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    616 Union St Wilmington, DE 19805

    Sponsored
    For Sale
    $999,900

    7,862 SF Office/Retail Building, Delaware

    Property size:
    7,862 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use property, located at 616-618 N Union Street in Wilmington, Delaware, presents a compelling investment opportunity. The 7,862 square foot building, constructed in 1930, is a two-story structure situated on a 0.31-acre lot and boasts a spacious on-site parking area. Currently configured as a blend of office and retail space, the first floor comprises approximately 3,391 square feet, currently generating a scheduled monthly income of $5,813.79 from a restaurant tenant. The second floor offers two separate office/studio suites, each approximately 1,965 square feet, totaling an additional 3,391 square feet. The property is zoned C-2 (City of Wilmington), allowing for flexible usage and future development potential. The building's prime location within a vibrant commercial corridor ensures excellent visibility and accessibility, making it an attractive proposition for both tenants and customers. The asking price is $999,900, with an occupancy date of December 4, 2024. This property offers a strong blend of immediate income generation and long-term growth potential in a desirable Delaware location. The building's size, parking, and flexible zoning make it a versatile asset suitable for a variety of uses and investment strategies.

    Property Features for 616 Union St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    7,862 SF
    Class
    C
    Lot Size
    13,504 SF

    Building Details

    Year Built
    1930
    Buildings
    1
    Stories
    2

    HighLights

    • First‑floor restaurant generating $5,813.79 monthly income, approximately 3,391 square feet.
    • Two second‑floor office/studio suites, each approximately 1,965 square feet (3,391 square feet total).
    • Ample on‑site parking.
    • C‑2 zoning (City of Wilmington) allows for flexible commercial uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.571585903781
    Latitude
    39.751312338443

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    FAQs

    What type of property is this?
    Mixed-use property - 7,862 SF Office/Retail Building, Delaware
    Where is this mixed-use property located?
    The property is located at 616 Union St Wilmington, DE.
    What is the asking price?
    The asking price for this property is $999,900.
    What are key features of this property?
    This property features: First-floor restaurant generating $5,813.79 monthly income, approximately 3,391 square feet.; Two second-floor office/studio suites, each approximately 1,965 square feet (3,391 square feet total).; Ample on-site parking.
    Request Owner's contact information
    616 Union St Wilmington, DE 19805
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    Realmo Value Estimation

    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.

    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.

    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
    616 Union St Wilmington, DE 19805
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