Triplex with Off-Street
For Sale
$439,900
902 N MADISON Street, Wilmington, DE 19801
Multi-Family, WILMINGTON, DE
Property Size4,250 SF
Lot Size0.08 Acres
Price / SF$103.51
Days on Market95
Property Features for 902 N MADISON Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
Off Street
Elementary school district
CHRISTINA
Middle school district
CHRISTINA
High school district
CHRISTINA
Standard status
Active
Size
4,250 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
5912
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Building Details
Year built
1875
Number of units
1
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Realty Wilmington
(302) 299-1100
Listed By:
Jazmin Lynn Montalvo · License #RS0036466
(302) 256-1215
Added: May 19
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# DENC2103428
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 brick triplex includes three units and offers a consistent two-bedroom, two full-bath layout across the property. The building is heated with hot water (heating) and cooled with central air. Off-street parking is available, and the property includes a basement.
All units are currently occupied by long-term tenants on month-to-month leases. The lot size is 0.08 acres, and the property size is 4,250 square feet. Built in 1875, the triplex is positioned in Wilmington, Delaware.
The location provides convenient access to Trolley Square, Market Street, Wilmington Train Station, major highways, shopping, dining, and public transportation—supporting day-to-day rental desirability and commuter convenience.
All units are currently occupied by long-term tenants on month-to-month leases. The lot size is 0.08 acres, and the property size is 4,250 square feet. Built in 1875, the triplex is positioned in Wilmington, Delaware.
The location provides convenient access to Trolley Square, Market Street, Wilmington Train Station, major highways, shopping, dining, and public transportation—supporting day-to-day rental desirability and commuter convenience.
Key Highlights
- Three‑unit triplex with each unit offering two bedrooms and two full bathrooms
- All three units are currently occupied on month‑to‑month leases by long‑term tenants
- Brick construction with hot water heat and central air cooling
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
$40,256
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
9.15%
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%
$805,120
$805.1K
Cap Rate 7%
$575,086
$575.1K
Cap Rate 9%
$447,289
$447.3K
Market Conditions
NOI Build-Up for 4,250 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
$78.0K $18.36/SF
− Vacancy
−$4.8K −$1.14/SF
EGI
$73.2K $17.22/SF
− OpEx
−$32.9K −$7.75/SF
NOI
$40.3K $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%
$805,120
Cap Rate 7%
$575,086
Cap Rate 9%
$447,289
Alternative Uses
Best Use
Multifamily LT 5
$643.7K
$563.3K – $751.0K
NOI $45,062 @ 7.0% cap · market cap 10.24%
Second Best
Apartment 5plus
$575.1K
$503.2K – $670.9K
NOI $40,256 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$1.02M
$889.5K – $1.19M
NOI $71,159 @ 7.0% cap · market cap 16.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,717
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?
Triplex - Brick triplex with three occupied units, each with two bedrooms and two full bathrooms, plus off-street parking.
Where is this triplex located?
The property is located at 902 N MADISON Street Wilmington, DE.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Three‑unit triplex with each unit offering two bedrooms and two full bathrooms; All three units are currently occupied on month‑to‑month leases by long‑term tenants; Brick construction with hot water heat and central air cooling
