Multifamily
For Sale
$295,900
940 N Spruce St, Wilmington, DE 19801
Built in 1903, this multifamily property offers an established residential asset in a walkable, transit-served setting.
Property Size2,624 SF
Price / SF$112.77
Days on Market58
Property Features for 940 N Spruce St
General Information
Standard status
Active
Size
2,624 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Building Details
Year Built
1903
Listing Agency:
Century 21 Gold Key Realty
Listed By:
Susan Elentrio-Mahoney · License #0038849
(302) 528-4448
Source:
Burkhart
Added: Aug 21
Changed: Oct 1
Last Checked: Oct 7 at 4:04PM
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 Century 21 Gold Key Realty
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Investment Insights
Based on property information with market context.
Located at 940 N SPRUCE St in Wilmington, Delaware, this multifamily property was built in 1903. The surrounding setting records a Walk Score of 83, indicating that many daily destinations can be reached on foot, along with a Transit Score of 56 and a Bike Score of 43.
The property’s location combines strong walkability with access to public transportation and bikeable routes. These location metrics provide practical context for evaluating the asset within Wilmington’s residential market.
The property’s location combines strong walkability with access to public transportation and bikeable routes. These location metrics provide practical context for evaluating the asset within Wilmington’s residential market.
Key Highlights
- Multifamily property at 940 N SPRUCE St, Wilmington, DE 19801
- Built in 1903
- Walk Score of 83
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,854
Cap Rate
8.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$497,080
$497.1K
Cap Rate 7%
$355,057
$355.1K
Cap Rate 9%
$276,156
$276.2K
Market Conditions
NOI Build-Up for 2,624 SF
Gross rent
$48.2K $18.36/SF
− Vacancy
−$3.0K −$1.14/SF
EGI
$45.2K $17.22/SF
− OpEx
−$20.3K −$7.75/SF
NOI
$24.9K $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 Rate 5%
$497,080
Cap Rate 7%
$355,057
Cap Rate 9%
$276,156
Alternative Uses
Best Use
Apartment 5plus
$355.1K
$310.7K – $414.2K
NOI $24,854 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$627.6K
$549.2K – $732.3K
NOI $43,935 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
5,741
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Built in 1903, this multifamily property offers an established residential asset in a walkable, transit-served setting.
Where is this multifamily property located?
The property is located at 940 N Spruce St Wilmington, DE.
What is the asking price?
The asking price for this property is $295,900.
What are key features of this property?
This property features: Multifamily property at 940 N SPRUCE St, Wilmington, DE 19801; Built in 1903; Walk Score of 83
