508 Main St Wilmington, DE 19804

Property Details for 508 Main St

Year built

1933

Construction

CONCRETE

Lot size

0.12 lot acres

Property size

880 SF

Zone code

CN

Property type

Office Properties & Spaces

APN

08-050.40-014

APU

805040014

Description

This exceptional investment opportunity presents a multi-unit commercial property located at 508-512 Main Street in Wilmington, Delaware, 19804. The property comprises two buildings, totaling 8,000 square feet across three stories, situated on three combined parcels encompassing 0.66 acres. Built in 1986, this Class C property features a mix of retail and office space, currently operating at 100% occupancy with four units. The property is zoned CR and offers a compelling combination of QSR/Fast Food and storefront options, including co-working space. Currently, an accounting firm occupies 3,840 square feet of the space, while a liquor store/food mart and an apartment occupy the remaining 4,160 square feet. The asking price is $1,900,000, representing a price per square foot of $237.50 and a 4.00% cap rate. The property benefits from a gross lease type and boasts outstanding visibility at the intersection of Route 7 (Limestone Road) and Route 4, experiencing high traffic counts exceeding 56,000 vehicles daily. Full movement access is available from both eastbound and westbound Route 7. Delaware Department of Transportation (DelDOT) right-of-ways are present at each end of the 508 and 512 properties. This income-producing property offers a strong return on investment in a prime Wilmington location.