Street-Facing Mixed-Use
704 N MARKET STREET, Wilmington, DE 19801
For Sale
New
Contact for pricing
A flexible, open-plan commercial space sits below a 45-unit apartment development in downtown Wilmington.
Property Size5,250 SF
Price / SF$1.78
Days on Market4
Property Features for 704 N MARKET STREET
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
Long & Foster Real Estate, Inc.
(302) 351-5000
Listed By:
Buzz Moran · License #R3-0016411
(302) 740-6529
Source:
Cummingsrealtors
Added: Nov 4
Changed: Nov 6
Last Checked: Nov 6 at 2:25PM
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 Long & Foster Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This commercial space at 704 N Market Street has a wide-open floor plan and glass-door frontage. Its interior can be arranged for office use, retail, or a combination of office and customer-facing retail. The property was built in 1920 and is located beneath a 45-unit apartment development in downtown Wilmington.
Parking garages and lots nearby provide options for employees, customers, and visitors.
Parking garages and lots nearby provide options for employees, customers, and visitors.
Key Highlights
- Located beneath a 45‑unit apartment development
- Glass‑door frontage along Market Street
- Open floor plan supports office, retail, or combined office and retail use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,825
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,016,500
$1.0M
Cap Rate 7%
$726,071
$726.1K
Cap Rate 9%
$564,722
$564.7K
Market Conditions
NOI Build-Up for 5,250 SF
Gross rent
$78.8K $15.00/SF
− Vacancy
−$6.1K −$1.17/SF
EGI
$72.6K $13.83/SF
− OpEx
−$21.8K −$4.15/SF
NOI
$50.8K $9.68/SF
Area
New Castle County, DE
Vacancy
7.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,016,500
Cap Rate 7%
$726,071
Cap Rate 9%
$564,722
Alternative Uses
Best Use
Mixed Use
$764.3K
$668.8K – $891.7K
NOI $53,503 @ 7.0% cap · market cap 572.22%
Second Best
Retail
$726.1K
$635.3K – $847.1K
NOI $50,825 @ 7.0% cap · market cap 543.58%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $87,903 @ 7.0% cap · market cap 940.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,565
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 39%
Dining 33%
Shops & Services 22%
Electronics 4%
McDonald's
Dining
16,382 visits/mo
0.5 miles
BP
Shops & Services
6,940 visits/mo
0.5 miles
Sheraton Suites Wilmington Downtown
Hotels & Casinos
5,726 visits/mo
0.3 miles
Doubletree by Hilton Downtown Wilmington - Legal District
Hotels & Casinos
5,265 visits/mo
0.1 miles
Courtyard Wilmington Downtown
Hotels & Casinos
3,169 visits/mo
0.3 miles
Demographics for 19801, DE
16,219
Population
9,390
Households
1.7
Avg Household Size
34
Median Age
26%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
3,686
Density / Sq Mi
$44,505
Median Household Income
$36,684
Median Earnings
$1,126
Median Rent
$196,000
Median Home Value
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Market
Properties on Market for Mixed-use properties in Wilmington
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A flexible, open-plan commercial space sits below a 45-unit apartment development in downtown Wilmington.
Where is this mixed-use property located?
The property is located at 704 N MARKET STREET Wilmington, DE.
What are key features of this property?
This property features: Located beneath a 45‑unit apartment development; Glass‑door frontage along Market Street; Open floor plan supports office, retail, or combined office and retail use
