Professional Office Condominium
For Sale
$325,000
5145 W WOODMILL DRIVE #22, Wilmington, DE 19808
Flexible office suite with reception, private offices, conference space, kitchen, storage, and private restrooms in Woodmill Corporate Center.
Property Size1,500 SF
Price / SF$216.67
Days on Market65
Property Features for 5145 W WOODMILL DRIVE #22
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Amenities
reception and waiting areas
multiple private offices
conference space
kitchen facilities
storage areas
private restrooms
ample on-site parking
Building Details
Year Built
1988
Listing Agency:
RE/MAX Associates - Newark
(302) 453-3200
Listed By:
Daniel Mawn · License #RS-0024255
(302) 396-4079
Source:
Cummingsrealtors
Added: Jul 20
Changed: Sep 21
Last Checked: Sep 21 at 6:03AM
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 RE/MAX Associates - Newark
Investment Insights
Based on property information with market context.
This professional office condominium suite is located within the Woodmill Corporate Center and offers a flexible floor plan suited for productive, professional use. The approximately 1,500-square-foot layout may include reception and waiting areas, multiple private offices, conference space, kitchen facilities, storage areas, and private restrooms, with room to accommodate different office configurations.
The property sits just off Kirkwood Highway within an established office community, supported by ample on-site parking and convenient access to major transportation routes. Several units are currently occupied under existing lease agreements, so showings are limited and, when possible, scheduled after normal business hours to minimize disruption. Please note that listing photographs may have been taken while units were vacant and may not reflect current tenant occupancy, furnishings, or configurations.
Additional office condominiums at 5149, 5201, and 5205 W Woodmill Drive are also available for sale.
The property sits just off Kirkwood Highway within an established office community, supported by ample on-site parking and convenient access to major transportation routes. Several units are currently occupied under existing lease agreements, so showings are limited and, when possible, scheduled after normal business hours to minimize disruption. Please note that listing photographs may have been taken while units were vacant and may not reflect current tenant occupancy, furnishings, or configurations.
Additional office condominiums at 5149, 5201, and 5205 W Woodmill Drive are also available for sale.
Key Highlights
- Approximately 1,500 SF professional office suite in Woodmill Corporate Center (built 1988)
- Suite layout includes reception/waiting area, multiple private offices, conference space, kitchen, storage, and private restrooms
- Ample on‑site parking and convenient access to major transportation routes
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
$20,431
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
6.29%
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%
$408,620
$408.6K
Cap Rate 7%
$291,871
$291.9K
Cap Rate 9%
$227,011
$227.0K
Market Conditions
NOI Build-Up for 1,500 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
$33.8K $22.56/SF
− Vacancy
−$6.6K −$4.40/SF
EGI
$27.2K $18.16/SF
− OpEx
−$6.8K −$4.54/SF
NOI
$20.4K $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%
$408,620
Cap Rate 7%
$291,871
Cap Rate 9%
$227,011
Alternative Uses
Best Use
Office B
$291.9K
$255.4K – $340.5K
NOI $20,431 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$358.8K
$313.9K – $418.6K
NOI $25,115 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
658
Businesses Nearby
Explore this area
Business Placement
Demographics for 19808, DE
39,285
Population
16,037
Households
2.4
Avg Household Size
44
Median Age
41%
College-Educated
93%
High-School Grad
13.8 sq mi
ZIP Area
2,847
Density / Sq Mi
$92,883
Median Household Income
$53,084
Median Earnings
$1,357
Median Rent
$309,700
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Flexible office suite with reception, private offices, conference space, kitchen, storage, and private restrooms in Woodmill Corporate Center.
Where is this office units located?
The property is located at 5145 W WOODMILL DRIVE #22 Wilmington, DE.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Approximately 1,500 SF professional office suite in Woodmill Corporate Center (built 1988); Suite layout includes reception/waiting area, multiple private offices, conference space, kitchen, storage, and private restrooms; Ample on‑site parking and convenient access to major transportation routes
