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    2904 N Market St Wilmington, DE 19802
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    2904 N Market St Wilmington, DE 19802

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    • Grocery and convenience stores
    • 1,750 SF
    Off-Market
    Property ID
    US17-0162592
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 2904 N Market St

    Year built
    1906
    Property size
    1,750 SF
    Property type
    Grocery and convenience stores
    Property subtype
    Mixed-use properties

    Description

    Welcome to an unparalleled investment opportunity on a major thoroughfare in the City of Wilmington, featuring two side-by-side buildings with immense potential. Building 1 houses an actively licensed liquor store on the ground level, with a 3-bedroom, 1-bathroom apartment above. The included liquor ... license likely provides market exclusivity within a half-mile radius, offering a stable income stream and deterring competition. Building 2 is comprised of three units: an unfinished commercial space and an efficiency unit on the first floor, with a 3-bed, 1-bath unit on the second floor. Both buildings require significant rehabilitation, making them perfect for a savvy investor looking to add value. Located in a prime urban setting, these properties offer diverse rental and commercial opportunities, enhanced by Wilmington's ongoing development. Don't miss this rare chance to secure a key piece of Wilmington's real estate market and capitalize on its growth potential. Schedule your tour today! Both Parcels - 26-022.20-440 & 26-022.20-439 are included in the sale.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5326851
    Latitude
    39.7556272

    Comparable in this City

    • $50,000
      0.06 Acres

      Wilmington Garages For Sale

      Seven garages in Wilmington, being sold as is.
      2714 Enterprise St, Wilmington, DE 19802
      View Details
    • $80,000
      Pending

      Five Garages and One Lot

      Five garages and one lot with long-term tenants.
      37 Gordon St, Wilmington, DE 19802
      View Details
    • $180,000
      0.03 Acres

      WILMINGTON Retail Opportunity For Sale

      Retail space for sale on a busy street.
      2910 N Market St, Wilmington, DE 19802
      View Details
    • $385,000
      750 SF

      Prime Commercial Location For Sale

      Commercial building with drive-through and large fenced parking lot.
      1609 Northeast Blvd, Wilmington, DE 19802
      View Details
    • Contact for pricing
      3,734 SF

      Downtown Wilmington Warehouse/Office Building

      Warehouse/office building in downtown Wilmington, close to I-495.
      1621 N Heald St, Wilmington, DE 19802
      View Details

    Similar Nearby for Sale

    • $50,000
      0.06 Acres

      Wilmington Garages For Sale

      Seven garages in Wilmington, being sold as is.
      2714 Enterprise St, Wilmington, DE 19802
      View Details
    • $80,000
      Pending

      Five Garages and One Lot

      Five garages and one lot with long-term tenants.
      37 Gordon St, Wilmington, DE 19802
      View Details
    • $180,000
      0.03 Acres

      WILMINGTON Retail Opportunity For Sale

      Retail space for sale on a busy street.
      2910 N Market St, Wilmington, DE 19802
      View Details
    • $385,000
      750 SF

      Prime Commercial Location For Sale

      Commercial building with drive-through and large fenced parking lot.
      1609 Northeast Blvd, Wilmington, DE 19802
      View Details
    • Contact for pricing
      3,734 SF

      Downtown Wilmington Warehouse/Office Building

      Warehouse/office building in downtown Wilmington, close to I-495.
      1621 N Heald St, Wilmington, DE 19802
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      650 SF

      Retail Space in Growing Neighborhood

      Retail space available in Wilmington, close to Interstate 495.
      2400 Northeast Blvd, Wilmington, DE 19802
      View Details
    • Contact for pricing
      900 SF

      Retail Space on Miller Road

      900 SF retail space available for lease.
      3209 Miller Rd, Wilmington, DE 19802
      View Details
    • $14 SF/Yr
      2,480 SF

      Church Space Available For Lease

      2,480 SF church space with excellent signage available for lease.
      4101 N Market St, Wilmington, DE 19802
      View Details
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    2904 N Market St
    Wilmington, DE 19802
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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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