Wilmington Office/Flex Space For
For Sale
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101 N Gray Ave, Wilmington, DE 19805
4,708 SF office/flex space with warehouse and drive-in door.
Property Size4,708 SF
Price / SF$100.89
Days on Market838
Property Features for 101 N Gray Ave
General Information
Standard status
Active
Size
4,708 SF
Property subtype
Office
Zoning
Commercial
Investment Type
Owner/User
Building Details
Year Built
1954
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Medori Commercial Realty LLC
Listed By:
Tony Medori · License #DE RB-0020273
Source:
Crexi
Added: Jun 21, 2024
Changed: Sep 14
Last Checked: Oct 5 at 7:17PM
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 Medori Commercial Realty LLC
Investment Insights
Based on property information with market context.
This is a free-standing 4,708 sq/ft office/flex space located in Wilmington, DE. The first floor comprises 3,380 sq/ft, including 2,740 sq/ft of private offices, a reception area, kitchenette, and work areas, along with a 640 sq/ft warehouse featuring a drive-in door. The second floor offers 1,328 sq/ft, which includes 1,152 sq/ft of offices and a conference room, plus a 176 sq/ft loft storage area. The property is conveniently located on Gray Ave, providing easy access to the I-95, I-295, and I-495 interchange, and is close to Route 141 and the Barley Mill development project. It features new gas HVAC systems, masonry construction with an "A" frame truss/shingle roof system, and a well-maintained and clean interior. The property also benefits from a new shingle roof and ample windows that provide natural light. Parking is available for 5 to 6 vehicles (stacked).
Key Highlights
- 4,708 sq/ft Free Standing Office/Flex Space
- Convenient Location with Easy Access to I‑95, I‑295, and I‑495
- First Floor: Includes 2,740 sq/ft of Private Offices and a 640 sq/ft Warehouse with Drive‑In Door
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,546
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,920
$530.9K
Cap Rate 7%
$379,229
$379.2K
Cap Rate 9%
$294,956
$295.0K
Market Conditions
NOI Build-Up for 4,708 SF
Gross rent
$42.4K $9.00/SF
− Vacancy
−$4.4K −$0.95/SF
EGI
$37.9K $8.06/SF
− OpEx
−$11.4K −$2.42/SF
NOI
$26.5K $5.64/SF
Area
New Castle County, DE
Vacancy
10.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,920
Cap Rate 7%
$379,229
Cap Rate 9%
$294,956
Alternative Uses
Best Use
Office B
$916.1K
$801.6K – $1.07M
NOI $64,126 @ 7.0% cap · market cap 13.50%
Second Best
Flex RnD
$638.4K
$558.6K – $744.8K
NOI $44,689 @ 7.0% cap · market cap 9.41%
Theoretical Best
Office A
$1.13M
$985.4K – $1.31M
NOI $78,828 @ 7.0% cap · market cap 16.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 19805, DE
39,985
Population
17,281
Households
2.3
Avg Household Size
35
Median Age
23%
College-Educated
87%
High-School Grad
5.5 sq mi
ZIP Area
7,270
Density / Sq Mi
$56,708
Median Household Income
$38,043
Median Earnings
$1,203
Median Rent
$220,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - 4,708 SF office/flex space with warehouse and drive-in door.
Where is this office building located?
The property is located at 101 N Gray Ave Wilmington, DE.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 4,708 sq/ft Free Standing Office/Flex Space; Convenient Location with Easy Access to I‑95, I‑295, and I‑495; First Floor: Includes 2,740 sq/ft of Private Offices and a 640 sq/ft Warehouse with Drive‑In Door
