First-Floor Office
For Sale
$120,000
1401 Pennsylvania Ave Unit 103, Wilmington, DE 19806
Flexible commercial space with a reception area, multiple workrooms, storage, and an updated bathroom.
Property Size773 SF
Price / SF$155.24
Days on Market88
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Property Features for 1401 Pennsylvania Ave Unit 103
General Information
Standard status
Active
Size
773 SF
Total Parking Spaces
1
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Floor
First Floor
Amenities
24-hour security personnel
Building Details
Year Built
1960
Listing Agency:
Keller Williams Realty Wilmington
Listed By:
Stephanie L Roldan
(215) 464-8800
Source:
Elkaimpropertygroup
Added: Jul 20
Changed: Oct 14
Last Checked: Oct 15 at 2:07AM
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 Keller Williams Realty Wilmington
Investment Insights
Based on property information with market context.
This first-floor office unit at 1401 Pennsylvania Ave Unit 103 provides 773 square feet of commercial space within a condominium apartment property. The layout includes a reception area, three separate rooms or workstations, an updated bathroom, and dedicated storage. The unit is being sold as-is and offers a configuration that can accommodate a range of professional office or service-oriented operations, subject to applicable requirements.
The property includes 24-hour security personnel, one off-site parking spot with valet service, and condominium services covering common area maintenance and utilities other than internet and cable. Its Wilmington address places the unit minutes from downtown Wilmington, Trolley Square, parks, and restaurants, with access to I-95. Built in 1960, the property offers an established setting for an owner-user commercial space.
The property includes 24-hour security personnel, one off-site parking spot with valet service, and condominium services covering common area maintenance and utilities other than internet and cable. Its Wilmington address places the unit minutes from downtown Wilmington, Trolley Square, parks, and restaurants, with access to I-95. Built in 1960, the property offers an established setting for an owner-user commercial space.
Key Highlights
- 773 SF first‑floor commercial unit
- Reception area plus 3 separate rooms or workstations
- Updated bathroom and dedicated storage area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,529
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$210,580
$210.6K
Cap Rate 7%
$150,414
$150.4K
Cap Rate 9%
$116,989
$117.0K
Market Conditions
NOI Build-Up for 773 SF
Gross rent
$17.4K $22.56/SF
− Vacancy
−$3.4K −$4.40/SF
EGI
$14.0K $18.16/SF
− OpEx
−$3.5K −$4.54/SF
NOI
$10.5K $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 Rate 5%
$210,580
Cap Rate 7%
$150,414
Cap Rate 9%
$116,989
Alternative Uses
Best Use
Office B
$150.4K
$131.6K – $175.5K
NOI $10,529 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$184.9K
$161.8K – $215.7K
NOI $12,943 @ 7.0% cap · market cap 10.79%
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
Yes
Highway 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office units - Flexible commercial space with a reception area, multiple workrooms, storage, and an updated bathroom.
Where is this office units located?
The property is located at 1401 Pennsylvania Ave Unit 103 Wilmington, DE.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: 773 SF first‑floor commercial unit; Reception area plus 3 separate rooms or workstations; Updated bathroom and dedicated storage area
