Renovated Building in Central Business

704-706 N Market St, Wilmington, DE

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For Sale

Contact for pricing

42,706 sqft renovated building suitable for housing/hotel conversion.

Type:RETAIL

Property size:

42,706 SF

Lot size:

0.29 Acres

Price / SF:

$105/SF

HighLights

Recently renovated space in the Central Business District
Situated amidst multifamily housing, restaurants, retail shops, and office spaces
Ideal for student housing, apartment, or hotel conversion
Approximately 42,706 +/- square feet of space
Originally designed as a dormitory
Located in a vibrant area with new and updated properties

We can help!

Listing Contact

Chris Moore

Learn more

For Sale

Contact for pricing

42,706 sqft renovated building suitable for housing/hotel conversion.

Type:RETAIL

Property size:

42,706 SF

Lot size:

0.29 Acres

Price / SF:

$105/SF

Added:: Oct 2, 2024
Days on Market:: 630
Last Refresh:: May 20 at 8:33 pm

Property Features for 704-706 N Market St

General Information

Standard status: Active
Size: 42,706 SF
Lot size: 0.29 Acres
Property subtype: RETAIL

We can help!

Listing Contact

Chris Moore

Listing agent Chris Moore

Listing office LMT Commercial Realty / CORFAC International

Listing date Oct 2, 2024

Source Moodyscre

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

HighLights

Recently renovated space in the Central Business District
Situated amidst multifamily housing, restaurants, retail shops, and office spaces
Ideal for student housing, apartment, or hotel conversion
Approximately 42,706 +/- square feet of space
Originally designed as a dormitory
Located in a vibrant area with new and updated properties

Overview

The 707 building offers approximately 42,706 square feet of recently renovated space. It is located in the Central Business District, surrounded by new and updated multifamily housing, restaurants, retail shops, and office spaces. Originally designed as a dormitory, the building is suited for student housing, apartment, or hotel conversion.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$784.1k	$18.36
− Vacancy	−$48.6k	−$1.14
EGI	$735.5k	$17.22
− OpEx	−$331.0k	−$7.75
NOI	$404.5k	$9.47

42,706 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$5.78M

$5.06M – $6.74M (±1% cap)

NOI $404,508 @ 7.0% cap · market cap 8.99%

Second Best

Hotel Hospitality

$3.39M

$2.97M – $3.96M (±1% cap)

NOI $237,339 @ 7.0% cap · market cap 5.27%

Theoretical Best

Office A

$10.21M

$8.94M – $11.92M (±1% cap)

NOI $715,042 @ 7.0% cap · market cap 15.89%

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

Location Intelligence

Current Use by Public Records

Hotels

Suggested Use

Location Insight

Map
Local Demand

City: Wilmington
County: New Castle
State: Delaware
Longitude: -75.5494
Latitude: 39.7428

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For sale
Apartment buildings
DE
Wilmington
704-706 N Market St

What type of property is this?

Apartment building - 42,706 sqft renovated building suitable for housing/hotel conversion.

Where is this apartment building located?

The property is located at 704-706 N Market St Wilmington, DE.

What is the asking price?

The asking price for this property is $4,500,000.

What are key features of this property?

This property features: Recently renovated space in the Central Business District; Situated amidst multifamily housing, restaurants, retail shops, and office spaces; Ideal for student housing, apartment, or hotel conversion

704-706 N Market St, Wilmington, DE

42,706 sqft renovated building suitable for housing/hotel conversion.

Property Features for 704-706 N Market St

General Information

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Multi-Tenant Office Building with Private Parking

Renovated Two-Story Office Building

Wilmington Triplex: Investment Opportunity

Trinity Vicinity Triplex in Wilmington

Office Building with Private Parking

Updated Duplex in Wilmington

Corner Salon Retail with Apartments

Renovated Triplex with Updated Interiors

Colonial Multifamily Property in Wilmington

Central Business District Mixed-Use Building

Retail Storefront with Off-Street Parking

Prime Commercial Property in Wilmington

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