Colonial Residential Income
For Sale
$279,000
715 W 8th St, Wilmington, DE 19801
Colonial residential income property with on-street access and electric in-unit appliances, including a microwave and range.
Property Size1,750 SF
Price / SF$159.43
Days on Market75
Property Features for 715 W 8th St
General Information
Standard status
Active
Size
1,750 SF
Property subtype
Residential Income
Zoning
26R-3
Taxes and HOA fees
Annual Taxes
$3,059
Amenities
Ceiling Fan(s)
Baseboard, Electric
Partial
Microwave, Electric Oven, Electric Range, Electric Water Heater
On Street
Colonial
Building Details
Building Size
1,750 SF
Year Built
1881
Stories
2
Listing Agency:
(302) 723-3770
Listed By:
Robert A Blackhurst
(302) 723-3770
Source:
Evrealestate
Added: Jun 9
Changed: Aug 14
Last Checked: Aug 22 at 6:23AM
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 Robert A Blackhurst
Investment Insights
Based on property information with market context.
Colonial residential income property at 715 W 8th St in Wilmington, Delaware (New Castle County). The home was built in 1881 and has an interior estimated at 1,750. Interior features include ceiling fans, baseboard electric heat, and electric appliances such as a microwave, electric oven, electric range, and electric water heater.
Exterior features include on-street access. The property’s exterior is described as Colonial.
For buyers evaluating residential income opportunities, the combination of classic exterior styling and established interior electric systems provides a straightforward residential setup for potential occupants.
Exterior features include on-street access. The property’s exterior is described as Colonial.
For buyers evaluating residential income opportunities, the combination of classic exterior styling and established interior electric systems provides a straightforward residential setup for potential occupants.
Key Highlights
- 1,750 estimated interior size
- Built in 1881
- Ceiling fans
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
$16,576
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
5.94%
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%
$331,520
$331.5K
Cap Rate 7%
$236,800
$236.8K
Cap Rate 9%
$184,178
$184.2K
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
$32.1K $18.36/SF
− Vacancy
−$2.0K −$1.14/SF
EGI
$30.1K $17.22/SF
− OpEx
−$13.6K −$7.75/SF
NOI
$16.6K $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%
$331,520
Cap Rate 7%
$236,800
Cap Rate 9%
$184,178
Alternative Uses
Best Use
Apartment 5plus
$236.8K
$207.2K – $276.3K
NOI $16,576 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$418.6K
$366.3K – $488.4K
NOI $29,301 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,881
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Colonial residential income property with on-street access and electric in-unit appliances, including a microwave and range.
Where is this residential income property located?
The property is located at 715 W 8th St Wilmington, DE.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: 1,750 estimated interior size; Built in 1881; Ceiling fans
