Renovated Apartment
For Sale
Contact for pricing
704-706 N Market St, Wilmington, DE 19801
Recently updated commercial space supports student housing, apartment, or hotel conversion in Wilmington’s Central Business District.
Property Size42,706 SF
Price / SF$105.37
Days on Market745
Property Features for 704-706 N Market St
General Information
Standard status
Active
Size
42,706 SF
Property subtype
MULTIFAMILY
Listing Agency:
LMT Commercial Realty / CORFAC International
(302) 414-1000
Listed By:
Chris Moore
(302) 383-1911
Source:
Moodyscre
Added: Oct 2, 2024
Changed: Oct 1
Last Checked: Oct 15 at 1:52AM
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 LMT Commercial Realty / CORFAC International
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Investment Insights
Based on property information with market context.
This approximately 42,706-square-foot property contains recently renovated space within Wilmington’s Central Business District. The building was originally designed as a dormitory, providing a physical layout associated with residential occupancy and student-oriented use.
The surrounding district includes multifamily housing, restaurants, retail shops, and office space, with both new and updated properties nearby. The existing improvements can support continued student housing or conversion to apartments or a hotel, subject to applicable approvals and requirements.
The surrounding district includes multifamily housing, restaurants, retail shops, and office space, with both new and updated properties nearby. The existing improvements can support continued student housing or conversion to apartments or a hotel, subject to applicable approvals and requirements.
Key Highlights
- Approximately 42,706 square feet of recently renovated space
- Located in Wilmington’s Central Business District
- Originally designed as a dormitory
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$404,508
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,090,160
$8.1M
Cap Rate 7%
$5,778,686
$5.8M
Cap Rate 9%
$4,494,533
$4.5M
Market Conditions
NOI Build-Up for 42,706 SF
Gross rent
$784.1K $18.36/SF
− Vacancy
−$48.6K −$1.14/SF
EGI
$735.5K $17.22/SF
− OpEx
−$331.0K −$7.75/SF
NOI
$404.5K $9.47/SF
Area
New Castle County, DE
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,090,160
Cap Rate 7%
$5,778,686
Cap Rate 9%
$4,494,533
Alternative Uses
Best Use
Apartment 5plus
$5.78M
$5.06M – $6.74M
NOI $404,508 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.21M
$8.94M – $11.92M
NOI $715,042 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,565
Businesses Nearby
Explore this area
Business Placement
Demographics for 19801, DE
16,219
Population
9,390
Households
1.7
Avg Household Size
34
Median Age
26%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
3,686
Density / Sq Mi
$44,505
Median Household Income
$36,684
Median Earnings
$1,126
Median Rent
$196,000
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?
Apartment building - Recently updated commercial space supports student housing, apartment, or hotel conversion in Wilmington’s Central Business District.
Where is this apartment building located?
The property is located at 704-706 N Market St Wilmington, DE.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Approximately 42,706 square feet of recently renovated space; Located in Wilmington’s Central Business District; Originally designed as a dormitory
