End-of-Row
For Sale
$295,900
940 N SPRUCE Street, Wilmington, DE 19801
Multi-Family, WILMINGTON, DE
Property Size2,624 SF
Lot Size0.03 Acres
Price / SF$112.77
Days on Market12
Property Features for 940 N SPRUCE Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement, Family Room
Parking features
Assigned, On Street
Interior features
Family Room Off Kitchen, Floor Plan - Traditional
Appliances
Exhaust Fan, Microwave, Oven/Range - Electric, Refrigerator
Elementary school district
CHRISTINA
Middle school district
CHRISTINA
High school district
CHRISTINA
Standard status
Active
Size
2,624 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
3108
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Amenities
private exterior entrance
fenced in back yard
fire escape
Building Details
Year built
1903
Number of units
3
Building materials
Aluminum Siding, Brick, Masonry
Architectural style
Other
Listing Agency:
Century 21 Gold Key Realty · Century 21 Real Estate
(302) 369-5397
Listed By:
Susan Elentrio-Mahoney · License #0038849
(302) 528-4448
Added: Aug 21
Changed: Aug 24
Last Checked: Sep 1 at 12:06AM
MLS# DENC2109392
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 2,624-square-foot triplex was built in 1903 with masonry and heavy-timber construction. The unit mix includes two two-bedroom residences and one one-bedroom residence. Each unit has its own heat, hot water, and electric systems, while the first-floor residence has a private exterior entrance. The upper residences connect through a shared interior staircase, and a fire escape serves the second and third floors.
The property occupies 0.03 acres at 940 N Spruce Street in Wilmington’s Eastside. The first-floor unit has use of a fenced backyard. Parking is assigned and available on the street. Interior features include a traditional floor plan and a family room adjoining the kitchen, with electric baseboard heat and window-unit cooling.
The property occupies 0.03 acres at 940 N Spruce Street in Wilmington’s Eastside. The first-floor unit has use of a fenced backyard. Parking is assigned and available on the street. Interior features include a traditional floor plan and a family room adjoining the kitchen, with electric baseboard heat and window-unit cooling.
Key Highlights
- Two 2‑bedroom units and one 1‑bedroom unit
- 2,624 SF triplex on a 0.03‑acre lot
- Separate heat, hot water, and electric systems 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
$24,854
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
8.40%
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%
$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
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
$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 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%
$497,080
Cap Rate 7%
$355,057
Cap Rate 9%
$276,156
Alternative Uses
Best Use
Multifamily LT 5
$397.5K
$347.8K – $463.7K
NOI $27,822 @ 7.0% cap · market cap 9.40%
Second Best
Apartment 5plus
$355.1K
$310.7K – $414.2K
NOI $24,854 @ 7.0% cap · market cap 8.40%
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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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
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 - Three-unit masonry property with separate utilities, private entry, shared upper-level access, and a fenced rear yard.
Where is this triplex located?
The property is located at 940 N SPRUCE Street 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: Two 2‑bedroom units and one 1‑bedroom unit; 2,624 SF triplex on a 0.03‑acre lot; Separate heat, hot water, and electric systems for each unit
