Office Condo with Private
For Sale
$130,000
1401 Pennsylvania Ave Unit 102, Wilmington, DE 19806
Flexible commercial condo with an open workspace, two enclosed rooms, reception area, and owner parking.
Property Size800 SF
Price / SF$162.50
Days on Market22
Property Features for 1401 Pennsylvania Ave Unit 102
General Information
Standard status
Active
Size
800 SF
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
1
Amenities
kitchenette
washer & dryer
secure building entrance
reception/lobby check-in
private patio
community garden
24-hour security personnel
Building Details
Year Built
1981
Tenancy
Single
Listing Agency:
EXP Realty, LLC
(302) 382-3600
Listed By:
Shay Rhodunda
Source:
Integrityresidentialsales
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 25 at 4:54AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 800-square-foot commercial condominium, built in 1981, offers an adaptable office layout with a large central workspace and two separate rooms. A reception and lobby check-in area support a professional arrival experience, while the kitchenette and included washer and dryer add practical functionality. The configuration may accommodate office, wellness, salon, retail, or private-practice uses as described in the property information.
The property is located at 1401 Pennsylvania Ave Unit 102 in Wilmington’s Trolley Square district. Additional features include secure building access, private underground owner parking, a private patio, and access to a community garden. The condo/HOA fee includes electric, water, cable, and 24-hour security personnel. Restaurants, boutiques, and neighborhood activity surround the property, and the space has road frontage and visibility.
The property is located at 1401 Pennsylvania Ave Unit 102 in Wilmington’s Trolley Square district. Additional features include secure building access, private underground owner parking, a private patio, and access to a community garden. The condo/HOA fee includes electric, water, cable, and 24-hour security personnel. Restaurants, boutiques, and neighborhood activity surround the property, and the space has road frontage and visibility.
Key Highlights
- 800‑square‑foot commercial condo with a flexible office layout
- Large open workspace plus two private rooms
- Reception and lobby check‑in area with secure building access
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
$10,896
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
8.38%
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%
$217,920
$217.9K
Cap Rate 7%
$155,657
$155.7K
Cap Rate 9%
$121,067
$121.1K
Market Conditions
NOI Build-Up for 800 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
$18.0K $22.56/SF
− Vacancy
−$3.5K −$4.40/SF
EGI
$14.5K $18.16/SF
− OpEx
−$3.6K −$4.54/SF
NOI
$10.9K $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%
$217,920
Cap Rate 7%
$155,657
Cap Rate 9%
$121,067
Alternative Uses
Best Use
Office B
$155.7K
$136.2K – $181.6K
NOI $10,896 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$191.4K
$167.4K – $223.3K
NOI $13,395 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,896
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
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?
Office units - Flexible commercial condo with an open workspace, two enclosed rooms, reception area, and owner parking.
Where is this office units located?
The property is located at 1401 Pennsylvania Ave Unit 102 Wilmington, DE.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: 800‑square‑foot commercial condo with a flexible office layout; Large open workspace plus two private rooms; Reception and lobby check‑in area with secure building access
