Multi-Garage Storage
For Sale
$179,000
820 22ND STREET, Wilmington, DE 19802
Sale includes 12 individually updated garages across three parcels with solar-powered interior lighting.
Property Size2,000 SF
Price / SF$89.50
Days on Market63
Property Features for 820 22ND STREET
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$416
Amenities
3
Concrete
Metal
20 x 9.30
Additional Lot(s).
Building Details
Year Built
2000
Listing Agency:
Coldwell Banker Realty
(302) 476-5498
Listed By:
Casey Riffel · License #RS0026139
(302) 476-5498
Source:
Xome
Added: Jun 28
Changed: Aug 25
Last Checked: Aug 29 at 7:35AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This offering includes 12 individual garages sold as part of three separate parcels. Each garage has been freshly updated with painted floors and solar-powered interior lighting, creating clean, functional storage space available for immediate use or rental. Eleven of the garages are currently vacant, with one tenant in place.
Designed for flexible storage use, the garages can accommodate items such as vehicles, contractor equipment, business inventory, or personal storage. The bikeScore and walkScore indicate a more car-dependent setting, while transitScore reflects good access to public transportation.
The sale is structured to include all garages and the three associated parcels, offering a low-maintenance format for investors or an owner-user seeking controllable, discrete storage units.
Designed for flexible storage use, the garages can accommodate items such as vehicles, contractor equipment, business inventory, or personal storage. The bikeScore and walkScore indicate a more car-dependent setting, while transitScore reflects good access to public transportation.
The sale is structured to include all garages and the three associated parcels, offering a low-maintenance format for investors or an owner-user seeking controllable, discrete storage units.
Key Highlights
- 12 individually updated garages for sale across three separate parcels
- Solar‑powered interior lighting installed in each garage
- Freshly painted floors in all garages
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
$15,577
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
8.70%
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%
$311,540
$311.5K
Cap Rate 7%
$222,529
$222.5K
Cap Rate 9%
$173,078
$173.1K
Market Conditions
NOI Build-Up for 2,000 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
$19.9K $9.96/SF
− Vacancy
−$1.6K −$0.80/SF
EGI
$18.3K $9.16/SF
− OpEx
−$2.7K −$1.37/SF
NOI
$15.6K $7.79/SF
Area
New Castle County, DE
Vacancy
8.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$311,540
Cap Rate 7%
$222,529
Cap Rate 9%
$173,078
Alternative Uses
Best Use
Self Storage
$262.5K
$229.7K – $306.3K
NOI $18,378 @ 7.0% cap · market cap 10.27%
Second Best
Warehouse
$222.5K
$194.7K – $259.6K
NOI $15,577 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$478.4K
$418.6K – $558.1K
NOI $33,487 @ 7.0% cap · market cap 18.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,125
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Sale includes 12 individually updated garages across three parcels with solar-powered interior lighting.
Where is this self storage facility located?
The property is located at 820 22ND STREET Wilmington, DE.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 12 individually updated garages for sale across three separate parcels; Solar‑powered interior lighting installed in each garage; Freshly painted floors in all garages
