Corner Mixed-Use Triplex with
For Sale
$375,000
837 W 4TH Street, Wilmington, DE 19801
MULTI_FAMILY - Colonial - WILMINGTON, DE
Property Size2,268 SF
Lot Size0.02 Acres
Price / SF$165.34
Days on Market155
Property Features for 837 W 4TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Basement
Parking features
On Street
Interior features
Bathroom - Tub Shower, Built-Ins, Ceiling Fan(s), Dining Area
Appliances
Cooktop, Microwave, Refrigerator
Subdivision
WILM #21
Elementary school
PULASKI
Middle school
BAYARD
High school
NEWARK
Elementary school district
CHRISTINA
Middle school district
CHRISTINA
High school district
CHRISTINA
Standard status
Active
Size
2,268 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
5980
Utilities
Heating system
Forced Air
Building Details
Year built
1983
Number of units
3
Building materials
Brick, Masonry
Architectural style
Colonial
Listing Agency:
Keller Williams Realty Wilmington
(302) 299-1100
Listed By:
Kenneth Van Every · License #RS0022242
(302) 529-1857
Added: Mar 5
Changed: Jul 13
Last Checked: Aug 7 at 6:06AM
MLS# DENC2097812
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This corner mixed-use triplex includes an operating salon on the first floor and two 2-bedroom apartment units on the second and third floors. The salon features a highly visible entrance with signage facing 4th Street and Adam Street, a waiting area, main salon work area, a wash area with two stations, a short hall to an additional studio space with chair and lighting, and a half bathroom for client use. Each apartment is accessed via a side/common stair configuration, with separate entrances tied to the Adam Street side and a common stairway serving the upper units. Apartment interiors include updated bathroom(s) and kitchens with counter space, compact refrigerators, and cabinetry, with bedrooms positioned front to back and closet space in each unit.
The building has undergone replacements in recent years, including water heaters, electrical panels, windows, and many interior finishes. Basement utilities are separated by unit, including four electrical panels, three hot water heaters, and three gas furnaces, with storage available in the basement.
All units are currently tenant-occupied under existing arrangements, and a 48-hour notice is required for showings due to tenants in place.
The building has undergone replacements in recent years, including water heaters, electrical panels, windows, and many interior finishes. Basement utilities are separated by unit, including four electrical panels, three hot water heaters, and three gas furnaces, with storage available in the basement.
All units are currently tenant-occupied under existing arrangements, and a 48-hour notice is required for showings due to tenants in place.
Key Highlights
- Mixed‑use property with salon operating on a 5‑year lease at $1,600/month plus two 2‑bedroom apartments
- Total current gross rents are $4,000/month: salon $1,600/month, and two apartments at $1,200/month each
- 1983 colonial brick/masonry building; forced‑air heat; on‑street parking
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
$24,047
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
6.41%
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%
$480,940
$480.9K
Cap Rate 7%
$343,529
$343.5K
Cap Rate 9%
$267,189
$267.2K
Market Conditions
NOI Build-Up for 2,268 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
$36.7K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.4K $15.15/SF
− OpEx
−$10.3K −$4.54/SF
NOI
$24.0K $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%
$480,940
Cap Rate 7%
$343,529
Cap Rate 9%
$267,189
Alternative Uses
Best Use
Multifamily LT 5
$343.5K
$300.6K – $400.8K
NOI $24,047 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$306.9K
$268.5K – $358.0K
NOI $21,482 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$542.5K
$474.7K – $632.9K
NOI $37,974 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,840
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Tenant-occupied corner triplex with a street-facing salon on the first floor and two 2-bedroom apartments above.
Where is this triplex located?
The property is located at 837 W 4TH Street Wilmington, DE.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Mixed‑use property with salon operating on a 5‑year lease at $1,600/month plus two 2‑bedroom apartments; Total current gross rents are $4,000/month: salon $1,600/month, and two apartments at $1,200/month each; 1983 colonial brick/masonry building; forced‑air heat; on‑street parking
