For Sale
Contact for pricing
Pending
1601 Jessup St, Wilmington, DE 19802
Flex space
Property Size20,000 SF
Days on Market156
Property Features for 1601 Jessup St
General Information
Standard status
Pending
Size
20,000 SF
Total Parking Spaces
40
Property subtype
Office, Industrial, Mixed Use
Zoning
W6W4 - support a range of potential uses including restaurant, creative office, and manufacturing
Lease Type
NNN
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Heavy Power
Yes
Building Details
Stories
2
Listing Agency:
Investment Property Sercives
Listed By:
Domenick Michini · License #RS-0015442
(302) 994-3907
Source:
Crexi
Added: Apr 5
Changed: Aug 22
Last Checked: Aug 14 at 7:37AM
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 Investment Property Sercives
Investment Insights
Based on property information with market context.
Key Highlights
- 20,000+ SF two‑story masonry industrial/flex building in Wilmington, DE with warehouse, office, and potential retail/event space
- Warehouse space on both floors plus office suites, conference areas, and elevator/lift access between floors
- Dock loading and drive‑in capability with 3‑phase power for industrial‑ready operations
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
$112,770
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
5.64%
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%
$2,255,400
$2.3M
Cap Rate 7%
$1,611,000
$1.6M
Cap Rate 9%
$1,253,000
$1.3M
Market Conditions
NOI Build-Up for 20,000 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
$180.0K $9.00/SF
− Vacancy
−$18.9K −$0.95/SF
EGI
$161.1K $8.06/SF
− OpEx
−$48.3K −$2.42/SF
NOI
$112.8K $5.64/SF
Area
New Castle County, DE
Vacancy
10.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,255,400
Cap Rate 7%
$1,611,000
Cap Rate 9%
$1,253,000
Alternative Uses
Best Use
Office B
$3.89M
$3.41M – $4.54M
NOI $272,412 @ 7.0% cap · market cap 13.62%
Second Best
Flex RnD
$2.71M
$2.37M – $3.16M
NOI $189,844 @ 7.0% cap · market cap 9.49%
Theoretical Best
Office A
$4.78M
$4.19M – $5.58M
NOI $334,867 @ 7.0% cap · market cap 16.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,003
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19802, DE
26,189
Population
11,596
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
89%
High-School Grad
3.5 sq mi
ZIP Area
7,483
Density / Sq Mi
$54,370
Median Household Income
$39,579
Median Earnings
$1,236
Median Rent
$188,400
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.
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Frequently Asked Questions
Where is this flex space located?
The property is located at 1601 Jessup St Wilmington, DE.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 20,000+ SF two‑story masonry industrial/flex building in Wilmington, DE with warehouse, office, and potential retail/event space; Warehouse space on both floors plus office suites, conference areas, and elevator/lift access between floors; Dock loading and drive‑in capability with 3‑phase power for industrial‑ready operations
