18-Unit Historic Apartment
709-711 N Broom Street, Wilmington, DE 19805
For Sale
$4,999,999
Residents have access to lower-level laundry, individually controlled heating and air conditioning, and a landscaped entry courtyard.
Property Size20,560 SF
Price / SF$324.25
Days on Market26
Property Features for 709-711 N Broom Street
General Information
Standard status
Size
Total Parking Spaces
Zoning
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Highway Access
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
common laundry facility
courtyard
Ceramic Tile,Hardwood
Electric,Natural Gas,Multi-tank
Yes
Electric,Natural Gas
3
19
All appliances-Leased coin operated Washer and Dryer.
No
Backs - Open Common Area,Corner,Front Yard,Landscaping,Rear Yard,SideYard(s),Other
Public
Six Panel
Less Than 1000
132.00 x 140.00
0.42
Assessor
Private Garage,On Street
Lighted Parking
8
20560.00
129000.00
Building Details
Building Size
Year Built
Stories
Construction
Listing Agency:
Long & Foster Real Estate, Inc.
(302) 351-5000
Listed By:
Meredith S Rosenthal
(302) 547-1334
Source:
Chennaultrealestate
Added: Oct 16
Changed: Nov 9
Last Checked: Nov 9 at 3:35PM
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 Long & Foster Real Estate, Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1931, this 18-unit brick apartment property contains one-bedroom residences with refinished hardwood floors, eat-in kitchens, and preserved details such as built-in china closets and pantries. Apartments have individually controlled heating and air conditioning. A lower-level common laundry facility serves residents, and the building has a recently installed roof. The historic property has undergone renovation, and its zoning is 26R-3.
The property occupies 0.42 acres in Wilmington, Delaware, with access to shopping, parks, restaurants, and Interstate 95. Eight garage parking spaces are located on the lower level. A long-term lease with AT&T provides an additional revenue stream. Tenants pay separately metered gas and electric utilities; ownership pays for water and sewer service.
Lower-level space has been identified as a possible location for an additional apartment, office, or maintenance housing. The existing apartments feature gas ranges and refrigerators, while bathrooms include tub-and-shower combinations and linen closets.
The property occupies 0.42 acres in Wilmington, Delaware, with access to shopping, parks, restaurants, and Interstate 95. Eight garage parking spaces are located on the lower level. A long-term lease with AT&T provides an additional revenue stream. Tenants pay separately metered gas and electric utilities; ownership pays for water and sewer service.
Lower-level space has been identified as a possible location for an additional apartment, office, or maintenance housing. The existing apartments feature gas ranges and refrigerators, while bathrooms include tub-and-shower combinations and linen closets.
Key Highlights
- 18 one‑bedroom apartments in a historic brick building
- Built in 1931; property occupies 0.42 acres
- Eight garage parking spaces in the lower level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$146,057
Cap Rate
2.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,921,140
$2.9M
Cap Rate 7%
$2,086,529
$2.1M
Cap Rate 9%
$1,622,856
$1.6M
Market Conditions
NOI Build-Up for 15,420 SF
Gross rent
$283.1K $18.36/SF
− Vacancy
−$17.6K −$1.14/SF
EGI
$265.6K $17.22/SF
− OpEx
−$119.5K −$7.75/SF
NOI
$146.1K $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 Rate 5%
$2,921,140
Cap Rate 7%
$2,086,529
Cap Rate 9%
$1,622,856
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.43M
NOI $146,057 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.30M
NOI $258,183 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
18
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 19805, DE
39,985
Population
17,281
Households
2.3
Avg Household Size
35
Median Age
23%
College-Educated
87%
High-School Grad
5.5 sq mi
ZIP Area
7,270
Density / Sq Mi
$56,708
Median Household Income
$38,043
Median Earnings
$1,203
Median Rent
$220,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Residents have access to lower-level laundry, individually controlled heating and air conditioning, and a landscaped entry courtyard.
Where is this apartment building located?
The property is located at 709-711 N Broom Street Wilmington, DE.
What is the asking price?
The asking price for this property is $4,999,999.
What are key features of this property?
This property features: 18 one‑bedroom apartments in a historic brick building; Built in 1931; property occupies 0.42 acres; Eight garage parking spaces in the lower level
