Mixed-Use Property with
For Sale
$185,000
2230 N MARKET STREET, Wilmington, DE 19802
Two-level configuration pairs an operating street-level restaurant with a residential unit above.
Property Size1,307 SF
Price / SF$141.55
Days on Market15
Property Features for 2230 N MARKET STREET
General Information
Standard status
Active
Size
1,307 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Ground
Multifamily Units
1
Building Details
Year Built
1920
Listing Agency:
BHHS Fox & Roach - Hockessin
(609) 314-7285
Listed By:
Moo K Yun · License #0038743
(609) 314-7285
Source:
Cummingsrealtors
Added: Aug 10
Changed: Aug 24
Last Checked: Aug 23 at 5:13AM
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 BHHS Fox & Roach - Hockessin
Investment Insights
Based on property information with market context.
This mixed-use property at 2230 N MARKET St combines an operating restaurant on the ground level with a residential unit on the floor above. The arrangement supports continued restaurant use alongside the existing residential component, subject to the buyer’s plans and applicable requirements.
Positioned along North Market Street in Wilmington, the property offers access to downtown Wilmington, nearby residential neighborhoods, major employment centers, and area amenities. The building dates to 1920 and is being conveyed in AS-IS condition, with no repairs or improvements to be completed by the seller. Inspections are intended for informational purposes only.
Positioned along North Market Street in Wilmington, the property offers access to downtown Wilmington, nearby residential neighborhoods, major employment centers, and area amenities. The building dates to 1920 and is being conveyed in AS-IS condition, with no repairs or improvements to be completed by the seller. Inspections are intended for informational purposes only.
Key Highlights
- Operating restaurant occupies the street level
- Residential unit located above the restaurant
- Mixed‑use property at 2230 N MARKET St, Wilmington, DE 19802
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
$16,780
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
9.07%
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%
$335,600
$335.6K
Cap Rate 7%
$239,714
$239.7K
Cap Rate 9%
$186,444
$186.4K
Market Conditions
NOI Build-Up for 1,307 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
$23.5K $18.00/SF
− Vacancy
−$1.2K −$0.88/SF
EGI
$22.4K $17.12/SF
− OpEx
−$5.6K −$4.28/SF
NOI
$16.8K $12.84/SF
Area
New Castle County, DE
Vacancy
4.90%
Lease Rate
$18.00 /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%
$335,600
Cap Rate 7%
$239,714
Cap Rate 9%
$186,444
Alternative Uses
Best Use
Specialty Retail
$239.7K
$209.8K – $279.7K
NOI $16,780 @ 7.0% cap · market cap 9.07%
Second Best
Mixed Use
$190.3K
$166.5K – $222.0K
NOI $13,320 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$312.6K
$273.6K – $364.7K
NOI $21,884 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,175
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Hotels & Casinos 27%
Electronics 14%
Dining 12%
Citgo
Shops & Services
4,995 visits/mo
0.4 miles
Residence Inn Wilmington Downtown
Hotels & Casinos
3,057 visits/mo
0.4 miles
Dollar General
Shops & Services
3,019 visits/mo
0.2 miles
Staybridge Suites Wilmington Downtown, an IHG Hotel
Hotels & Casinos
2,327 visits/mo
0.5 miles
Metro by T-Mobile
Electronics
1,763 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration pairs an operating street-level restaurant with a residential unit above.
Where is this mixed-use property located?
The property is located at 2230 N MARKET STREET Wilmington, DE.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Operating restaurant occupies the street level; Residential unit located above the restaurant; Mixed‑use property at 2230 N MARKET St, Wilmington, DE 19802
