Mixed-Use Corner
2501 & 2521 North Market St Wilmington, DE 19802
2501 & 2521 North Market St, Wilmington, DE, 19802
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For Sale
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Renovated corner commercial building with flexible ground and lower-level space and two upper apartments, plus rear parking.
Property Size4,464 SF
Price / SF$336.02
Days on Market44
Property Features for 2501 & 2521 North Market St
General Information
- Standard status
- Active
- Size
- 4,464 SF
- Property subtype
- Mixed Use, Retail, Special Purpose
Listing Agency
Bowman Real Estate, LLC
Listed by
Yasmin Bowman · License #RA-0020474p
Source
Crexi
Added: Jun 4 Checked: Jul 16 at 9:38 am
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 Bowman Real Estate, LLC
Investment Insights
Based on property information with market context.
2501 & 2521 North Market St presents a well-maintained, extensively renovated corner commercial property with both commercial and residential components. The main floor and lower level offer three flexible, multi-tenant-capable floor plans that can be demised into at least three areas: the main 12-inch ceiling fire hall (~1,736 +/- SF), a new brick addition (~1,108 +/- SF), and the lower level (~1,620 +/- SF). These spaces are adaptable for a range of uses, including retail, office, showroom, workshop, restaurant, daycare, special purpose, and storage, among other mixed-use concepts. The upper level contains two renovated 2BR/2BA residential apartments, which can function as owner/user residences or additional rental income, subject to city permitting if used as short-term lodging.
The property sits along the North Market Street corridor with prominent corner presence and convenient access. On-site parking is located at the rear, including a gated parking lot of at least 20 spaces, with potential to add more parking. A new central sprinkler system and alarm were recently installed throughout the building.
With immediate occupancy and the ability to support multiple configurations on the ground level, the building can fit customer-facing operations, service providers, or owner-users seeking on-site residential use. Its combination of flexible commercial space and two apartments also supports mixed-use occupancy strategies where both business and housing are under one roof.
The property sits along the North Market Street corridor with prominent corner presence and convenient access. On-site parking is located at the rear, including a gated parking lot of at least 20 spaces, with potential to add more parking. A new central sprinkler system and alarm were recently installed throughout the building.
With immediate occupancy and the ability to support multiple configurations on the ground level, the building can fit customer-facing operations, service providers, or owner-users seeking on-site residential use. Its combination of flexible commercial space and two apartments also supports mixed-use occupancy strategies where both business and housing are under one roof.
Key Highlights
- Renovated mixed‑use corner building at 2501 & 2521 North Market St, Wilmington, DE 19802 (former landmark fire house).
- Ground + lower level offer three demisable, multi‑tenant‑capable areas: ~1,736+/- SF fire hall, ~1,108+/- SF brick addition, ~1,620+/- SF lower level.
- Flexible space can support a range of uses including retail, office, showroom, workshop, restaurant, daycare, special purpose, storage, and other mixed‑use concepts.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $100.7k | $22.56 |
| − Vacancy | −$19.6k | −$4.40 |
| EGI | $81.1k | $18.16 |
| − OpEx | −$20.3k | −$4.54 |
| NOI | $60.8k | $13.62 |
4,464 SF · lease $22.56/SF/yr · vacancy 19.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$868.6K
$760.0K – $1.01M
NOI $60,802 @ 7.0% cap · market cap 4.05%
Second Best
Multifamily LT 5
$676.2K
$591.6K – $788.9K
NOI $47,331 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$1.07M
$934.3K – $1.25M
NOI $74,742 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Renovated corner commercial building with flexible ground and lower-level space and two upper apartments, plus rear parking.
Where is this retail space located?
The property is located at 2501 & 2521 North Market St Wilmington, DE.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Renovated mixed‑use corner building at 2501 & 2521 North Market St, Wilmington, DE 19802 (former landmark fire house).; Ground + lower level offer three demisable, multi‑tenant‑capable areas: ~1,736+/- SF fire hall, ~1,108+/- SF brick addition, ~1,620+/- SF lower level.; Flexible space can support a range of uses including retail, office, showroom, workshop, restaurant, daycare, special purpose, storage, and other mixed‑use concepts.
