Updated Two-Unit
For Sale
$155,000
731 West 4th Street, Wilmington, DE 19801
Two separately metered residences include private kitchens, living areas, appliances, and distinct utility systems.
Property Size1,175 SF
Price / SF$131.91
Days on Market198
Property Features for 731 West 4th Street
General Information
Standard status
Active
Size
1,175 SF
Property subtype
Multi-Family / Fee Simple
Zoning
26R-4
Taxes and HOA fees
Annual Taxes
$1,778
Amenities
No
No Pool
Above Grade, Below Grade
Exterior Lighting, Sidewalks, Street Lights
Porch(es), Deck(s)
Building Details
Year Built
1900
Listing Agency:
Keller Williams Real Estate - Newark
(302) 540-7448
Listed By:
Michael G Haritos · License #RB-0020290
(302) 540-7448
Source:
Compass
Added: Feb 14
Changed: Aug 30
Last Checked: Aug 30 at 9:00PM
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 Keller Williams Real Estate - Newark
Investment Insights
Based on property information with market context.
This updated duplex contains two separate 1-bedroom, 1-bath residences, each arranged with a private kitchen, living room, and bedroom. Modern finishes and included appliances support immediate occupancy, with washer and dryer excluded. The lower residence connects to basement laundry, while the upper residence offers a private balcony without laundry access.
Individual utility meters and separate hot water tanks serve each unit. Exterior features include porches or decks, sidewalks, street lighting, and exterior lighting. Built in 1900, the property is zoned 26R-4 and sits within Wilmington city limits. Shops, public transportation, and major highways are nearby, with a bus stop less than 1 mile away.
Individual utility meters and separate hot water tanks serve each unit. Exterior features include porches or decks, sidewalks, street lighting, and exterior lighting. Built in 1900, the property is zoned 26R-4 and sits within Wilmington city limits. Shops, public transportation, and major highways are nearby, with a bus stop less than 1 mile away.
Key Highlights
- Two 1‑bedroom, 1‑bath units
- 1,175 property size
- Separate utility meters and hot water tanks for each unit
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
$12,458
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
8.04%
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%
$249,160
$249.2K
Cap Rate 7%
$177,971
$178.0K
Cap Rate 9%
$138,422
$138.4K
Market Conditions
NOI Build-Up for 1,175 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
$19.0K $16.20/SF
− Vacancy
−$1.2K −$1.05/SF
EGI
$17.8K $15.15/SF
− OpEx
−$5.3K −$4.54/SF
NOI
$12.5K $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%
$249,160
Cap Rate 7%
$177,971
Cap Rate 9%
$138,422
Alternative Uses
Best Use
Multifamily LT 5
$178.0K
$155.7K – $207.6K
NOI $12,458 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$159.0K
$139.1K – $185.5K
NOI $11,130 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$281.0K
$245.9K – $327.9K
NOI $19,673 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,356
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?
Duplex - Two separately metered residences include private kitchens, living areas, appliances, and distinct utility systems.
Where is this duplex located?
The property is located at 731 West 4th Street Wilmington, DE.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units; 1,175 property size; Separate utility meters and hot water tanks for each unit
