Professional Office Condominium
For Sale
$325,000
5145 W WOODMILL Dr 22, Wilmington, DE 19808
Flexible office condominium with reception, multiple private offices, conference space, and private restrooms in Woodmill Corporate Center.
Property Size1,500 SF
Price / SF$216.67
Days on Market50
Property Features for 5145 W WOODMILL Dr 22
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,868
Building Details
Year Built
1988
Units
1
Listing Agency:
RE/MAX Associates
(302) 396-4079
Listed By:
Daniel Mawn · License #RS-0024255
(302) 396-4079
Source:
Elliman
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 10 at 4:54AM
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
Investment Insights
Based on property information with market context.
This offering features professional office condominium suites at the Woodmill Corporate Center, with flexible floor plans designed for day-to-day productivity. The specific unit is approximately 1,500-square-foot and may include reception and waiting areas, multiple private offices, conference space, kitchen facilities, storage areas, and private restrooms. On-site parking is available, supporting both client visits and daily employee access.
The property is located at 5145 W WOODMILL Dr 22 in Wilmington, DE, just off Kirkwood Highway. As part of an established office community, the suites are positioned for businesses that want a professional setting. Note that several units are currently occupied under existing lease agreements, and showings are expected to be limited, with scheduling coordinated to minimize disruption.
This suite configuration can fit a range of professional and service-oriented uses that benefit from a mix of shared front-of-house space and dedicated private rooms, along with conference space for meetings. Prospective buyers should request current occupancy details, lease information, and any unit-specific configuration updates, as photography may have been taken while some areas were vacant.
The property is located at 5145 W WOODMILL Dr 22 in Wilmington, DE, just off Kirkwood Highway. As part of an established office community, the suites are positioned for businesses that want a professional setting. Note that several units are currently occupied under existing lease agreements, and showings are expected to be limited, with scheduling coordinated to minimize disruption.
This suite configuration can fit a range of professional and service-oriented uses that benefit from a mix of shared front-of-house space and dedicated private rooms, along with conference space for meetings. Prospective buyers should request current occupancy details, lease information, and any unit-specific configuration updates, as photography may have been taken while some areas were vacant.
Key Highlights
- ~1,500 SF professional office condominium in Woodmill Corporate Center (built 1988).
- Flexible office suite layout with reception/waiting area, multiple private offices, and conference space.
- Includes kitchen facilities, storage areas, and private restrooms.
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
$21,641
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
6.66%
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%
$432,820
$432.8K
Cap Rate 7%
$309,157
$309.2K
Cap Rate 9%
$240,456
$240.5K
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
$41.2K $27.48/SF
− Vacancy
−$5.2K −$3.44/SF
EGI
$36.1K $24.05/SF
− OpEx
−$14.4K −$9.62/SF
NOI
$21.6K $14.43/SF
Area
New Castle County, DE
Vacancy
12.50%
Lease Rate
$27.48 /SF/Yr
Expense Ratio
40.00%
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%
$432,820
Cap Rate 7%
$309,157
Cap Rate 9%
$240,456
Alternative Uses
Best Use
Healthcare Medical
$309.2K
$270.5K – $360.7K
NOI $21,641 @ 7.0% cap · market cap 6.66%
Second Best
Office B
$291.9K
$255.4K – $340.5K
NOI $20,431 @ 7.0% cap · market cap 6.29%
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
Property Profile
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
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 units - Flexible office condominium with reception, multiple private offices, conference space, and private restrooms in Woodmill Corporate Center.
Where is this office units located?
The property is located at 5145 W WOODMILL Dr 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: ~1,500 SF professional office condominium in Woodmill Corporate Center (built 1988).; Flexible office suite layout with reception/waiting area, multiple private offices, and conference space.; Includes kitchen facilities, storage areas, and private restrooms.
