Three-Unit Brick
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 Market47
Property Features for 940 N SPRUCE Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement, Family Room
Parking features
On Street, Assigned
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 backyard
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: Sep 17
Last Checked: Oct 6 at 6:06AM
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 three-unit residential property at 940 N Spruce Street includes two 2-bedroom residences and one 1-bedroom residence within 2,624 square feet. Built in 1903, the building combines masonry and brick construction with aluminum siding, baseboard electric heat, and window-unit cooling. Each residence has its own electric, heat, and hot-water systems, supporting separate utility management.
The first-floor residence has its own outside entry and access to a fenced rear yard. Residents of the second- and third-floor homes use an interior stairway, with a fire escape serving those upper levels. The second- and third-floor residences are occupied. Parking includes on-street spaces and assigned parking, and the property sits on a 0.03-acre lot in Wilmington, Delaware.
The first-floor residence has its own outside entry and access to a fenced rear yard. Residents of the second- and third-floor homes use an interior stairway, with a fire escape serving those upper levels. The second- and third-floor residences are occupied. Parking includes on-street spaces and assigned parking, and the property sits on a 0.03-acre lot in Wilmington, Delaware.
Key Highlights
- Three‑unit layout with two 2‑bedroom residences and one 1‑bedroom residence
- 2,624 square feet on a 0.03‑acre lot
- Built in 1903 with masonry, brick, and aluminum siding
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
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
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Two upper-level residences are occupied, with separate utility systems serving every unit.
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: Three‑unit layout with two 2‑bedroom residences and one 1‑bedroom residence; 2,624 square feet on a 0.03‑acre lot; Built in 1903 with masonry, brick, and aluminum siding
