Flexible Office Units with Elevator
For Sale
Contact for pricing
261 E Main St, Newark, DE 19711
Two-level commercial space supports office, medical, or retail uses.
Property Size5,000 SF
Price / SF$0.01
Days on Market50
Property Features for 261 E Main St
General Information
Standard status
Active
Size
5,000 SF
Class
B
Total Parking Spaces
4
Elevators
Yes
Property subtype
Office
Lease Term
MG
Additional Details
Floor
Ground Level and Lower Level
Amenities
elevator access
Building Details
Building Size
5,000 SF
Year Built
1987
Properties For Sale
at 261 E Main St Contact us263 East Main Street
Size
2,500 SF
Term
Negotiable
263 East Main Street
Size
5,000 SF
Term
Negotiable
Listing Agency:
LMT Commercial Realty / CORFAC International
Listed By:
Chris Moore, CCIM
(302) 414-1000
Source:
Corfac
Added: Sep 18
Changed: Oct 26
Last Checked: Nov 4 at 11:17AM
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 LMT Commercial Realty / CORFAC International
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Investment Insights
Based on property information with market context.
This office property provides a two-level configuration with approximately 2,500 square feet on the ground floor and another approximately 2,500 square feet at the lower level. Elevator access connects the lower level, supporting a range of office, medical, and retail applications. The space can accommodate approximately 2,500 to 5,000 square feet depending on configuration and operational requirements.
The property is located at 261 E Main St in Newark, Delaware, within the University of Delaware and downtown district. Shops, restaurants, and services are nearby, with vehicle and pedestrian activity along East Main Street. Four off-street parking spaces are located behind the building, with additional spaces available. Constructed in 1987, the property offers adaptable commercial space in a two-level layout.
The property is located at 261 E Main St in Newark, Delaware, within the University of Delaware and downtown district. Shops, restaurants, and services are nearby, with vehicle and pedestrian activity along East Main Street. Four off-street parking spaces are located behind the building, with additional spaces available. Constructed in 1987, the property offers adaptable commercial space in a two-level layout.
Key Highlights
- Approximately 2,500 SF ground level plus an additional approximately 2,500 SF lower level
- Space configuration accommodates approximately 2,500 SF up to 5,000 SF
- Elevator access serves the lower level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,203
Suggested Prices Based on Cap Rates
Cap Rate 5%
$484,060
$484.1K
Cap Rate 7%
$345,757
$345.8K
Cap Rate 9%
$268,922
$268.9K
Market Conditions
NOI Build-Up for 2,500 SF
Gross rent
$37.5K $15.00/SF
− Vacancy
−$2.9K −$1.17/SF
EGI
$34.6K $13.83/SF
− OpEx
−$10.4K −$4.15/SF
NOI
$24.2K $9.68/SF
Area
New Castle County, DE
Vacancy
7.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$484,060
Cap Rate 7%
$345,757
Cap Rate 9%
$268,922
Alternative Uses
Best Use
Office B
$486.5K
$425.7K – $567.5K
NOI $34,052 @ 7.0% cap · market cap 194,582.86%
Second Best
Retail
$345.8K
$302.5K – $403.4K
NOI $24,203 @ 7.0% cap · market cap 138,302.86%
Theoretical Best
Office A
$598.0K
$523.2K – $697.6K
NOI $41,858 @ 7.0% cap · market cap 239,188.57%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
592
Businesses Nearby
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Business Placement
Demographics for 19711, DE
48,477
Population
20,617
Households
2.4
Avg Household Size
37
Median Age
53%
College-Educated
95%
High-School Grad
27.4 sq mi
ZIP Area
1,769
Density / Sq Mi
$94,455
Median Household Income
$43,790
Median Earnings
$1,516
Median Rent
$376,300
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Two-level commercial space supports office, medical, or retail uses.
Where is this office unit located?
The property is located at 261 E Main St Newark, DE.
What are key features of this property?
This property features: Approximately 2,500 SF ground level plus an additional approximately 2,500 SF lower level; Space configuration accommodates approximately 2,500 SF up to 5,000 SF; Elevator access serves the lower level
