Historic Office Building with Flexible
For Sale
$799,900
501 MAIN STREET, Odessa, DE 19730
Office property with private rooms, shared work areas, updated systems, storage, and on-site parking.
Property Size5,300 SF
Price / SF$150.92
Days on Market14
Property Features for 501 MAIN STREET
General Information
Standard status
Active
Size
5,300 SF
Property subtype
Commercial
Building Details
Year Built
1899
Buildings
1
Listing Agency:
CR Realty
(302) 584-3279
Listed By:
Candice Santoro · License #RB-0031444
(302) 584-3279
Source:
Cummingsrealtors
Added: Aug 13
Changed: Aug 24
Last Checked: Aug 25 at 6:57AM
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 CR Realty
Investment Insights
Based on property information with market context.
Built in 1899, this office building at 501 Main Street combines a historic commercial structure with a practical professional layout. The interior includes a reception area, open workspaces, private offices, conference rooms, and substantial storage. Newer HVAC systems and a newer roof provide updated building components while retaining the property’s established character.
An approximately 1,500-square-foot walk-up attic adds significant storage capacity or potential future use, subject to buyer verification and applicable approvals. The property also offers on-site parking and exposure along Main Street in Odessa, Delaware. Its configuration supports a range of professional and commercial uses permitted under applicable requirements.
An approximately 1,500-square-foot walk-up attic adds significant storage capacity or potential future use, subject to buyer verification and applicable approvals. The property also offers on-site parking and exposure along Main Street in Odessa, Delaware. Its configuration supports a range of professional and commercial uses permitted under applicable requirements.
Key Highlights
- 1899 construction date at 501 Main Street, Odessa, DE 19730
- Approximately 1,500‑square‑foot walk‑up attic
- Newer HVAC systems and newer roof
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
$72,189
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
9.02%
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%
$1,443,780
$1.4M
Cap Rate 7%
$1,031,271
$1.0M
Cap Rate 9%
$802,100
$802.1K
Market Conditions
NOI Build-Up for 5,300 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
$119.6K $22.56/SF
− Vacancy
−$23.3K −$4.40/SF
EGI
$96.3K $18.16/SF
− OpEx
−$24.1K −$4.54/SF
NOI
$72.2K $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%
$1,443,780
Cap Rate 7%
$1,031,271
Cap Rate 9%
$802,100
Alternative Uses
Best Use
Office B
$1.03M
$902.4K – $1.20M
NOI $72,189 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,740 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 19730, DE
472
Population
227
Households
2.1
Avg Household Size
43
Median Age
46%
College-Educated
97%
High-School Grad
0.7 sq mi
ZIP Area
674
Density / Sq Mi
$81,927
Median Household Income
$59,208
Median Earnings
$1,344
Median Rent
$299,300
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?
Office building - Office property with private rooms, shared work areas, updated systems, storage, and on-site parking.
Where is this office building located?
The property is located at 501 MAIN STREET Odessa, DE.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 1899 construction date at 501 Main Street, Odessa, DE 19730; Approximately 1,500‑square‑foot walk‑up attic; Newer HVAC systems and newer roof
