Live-Work Property with Paved
For Sale
$310,000
102 NORTHERN AVENUE, Wilmington, DE 19805
Residentially zoned property with a renovated kitchen, front porch, and paved parking area.
Property Size1,450 SF
Price / SF$213.79
Days on Market15
Property Features for 102 NORTHERN AVENUE
General Information
Standard status
Active
Size
1,450 SF
Property subtype
Business Opportunities
Taxes and HOA fees
Annual Taxes
$1,104
Amenities
front porch
renovated kitchen
3
Unfurnished
Asphalt
Driveway.
Vinyl
Level
50.00 x 150.00
Private Roads, Level.
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Associates-Hockessin
(302) 420-9526
Listed By:
Melinda Proctor · License #R3-012322
(302) 420-9526
Source:
Xome
Added: Aug 6
Changed: Aug 19
Last Checked: Aug 19 at 6:11AM
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 RE/MAX Associates-Hockessin
Investment Insights
Based on property information with market context.
This 1,450-square-foot single-family property combines a three-bedroom, 1.5-bath layout with features suited to residential occupancy or an approved live-work arrangement. The interior includes a renovated kitchen, living room, dinette, and front porch. The property is currently being used as a barbershop, while any continued commercial use remains subject to local zoning and permitted-use verification.
A paved parking lot provides on-site space for clients, guests, or residents. The level parcel measures 50.00 x 150.00 and includes an asphalt driveway, vinyl exterior, and private level roads. Built in 1900, the property is available for immediate occupancy.
A paved parking lot provides on-site space for clients, guests, or residents. The level parcel measures 50.00 x 150.00 and includes an asphalt driveway, vinyl exterior, and private level roads. Built in 1900, the property is available for immediate occupancy.
Key Highlights
- 1,450 SF single‑family property with three bedrooms and 1.5 baths
- Current barbershop use, subject to local zoning and permitted‑use verification
- Renovated kitchen, living room, dinette, and front porch
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
$19,750
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
6.37%
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%
$395,000
$395.0K
Cap Rate 7%
$282,143
$282.1K
Cap Rate 9%
$219,444
$219.4K
Market Conditions
NOI Build-Up for 1,450 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
$32.7K $22.56/SF
− Vacancy
−$6.4K −$4.40/SF
EGI
$26.3K $18.16/SF
− OpEx
−$6.6K −$4.54/SF
NOI
$19.7K $13.62/SF
Area
New Castle County, DE
Vacancy
19.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$395,000
Cap Rate 7%
$282,143
Cap Rate 9%
$219,444
Alternative Uses
Best Use
Office B
$282.1K
$246.9K – $329.2K
NOI $19,750 @ 7.0% cap · market cap 6.37%
Second Best
Mixed Use
$211.1K
$184.7K – $246.3K
NOI $14,777 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$346.8K
$303.5K – $404.6K
NOI $24,278 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
679
Businesses Nearby
Explore this area
Business Placement
Demographics for 19805, DE
39,985
Population
17,281
Households
2.3
Avg Household Size
35
Median Age
23%
College-Educated
87%
High-School Grad
5.5 sq mi
ZIP Area
7,270
Density / Sq Mi
$56,708
Median Household Income
$38,043
Median Earnings
$1,203
Median Rent
$220,200
Median Home Value
Market
Vacancy Rate% for Office 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?
Live-work space - Residentially zoned property with a renovated kitchen, front porch, and paved parking area.
Where is this live-work space located?
The property is located at 102 NORTHERN AVENUE Wilmington, DE.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: 1,450 SF single‑family property with three bedrooms and 1.5 baths; Current barbershop use, subject to local zoning and permitted‑use verification; Renovated kitchen, living room, dinette, and front porch
