Three-Story Mixed-Use
For Sale
$1,050,000
12 Trolley Sq, Wilmington, DE 19806
Three condominium units combine a former ground-floor restaurant with two leased residential apartments above.
Property Size2,940 SF
Price / SF$357.14
Days on Market103
Property Features for 12 Trolley Sq
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Mixed-Use
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Building Size
2,940 SF
Year Built
1979
Stories
3
Listed By:
Joseph Latina, SIOR
(302) 414-1000
Source:
Lmtcre
Added: Jul 10
Changed: Oct 3
Last Checked: Oct 19 at 5:27AM
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 Joseph Latina, SIOR
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Investment Insights
Based on property information with market context.
This three-story mixed-use property consists of three condominium units within a single building. The first floor includes a former restaurant space, while the two upper floors are configured as leased residential apartments. Individual condo units are described as approximately 980 square feet each, with total building square footage reported at approximately 2,940.
The property is located in Wilmington’s Trolley Square neighborhood and is positioned for convenient access to Downtown Wilmington, I-95, and nearby restaurants, retail, and major employers.
For buyers seeking a combined commercial and residential income profile, the building’s condominium structure and current mix of a ground-floor restaurant use with two leased apartments above are the key considerations.
The property is located in Wilmington’s Trolley Square neighborhood and is positioned for convenient access to Downtown Wilmington, I-95, and nearby restaurants, retail, and major employers.
For buyers seeking a combined commercial and residential income profile, the building’s condominium structure and current mix of a ground-floor restaurant use with two leased apartments above are the key considerations.
Key Highlights
- Three‑story mixed‑use property with three condominium units (former restaurant on the first floor and two leased residential apartments above).
- Total building size of 2,940 +/- SF with individual condo units at 980 +/- SF.
- Built in 1972.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,745
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$754,900
$754.9K
Cap Rate 7%
$539,214
$539.2K
Cap Rate 9%
$419,389
$419.4K
Market Conditions
NOI Build-Up for 2,940 SF
Gross rent
$52.9K $18.00/SF
− Vacancy
−$2.6K −$0.88/SF
EGI
$50.3K $17.12/SF
− OpEx
−$12.6K −$4.28/SF
NOI
$37.7K $12.84/SF
Area
New Castle County, DE
Vacancy
4.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$754,900
Cap Rate 7%
$539,214
Cap Rate 9%
$419,389
Alternative Uses
Best Use
Specialty Retail
$539.2K
$471.8K – $629.1K
NOI $37,745 @ 7.0% cap · market cap 3.59%
Second Best
Multifamily LT 5
$445.3K
$389.7K – $519.6K
NOI $31,173 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$703.2K
$615.3K – $820.4K
NOI $49,225 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,457
Businesses Nearby
Explore this area
Business Placement
Demographics for 19806, DE
10,083
Population
6,638
Households
1.5
Avg Household Size
45
Median Age
71%
College-Educated
98%
High-School Grad
1.7 sq mi
ZIP Area
5,931
Density / Sq Mi
$86,240
Median Household Income
$76,246
Median Earnings
$1,329
Median Rent
$370,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three condominium units combine a former ground-floor restaurant with two leased residential apartments above.
Where is this mixed-use property located?
The property is located at 12 Trolley Sq Wilmington, DE.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Three‑story mixed‑use property with three condominium units (former restaurant on the first floor and two leased residential apartments above).; Total building size of 2,940 +/- SF with individual condo units at 980 +/- SF.; Built in 1972.
