Mixed-Use Corner
For Sale
Contact for pricing
2501 & 2521 North Market St, Wilmington, DE 19802
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 Market65
Property Features for 2501 & 2521 North Market St
General Information
Standard status
Active
Size
4,464 SF
Property subtype
Mixed Use, Retail, Special Purpose
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Sprinkler System
Yes
Multifamily Units
2
Listing Agency:
Bowman Real Estate, LLC
Listed By:
Yasmin Bowman · License #RA-0020474p
Source:
Crexi
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 6 at 1:29PM
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.
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
$60,802
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
4.05%
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%
$1,216,040
$1.2M
Cap Rate 7%
$868,600
$868.6K
Cap Rate 9%
$675,578
$675.6K
Market Conditions
NOI Build-Up for 4,464 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
$100.7K $22.56/SF
− Vacancy
−$19.6K −$4.40/SF
EGI
$81.1K $18.16/SF
− OpEx
−$20.3K −$4.54/SF
NOI
$60.8K $13.62/SF
Area
New Castle County, DE
Vacancy
19.50%
Lease Rate
$22.56 /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%
$1,216,040
Cap Rate 7%
$868,600
Cap Rate 9%
$675,578
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,353
Businesses Nearby
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
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Frequently Asked Questions
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.
