Street-Level Office
New
For Sale
$194,900
1401 PENNSYLVANIA AVENUE #104, Wilmington, DE 19806
The layout combines a reception area, three private offices, a kitchenette, two half baths, and two garage parking spaces.
Property Size1,079 SF
Price / SF$180.63
Days on Market4
Property Features for 1401 PENNSYLVANIA AVENUE #104
General Information
Standard status
Active
Size
1,079 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Floor
Ground Floor
Utilities to Site
Yes
Property Use
Office
Building Details
Year Built
1960
Listing Agency:
Patterson-Schwartz-Middletown
Listed By:
Carole R Sutton-Clarke
(302) 285-5100
Source:
Cummingsrealtors
Added: Oct 30
Changed: Nov 1
Last Checked: Nov 1 at 3:34PM
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 Patterson-Schwartz-Middletown
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Investment Insights
Based on property information with market context.
This 1,079-square-foot office unit occupies the ground floor of a condominium building constructed in 1960. Its interior includes a reception area, three private offices, a kitchenette, and two half bathrooms. One bathroom may be converted back to a full bath. The unit is being sold in as-is condition.
Two garage parking spaces are included. Utilities are covered by the condominium fee.
Two garage parking spaces are included. Utilities are covered by the condominium fee.
Key Highlights
- 1,079‑square‑foot ground‑floor office unit
- Reception area and three private offices
- Kitchenette and two half bathrooms; one may be restored to a full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,697
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$293,940
$293.9K
Cap Rate 7%
$209,957
$210.0K
Cap Rate 9%
$163,300
$163.3K
Market Conditions
NOI Build-Up for 1,079 SF
Gross rent
$24.3K $22.56/SF
− Vacancy
−$4.7K −$4.40/SF
EGI
$19.6K $18.16/SF
− OpEx
−$4.9K −$4.54/SF
NOI
$14.7K $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%
$293,940
Cap Rate 7%
$209,957
Cap Rate 9%
$163,300
Alternative Uses
Best Use
Office B
$210.0K
$183.7K – $245.0K
NOI $14,697 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$258.1K
$225.8K – $301.1K
NOI $18,066 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
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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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - The layout combines a reception area, three private offices, a kitchenette, two half baths, and two garage parking spaces.
Where is this office unit located?
The property is located at 1401 PENNSYLVANIA AVENUE #104 Wilmington, DE.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: 1,079‑square‑foot ground‑floor office unit; Reception area and three private offices; Kitchenette and two half bathrooms; one may be restored to a full bath
