Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Neighborhood Retail and Office Center Title is generated by Realmo AI

    516-534 Greenhill Ave., Wilmington, DE 19805

    View on Map
    Claim this Listing
    For Lease
    $19 SF/Yr $44,450/Mo (calc)

    Retail and office spaces available in high-traffic neighborhood center.

    Type:Retail
    Property size:
    28,000 SF
    Added:
    Jan 27, 2026
    Days on Market:
    126
    Last Refresh:
    Apr 5 at 11:51 pm

    Property Features for 516-534 Greenhill Ave.

    General Information

    Standard status
    Active
    Size
    28,000 SF
    Property subtype
    Retail

    Spaces For Lease

    at 516-534 Greenhill Ave. Contact us

    We can help!

    Listing Contact
    Jeff Shahan, SIOR

    Listing agent Jeff Shahan, SIOR

    Listing office

    Listing date Jan 27, 2026

    Source Sbrealtyco

    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 Jeff Shahan, SIOR

    HighLights

    • High foot traffic from established tenants including a wine/spirits shop, obstetrics practice, and day spa.
    • Located on heavily traveled Greenhill Ave, between Lancaster Ave and Pennsylvania Ave.
    • Readily accessible via 141.
    • Units range from 800 SF to 5,250 SF.
    • Neighborhood retail and office center.
    • Total of 28,000 SF of space.

    Overview

    Wawaset Plaza is a neighborhood retail and office center offering a total of 28,000 square feet. The center features units fronting Greenhill Avenue, a widely traveled road situated between Lancaster Avenue and Pennsylvania Avenue. Individual units range in size from 800 square feet to 5,250 square feet. The existing tenant mix includes a wine and spirits store, an obstetrics practice, and a day spa, contributing to consistent foot traffic within the center. Wawaset Plaza is located on Greenhill Avenue between Lancaster Avenue and Pennsylvania Avenue, with convenient access to Route 141. Nearby landmarks include Greenhill Carwash, the Wawaset community, and Ed Porky Oliver Golf Course.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5789
    Latitude
    39.7528

    Nearby Similar for Lease

    • $2,200/Mo

      Versatile Commercial Property in Wilmington

      Two-story commercial property suitable for various uses in Wilmington, DE.
      1803 W 4TH Street, WILMINGTON, DE 19805
      View Details
    • Sponsored
      $129-$7,236/Mo
      11-1,292 SF

      DE, Wilmington - N Market St

      901 Market St, Unit 1ST, Wilmington, DE 19801
      View Details
    • $129-$7,187/Mo
      11-1,292 SF

      Downtown

      1000 West St, Unit 1200, Wilmington, DE 19801
      View Details
    • $12 SF/Yr
      8,500 SF

      High-Visibility Office Space Available

      Turnkey office space for lease on a high-visibility corridor.
      3200 CONCORD Pike, Wilmington, DE 19803
      View Details
    • $999/Mo
      1,100 SF

      Flexible Commercial Space Available Now

      Prime commercial space for lease in a convenient location.
      5201 W WOODMILL Drive, WILMINGTON, DE 19808
      View Details
    • $28 SF/Yr
      5,042 SF

      High-Visibility Retail Space Available

      Retail space with high traffic and modern build-outs.
      4555 Kirkwood Highway, Wilmington, DE 19808
      View Details
    • $32 SF/Yr
      6,317 SF

      Restaurant Space in Brandywine Commons

      Freestanding 6,317 SF restaurant space for lease.
      307 Rocky Run Pkwy, Wilmington, DE 19803
      View Details
    • $4,400/Mo
      2,200 SF

      Kirkwood Highway Office Suites Available

      Office suites for lease with easy access to major routes.
      4708 Kirkwood Highway, Wilmington, DE 19808
      View Details
    • $26 SF/Yr
      1,880 SF

      Medical Office Space Available

      Prime medical commercial property with leasing opportunities in Wilmington, DE.
      2700 Silverside Rd, Wilmington, DE 19810
      View Details
    • $22 SF/Yr
      1,754 SF

      Furnished Office Suite For Lease

      Furnished office suite with reception, kitchen, and parking.
      3522 Silverside Road, Wilmington, DE 19803
      View Details
    • $1,250/Mo
      770 SF

      Downtown Wilmington Retail Storefront

      Adaptable 770 SF retail space in downtown Wilmington.
      800 North Orange Street, Wilmington, DE 19801
      View Details
    • $2,200/Mo

      Wilmington Commercial Property with Residence

      Versatile commercial space with optional 2-bedroom residential unit.
      1803 W 4TH St, Wilmington, DE 19805
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail and office spaces available in high-traffic neighborhood center.
    Where is this shopping center located?
    The property is located at 516-534 Greenhill Ave. Wilmington, DE.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: High foot traffic from established tenants including a wine/spirits shop, obstetrics practice, and day spa.; Located on heavily traveled Greenhill Ave, between Lancaster Ave and Pennsylvania Ave.; Readily accessible via 141.
    (302) 545-2392
    We can help!
    Listing Contact
    Jeff Shahan, SIOR
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    516-534 Greenhill Ave., Wilmington, DE 19805
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!