North Market Street Redevelopment
For Sale
$475,000
1701 N Market St, Wilmington, DE 19802
4,180 SF redevelopment opportunity in Wilmington's urban commercial area.
Property Size4,180 SF
Price / SF$113.64
Days on Market195
Property Features for 1701 N Market St
General Information
Standard status
Active
Size
4,180 SF
Building Details
Year Built
1954
Listing Agency:
EMORY HILL REAL ESTATE SERVICES INC.
Listed By:
Lorraine C Sheldon
(302) 561-0385
Source:
Kandorre
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 7 at 4:27PM
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 EMORY HILL REAL ESTATE SERVICES INC.
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Investment Insights
Based on property information with market context.
Located along the highly visible North Market Street corridor, this property offers a 4,180 SF redevelopment or value-add opportunity in Wilmington. The property is situated within an established urban commercial area experiencing continued reinvestment, making it well-positioned for repositioning or adaptive reuse. The existing structure provides a solid footprint suitable for office, retail, professional, medical, or mixed-use redevelopment, allowing investors and developers flexibility to modernize and maximize the site’s potential. The zoning allows for many uses. With strong street frontage and exposure to consistent daily traffic, the property supports future leasing and long-term value creation. Surrounded by a mix of commercial, residential, and institutional uses, and in downtown Wilmington, this asset presents an opportunity to capitalize on an improving corridor and increasing demand for well-located urban space. The bike score is 50, indicating it is bikeable. The walk score is 69, indicating it is somewhat walkable. The transit score is 45, indicating some transit options are available.
Key Highlights
- Prime redevelopment opportunity in Wilmington's North Market Street corridor.
- 4,180 SF property suitable for office, retail, medical, or mixed‑use redevelopment.
- Located in an established urban commercial area with ongoing reinvestment.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,598
Cap Rate
8.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$851,960
$852.0K
Cap Rate 7%
$608,543
$608.5K
Cap Rate 9%
$473,311
$473.3K
Market Conditions
NOI Build-Up for 4,180 SF
Gross rent
$79.3K $18.96/SF
− Vacancy
−$11.1K −$2.65/SF
EGI
$68.2K $16.31/SF
− OpEx
−$25.6K −$6.11/SF
NOI
$42.6K $10.19/SF
Area
New Castle County, DE
Vacancy
14.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$851,960
Cap Rate 7%
$608,543
Cap Rate 9%
$473,311
Alternative Uses
Best Use
Office B
$813.3K
$711.7K – $948.9K
NOI $56,934 @ 7.0% cap · market cap 11.99%
Second Best
Mixed Use
$608.5K
$532.5K – $710.0K
NOI $42,598 @ 7.0% cap · market cap 8.97%
Theoretical Best
Office A
$999.8K
$874.8K – $1.17M
NOI $69,987 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
6,081
Businesses Nearby
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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
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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?
Mixed-use property - 4,180 SF redevelopment opportunity in Wilmington's urban commercial area.
Where is this mixed-use property located?
The property is located at 1701 N Market St Wilmington, DE.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Prime redevelopment opportunity in Wilmington's North Market Street corridor.; 4,180 SF property suitable for office, retail, medical, or mixed‑use redevelopment.; Located in an established urban commercial area with ongoing reinvestment.
