Triplex with Separate Utility
For Sale
$279,900
940 N SPRUCE Street, Wilmington, DE 19801
Multi-Family, WILMINGTON, DE
Property Size2,624 SF
Lot Size0.03 Acres
Price / SF$106.67
Days on Market57
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
fenced 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: Oct 15
Last Checked: Oct 16 at 3:06AM
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.
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Investment Insights
Based on property information with market context.
This 2,624-square-foot triplex was built in 1903 and has a two-bedroom apartment on each of two floors, plus a one-bedroom apartment. Each residence has its own heating, hot water, and electric systems. The first-floor unit has a private exterior entrance and use of a fenced rear yard; the upper apartments share an interior stairway and have a fire escape. Construction materials include brick, masonry, and aluminum siding, with heavy-timber construction also noted.
The second- and third-floor apartments are occupied. The property is on Wilmington’s Eastside and sits on a 0.03-acre lot.
The second- and third-floor apartments are occupied. The property is on Wilmington’s Eastside and sits on a 0.03-acre lot.
Key Highlights
- Three apartments: two 2‑bedroom units and one 1‑bedroom unit
- 2,624 square feet on a 0.03‑acre lot
- Independent heat, hot water, and electric systems for each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,854
Cap Rate
8.88%
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
Multifamily LT 5
$397.5K
$347.8K – $463.7K
NOI $27,822 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$355.1K
$310.7K – $414.2K
NOI $24,854 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$627.6K
$549.2K – $732.3K
NOI $43,935 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,741
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Apartments occupy three floors, with independent heat, hot water, and electric systems for each residence.
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 $279,900.
What are key features of this property?
This property features: Three apartments: two 2‑bedroom units and one 1‑bedroom unit; 2,624 square feet on a 0.03‑acre lot; Independent heat, hot water, and electric systems for each apartment
