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26 S State St 9 Unit Apartment Building $1,200,000 ($133,333/Unit) 10.10% Cap Rate Dover, DE 19901
Executive Summary
Turnkey 9-unit multifamily investment in Dover, surrounded by historic character and ongoing area revitalization. Stabilized asset producing approximately $11,700 per month (4-1-26) in rental income, plus additional income from on-site central washer and dryer facilities. Tenants pay their own gas heat and electric. Owner pays water, sewer, trash, and central hot water. Property has seen numerous recent improvements including updated windows, interior upgrades, select new kitchens, and recently installed flooring in most units. Hallways have been refreshed with new flooring and paint. Capital improvements include a new fire escape and some newer heating systems. Strong in-place income with additional ancillary revenue and continued upside through future unit improvements and long-term rental demand in the Dover market. Ideal for investors seeking a stabilized asset with proven cash flow.
Property Facts
| Price | $1,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $133,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 10.10% | Building Size | 4,984 SF |
| Gross Rent Multiplier | 8.57 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2025 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RG0 | ||
| Price | $1,200,000 |
| Price Per Unit | $133,333 |
| Sale Type | Investment |
| Cap Rate | 10.10% |
| Gross Rent Multiplier | 8.57 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,984 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1900/2025 |
| Opportunity Zone |
Yes |
| Zoning | RG0 |
Amenities
- Smoke Detector
Unit Amenities
- Heating
- Kitchen
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | $1,300 | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 2-05-07705-04-2300-000 | Improvements Assessment | $689,800 |
| Land Assessment | $112,700 | Total Assessment | $802,500 |
Property Taxes
Parcel Number
2-05-07705-04-2300-000
Land Assessment
$112,700
Improvements Assessment
$689,800
Total Assessment
$802,500
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26 S State St