Renovated Warehouse with Two-Story
For Sale
Contact for pricing
900 S Heald St, Wilmington, DE 19720
Fully renovated warehouse with two-story office area, high ceilings, drive-in doors, and updated loading docks.
Property Size19,226 SF
Price / SF$145.64
Days on Market275
Property Features for 900 S Heald St
General Information
Standard status
Active
Size
19,226 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
16 ft
Dock-High Doors
4
Drive-In Doors
4
Additional Details
Highway Access
Yes
Listing Agency:
LMT Commercial Realty / CORFAC International
(302) 383-1911
Listed By:
Chris Moore
(302) 383-1911
Source:
Moodyscre
Added: Nov 10, 2025
Changed: Jul 30
Last Checked: Jul 30 at 3:14AM
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
Investment Insights
Based on property information with market context.
This fully renovated warehouse includes a two-story office area for supporting operations. The clear ceiling heights range from 14 to 16+/- feet, providing flexibility for a range of industrial uses. The property was upgraded with a new asphalt parking area and includes four updated loading docks for efficient receiving and distribution.
Operational access features include four drive-in doors and one drive-in courtyard door setup, supporting smooth vehicle flow for day-to-day logistics. The building’s position in Wilmington also places it close to I-495, I-95, the Delaware Memorial Bridge, and the Port of Wilmington.
With its renovated warehouse configuration, on-site parking improvements, and multiple dock and drive-in access points, the space is suited for tenants needing both functional warehouse space and built-in office support for their teams.
Operational access features include four drive-in doors and one drive-in courtyard door setup, supporting smooth vehicle flow for day-to-day logistics. The building’s position in Wilmington also places it close to I-495, I-95, the Delaware Memorial Bridge, and the Port of Wilmington.
With its renovated warehouse configuration, on-site parking improvements, and multiple dock and drive-in access points, the space is suited for tenants needing both functional warehouse space and built-in office support for their teams.
Key Highlights
- Fully renovated warehouse with two‑story office area
- 14‑16 +/- FT ceiling heights
- New asphalt parking area
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
$182,497
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
6.52%
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%
$3,649,940
$3.6M
Cap Rate 7%
$2,607,100
$2.6M
Cap Rate 9%
$2,027,744
$2.0M
Market Conditions
NOI Build-Up for 19,226 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
$306.8K $15.96/SF
− Vacancy
−$26.1K −$1.36/SF
EGI
$280.8K $14.60/SF
− OpEx
−$98.3K −$5.11/SF
NOI
$182.5K $9.49/SF
Area
New Castle County, DE
Vacancy
8.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
35.00%
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%
$3,649,940
Cap Rate 7%
$2,607,100
Cap Rate 9%
$2,027,744
Alternative Uses
Best Use
Office B
$3.74M
$3.27M – $4.36M
NOI $261,870 @ 7.0% cap · market cap 9.35%
Second Best
Flex RnD
$2.61M
$2.28M – $3.04M
NOI $182,497 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$4.60M
$4.02M – $5.37M
NOI $321,908 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
4
Dock-high doors
4
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 19720, DE
61,043
Population
24,262
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
89%
High-School Grad
38.3 sq mi
ZIP Area
1,594
Density / Sq Mi
$75,985
Median Household Income
$42,600
Median Earnings
$1,282
Median Rent
$242,600
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?
Flex space - Fully renovated warehouse with two-story office area, high ceilings, drive-in doors, and updated loading docks.
Where is this flex space located?
The property is located at 900 S Heald St Wilmington, DE.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Fully renovated warehouse with two‑story office area; 14‑16 +/- FT ceiling heights; New asphalt parking area
