has 1 bedroom and 1 full bathroom, while the larger offers 2 bedrooms and 1 full bathroom. Both residences include in-unit washer and dryer appliances, along with private rear decks that extend the usable living area outdoors.
The property is located at 623 Concord Ave in Wilmington, Delaware, near shopping, dining, schools, parks, and major commuter routes. The offering is being sold as is, providing a two-unit configuration with varied bedroom counts and separate outdoor spaces.
The property is located at 623 Concord Ave in Wilmington, Delaware, near shopping, dining, schools, parks, and major commuter routes. The offering is being sold as is, providing a two-unit configuration with varied bedroom counts and separate outdoor spaces.
Key Highlights
- Two‑unit duplex with 1,675 SF of building area
- Unit mix includes 1 bedroom/1 full bathroom and 2 bedrooms/1 full bathroom
- Each unit has its own in‑unit washer and dryer
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
$17,760
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
5.64%
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%
$355,200
$355.2K
Cap Rate 7%
$253,714
$253.7K
Cap Rate 9%
$197,333
$197.3K
Market Conditions
NOI Build-Up for 1,675 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
$27.1K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$25.4K $15.15/SF
− OpEx
−$7.6K −$4.54/SF
NOI
$17.8K $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%
$355,200
Cap Rate 7%
$253,714
Cap Rate 9%
$197,333
Alternative Uses
Best Use
Multifamily LT 5
$253.7K
$222.0K – $296.0K
NOI $17,760 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$226.6K
$198.3K – $264.4K
NOI $15,865 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$400.6K
$350.6K – $467.4K
NOI $28,045 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 19802, DE
26,189
Population
11,596
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
89%
High-School Grad
3.5 sq mi
ZIP Area
7,483
Density / Sq Mi
$54,370
Median Household Income
$39,579
Median Earnings
$1,236
Median Rent
$188,400
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?
Duplex - Two units provide separate laundry facilities and outdoor deck space for residential use.
Where is this duplex located?
The property is located at 623 Concord Ave Wilmington, DE.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,675 SF of building area; Unit mix includes 1 bedroom/1 full bathroom and 2 bedrooms/1 full bathroom; Each unit has its own in‑unit washer and dryer
