Three-Story Mixed-Use Restaurant
For Sale
$399,000
1828 West 11th Street, Wilmington, DE 19805
Fully leased three-story restaurant and multi-family building with an established tenant and convenient access to I-95.
Property Size2,976 SF
Price / SF$134.07
Days on Market94
Property Features for 1828 West 11th Street
General Information
Standard status
Active
Size
2,976 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Building Size
2,976 SF
Stories
3
Tenancy
Single
Listed By:
Joseph Latina, SIOR
(302) 414-1000
Source:
Lmtcre
Added: Jun 3
Changed: Aug 31
Last Checked: Sep 4 at 4:10AM
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
Investment Insights
Based on property information with market context.
This three-story freestanding mixed-use building includes a basement and offers approximately 2,976 square feet of space. The property is fully leased with an existing restaurant tenant currently leasing the entire building, creating an income-producing setup for buyers. Its structure is designed to support both restaurant operations and multi-family use within the same asset.
Located along the 11th Street corridor in Wilmington, Delaware, the property benefits from convenient access to I-95 and other major commuter routes. This connectivity supports tenant accessibility and makes the building practical for a wide range of daily uses tied to restaurant activity and residential occupancy.
For investors seeking a stabilized mixed-use asset, the key differentiator here is that the building is already leased in full with a restaurant tenant in place. The combination of three stories plus basement, along with the mixed restaurant and multi-family configuration, provides a straightforward operating framework within a single freestanding property.
Located along the 11th Street corridor in Wilmington, Delaware, the property benefits from convenient access to I-95 and other major commuter routes. This connectivity supports tenant accessibility and makes the building practical for a wide range of daily uses tied to restaurant activity and residential occupancy.
For investors seeking a stabilized mixed-use asset, the key differentiator here is that the building is already leased in full with a restaurant tenant in place. The combination of three stories plus basement, along with the mixed restaurant and multi-family configuration, provides a straightforward operating framework within a single freestanding property.
Key Highlights
- 2,976 +/- SF three‑story freestanding restaurant/multi‑family building with basement
- Fully leased: existing restaurant tenant leases the entire building
- Income‑producing investment property with established restaurant tenant in place
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
$30,328
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
7.60%
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%
$606,560
$606.6K
Cap Rate 7%
$433,257
$433.3K
Cap Rate 9%
$336,978
$337.0K
Market Conditions
NOI Build-Up for 2,976 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
$56.4K $18.96/SF
− Vacancy
−$7.9K −$2.65/SF
EGI
$48.5K $16.31/SF
− OpEx
−$18.2K −$6.11/SF
NOI
$30.3K $10.19/SF
Area
New Castle County, DE
Vacancy
14.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
37.50%
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%
$606,560
Cap Rate 7%
$433,257
Cap Rate 9%
$336,978
Alternative Uses
Best Use
Specialty Retail
$545.8K
$477.6K – $636.8K
NOI $38,207 @ 7.0% cap · market cap 9.58%
Second Best
Mixed Use
$433.3K
$379.1K – $505.5K
NOI $30,328 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$711.8K
$622.9K – $830.5K
NOI $49,828 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,720
Businesses Nearby
94k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Dining 34%
Groceries 23%
ACME Markets
Groceries
21,617 visits/mo
0.3 miles
Shell
Shops & Services
10,378 visits/mo
0.1 miles
Dollar Tree
Shops & Services
10,064 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,628 visits/mo
0.1 miles
Grotto Pizza
Dining
9,008 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased three-story restaurant and multi-family building with an established tenant and convenient access to I-95.
Where is this mixed-use property located?
The property is located at 1828 West 11th Street Wilmington, DE.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,976 +/- SF three‑story freestanding restaurant/multi‑family building with basement; Fully leased: existing restaurant tenant leases the entire building; Income‑producing investment property with established restaurant tenant in place
