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    2401 PENNSYLVANIA Avenue Wilmington, DE 19806

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    For Sale
    $250,000

    Commercial Sale - WILMINGTON, DE

    Type:Retail
    Added:
    Jan 28, 2025
    Days on Market:
    465
    Last Refresh:
    May 8 at 7:06 am

    Property Features for 2401 PENNSYLVANIA Avenue

    General Information

    Property type
    Other
    Property subtype
    Retail
    Parking features
    Assigned, Parking Lot
    Standard status
    Active

    Taxes and HOA fees

    Tax Annual Amount
    1921

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1963
    Building materials
    Masonry

    We can help!

    Listing Contact
    Paul M Pantano

    Listing agent Paul M Pantano License #RB-0002776

    Listing office Pantano Real Estate Inc 1504 N Broom Street unit: 3, Wilmington, DE

    Listing date Jan 28, 2025

    MLS# DENC2075080

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully equipped cafe space: Hood, ansul system, refrigeration, triple sink, and workspace included.
    • Located in The Devon on Pennsylvania Ave, a sought‑after Wilmington location.
    • Situated on the first floor of the building.
    • Includes tables and chairs.
    • Hundreds of building residents provide a built‑in customer base.
    • Conveniently located close to Greenville.

    Overview

    Cafe Opportunity in The Devon

    Located in The Devon on Pennsylvania Avenue in Wilmington, unit 103 is a fully equipped cafe. The cafe includes a hood, ansul system, refrigeration, triple sink, workspace, tables, and chairs. Situated on the first floor, it offers a convenient location for residents within the building and is close to Greenville. This cafe presents an opportunity to implement a vision for the perfect cafe.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Heyden Edward B Physician NovaCare Rehabilitation - Bancroft Medical Clinic Clinical Breast Imaging Medical Clinic Mcclain Susan Physician Kirsten Teklits, LCSW Foster Care Service

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Dandelion Root tea — 717 N Union St, Wilmington, DE 19805
    • Matcha DNA — 717 N Union St, Wilmington, DE 19805
    • Park Café — 2510 W 5th St, Wilmington, DE 19805
    • Kaffeina Cafe — 2301 Kentmere Pkwy, Wilmington, DE 19806
    • Brew Ha Ha — 1400 N Dupont St, Wilmington, DE 19806

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.57358
    Latitude
    39.76006

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    FAQs

    What type of property is this?
    Coffee shop - Fully equipped cafe in Wilmington's sought-after Devon building.
    Where is this coffee shop located?
    The property is located at 2401 PENNSYLVANIA Avenue Wilmington, DE.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: Fully equipped cafe space: **Hood, ansul system, refrigeration, triple sink, and workspace included.**; Located in The Devon on Pennsylvania Ave, a sought‑after Wilmington location.; Situated on the first floor of the building.
    (302) 888-0300
    We can help!
    Listing Contact
    Paul M Pantano
    Real Estate License ID: RB-0002776
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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