Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    120 Hay Rd Wilmington, DE 19809

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Warehouse with 34 tailgates, 2 drive-ins, and 191 parking spaces.

    Added:
    Mar 6, 2026
    Days on Market:
    29
    Last Refresh:
    Apr 1 at 11:11 pm

    Property Features for 120 Hay Rd

    General Information

    Standard status
    Active

    Spaces For Lease

    at 120 Hay Rd Contact us

    We can help!

    Listing Contact
    Tim Plemmons, MICP

    Listing agent Tim Plemmons, MICP License #PA #RS333359

    Listing office

    Listing date Mar 6, 2026

    Source Naiglobal

    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 Tim Plemmons, MICP

    Overview

    Wilmington Warehouse with Ample Parking

    The property features 34 tailgates and 2 drive-in doors for loading. It includes 191 lined parking spaces for employees and 30 trailer parking stalls. The warehouse has a ceiling height of 36 feet and column spacing of 53 feet by 53 feet, with a 60-foot speed bay. Power is supplied by a minimum of 2500 amps, 277/480 volts, 3-phase, 4-wire system. The lighting is LED, and the fire suppression system is ESFR. The office area measures approximately 6,500 square feet.
    Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sentinel Self Storage - Wilmington, DE — 333 E Lea Blvd, Wilmington, DE 19802

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.4982
    Latitude
    39.7532

    Nearby Similar for Lease

    • Contact for pricing

      Versatile Commercial Property in Wilmington

      Two-story commercial property suitable for various uses in Wilmington, DE.
      1803 W 4TH Street, WILMINGTON, DE 19805
      View Details
    • $15/mo

      Flexible Office Space For Lease

      Adaptable office spaces available in a centrally located Wilmington building.
      2706 KIRKWOOD Highway, WILMINGTON, DE 19805
      View Details
    • Contact for pricing

      Office Space in Woodmill Complex

      Office space for rent in Pike Creek, Wilmington.
      5181 W WOODMILL Drive unit: A004, WILMINGTON, DE 19808
      View Details
    • Contact for pricing

      Flexible Commercial Space Available Now

      Prime commercial space with excellent flow and functionality, ready now.
      5201 W WOODMILL Drive unit: 32 Lower, WILMINGTON, DE 19808
      View Details
    • $28/mo

      High-Visibility Retail Space Available

      Retail space with high traffic and modern build-outs.
      4555 Kirkwood Highway, Wilmington, DE 19808
      View Details
    • $32/mo

      Restaurant Space in Brandywine Commons

      Freestanding 6,317 SF restaurant space for lease.
      307 Rocky Run Pkwy, Wilmington, DE 19803
      View Details
    • Contact for pricing

      Downtown Wilmington Retail Storefront

      Adaptable 770 SF retail space in downtown Wilmington.
      800 North Orange Street, Wilmington, DE 19801
      View Details
    • Contact for pricing

      Kirkwood Highway Office Suites Available

      Office suites for lease with easy access to major routes.
      4708 Kirkwood Highway, Wilmington, DE 19808
      View Details
    • Sponsored
      Contact for pricing

      DE, Wilmington - N Market St

      901 Market St, Unit 1ST, Wilmington, DE 19801
      View Details
    • Contact for pricing

      Downtown

      1000 West St, Unit 1200, Wilmington, DE 19801
      View Details
    • $18/mo

      Retail Space in Wilmington Center

      Former Walgreens and retail spaces available in Wilmington, Delaware.
      1900 Maryland Ave, Wilmington, DE 19805
      View Details
    • $22/mo

      Wilmington Retail/Office Building For Lease

      Two-story retail/office building with modern finishes and ample parking.
      Limestone Shopping Center - 2060 Limestone Road, Wilmington, DE 19808
      View Details

    FAQs

    What type of property is this?
    Warehouse - Warehouse with 34 tailgates, 2 drive-ins, and 191 parking spaces.
    Where is this warehouse located?
    The property is located at 120 Hay Rd Wilmington, DE.
    What are key features of this property?
    This property features: 36' ceiling height offers ample vertical storage space.; 34 tailgates and 2 drive‑ins facilitate efficient loading and unloading.; 191 lined employee parking spaces.
    (302) 322-9500
    We can help!
    Listing Contact
    Tim Plemmons, MICP
    Real Estate License ID: PA #RS333359
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!