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    516-534 Greenhill Ave Wilmington, DE 19805
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    516-534 Greenhill Ave, Wilmington, DE 19805

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    • Neighborhood centers
    • 28,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 516-534 Greenhill Ave

    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Wawaset Plaza, located at 516-534 Greenhill Ave in Wilmington, Delaware (zip code 19805), offers a fantastic opportunity for retail and restaurant businesses. This established neighborhood center boasts a total of 28,000 square feet and features two suites currently available. The minimum divisible space is 1,197 square feet, with a maximum contiguous space of 2,150 square feet. A total of 3,347 square feet is currently vacant, offering flexibility for various business needs. The property is situated on heavily trafficked Greenhill Avenue, between Lancaster Avenue and Pennsylvania Avenue, ensuring high visibility and accessibility. The existing tenant mix includes a wine and spirits store, an obstetrics practice, and a high-end day spa, creating a strong synergy and significant foot traffic for potential tenants. This presents a unique opportunity to join a thriving retail environment in a desirable Wilmington location. The property is located in New Castle County, Delaware. The building is a strip center style property, suitable for street retail, salons, bars, or office uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5586
    Latitude
    39.7604

    Comparable in this City

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      25,000 SF

      Kirkwood Hwy

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      0 Kirkwood Hwy, Elsmere, DE 19805
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    • Value Estimation
      $595,000
      5,005 SF

      2405 Kirkwood Hwy

      SHOPPING CENTER, STRIP CENTER
      2405 Kirkwood Hwy, Wilmington, DE 19805-4906
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      4,578 SF

      1012 Wilmington Ave

      SHOPPING CENTER, STRIP CENTER
      1012 Wilmington Ave, Wilmington, DE 19805-1560
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    • Value Estimation by Request
      7,274 SF

      1716 Gilpin Dr

      SHOPPING CENTER, STRIP CENTER
      1716 Gilpin Dr, Wilmington, DE 19805
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    • Value Estimation by Request
      2,946 SF

      1721 Gilpin Dr

      SHOPPING CENTER, STRIP CENTER
      1721 Gilpin Dr, Wilmington, DE 19805-1261
      View Details

    Similar Nearby for Sale

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      Commercially Zoned Retail/Apt Properties

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    Similar Nearby for Lease

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      1,130 SF

      Prime Retail Space Available

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      Wilmington Retail Spaces For Lease

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      2,150 SF

      Retail and Office Center Space

      Neighborhood retail and office center with high foot traffic.
      500-540 Greenhill Ave, Wilmington, DE 19805
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      2,090 SF

      Kirkwood Highway Retail/Office Space

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    Wilmington, DE 19805
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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    516-534 Greenhill Ave, Wilmington, DE, 19805
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