Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    721 King St Wilmington, DE 19801-3503

    • Turn key restaurants
    • 1,476 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0234304
    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.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 721 King St

    Year built
    1940
    Construction
    CONCRETE
    Lot size
    0.04 lot acres
    Property size
    1,476 SF
    Zone code
    26C-3
    Property type
    Turn key restaurants
    APN
    26-035.40-050
    APU
    2603540050

    Description

    This thriving restaurant, located at 721 N King St in Wilmington, Delaware's historic district, presents a unique investment opportunity. The 1,476 square foot space, built in 1940, is a fully operational cafe with a "fully loaded" kitchen capable of handling all cooking needs. Currently serving lunch Monday through Thursday from 11:00 AM to 2:00 PM, the restaurant seats 32 guests and primarily caters to nearby businesses, including law firms and banks. The convenient location allows for a significant walk-in clientele. Street parking is available. The current limited hours offer substantial potential for expansion, including breakfast and dinner service, and the addition of alcoholic beverages (subject to OABCC approval). The seller is offering a two-week financing option post-closing to facilitate a smooth transition for the new owner. This turnkey operation is ideally positioned to capitalize on the vibrant downtown Wilmington market. The asking price is $425,000. This is a rare opportunity to acquire an established business with significant upside in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $210,000
      Market price range: $161k - $429k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $315,000
      Current use
      COMMERCIAL (GENERAL)
      $310,000
      Change: -1% Conversion: Easy
      RETAIL STORES
      $285,000
      Change: -9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5488
    Latitude
    39.743
    CBSA code
    37980
    CBSA name
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,355
    $34,800
    $30,500
    $65,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $265,000
      1,071 SF

      1208 Washington St

      RESTAURANT • 1,071 SF
      1208 Washington St, Wilmington, DE 19801
      View Details
    • Value Estimation
      $305,000
      675 SF

      216 Heald St

      RESTAURANT • 675 SF
      216 Heald St, Wilmington, DE 19801-5432
      View Details
    • Value Estimation
      $310,000
      2,891 SF

      522 Market St

      RESTAURANT • 2,891 SF
      522 Market St, Wilmington, DE 19801-5209
      View Details
    • Value Estimation
      $360,000
      7,752 SF

      600 Justison St

      RESTAURANT • 7,752 SF
      600 Justison St, Wilmington, DE 19801-5153
      View Details
    • Value Estimation
      $380,000
      1,680 SF

      839 Orange St

      RESTAURANT • 1,680 SF
      839 Orange St, Wilmington, DE 19801-1709
      View Details
    • Value Estimation
      $400,000
      8,337 SF

      720 Justison St

      RESTAURANT • 8,337 SF
      720 Justison St, Wilmington, DE 19801-5141
      View Details

    Similar Nearby for Sale

    • $12,000,000

      Waterfront Property in Wilmington

      32,255 SF property on 1.8 acres near downtown.
      1408 Clifford Brown Walk, Wilmington, DE 19801
      View Details
    • $395,000
      1,476 SF

      Downtown Wilmington Restaurant Opportunity

      Established cafe with expansion potential in Wilmington's downtown area.
      721 N King St, Wilmington, DE 19801
      View Details
    • Contact for pricing
      10,500 SF

      Riverfront Dining Destination For Sale

      Restaurant and retail property in Wilmington's entertainment district.
      600-640 Justinson St, Wilmington, DE 19801
      View Details
    • $1,250,000
      0.98 Acres

      Downtown Wilmington Development Site

      Prime .98-acre commercial land, $1,250,000
      705-707 West St, Wilmington, DE 19801
      View Details
    • $329,000
      2,578 SF

      Wilmington Retail & Apartment Building

      Prime Location, Income Producing, 2,578 SF
      111 9Th St, Wilmington, DE 19801
      View Details
    • Contact for pricing
      26,000 SF

      Mixed-Use Redevelopment Opportunity in Wilmington

      Proposed 20-story mixed-use development with residential, retail, and parking.
      600 W 12Th St, Wilmington, DE 19801
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,350 SF

      Turn-Key Restaurant/Bar Space Available

      Fully equipped restaurant/bar space for lease in downtown Wilmington.
      215 N Market St, Wilmington, DE 19801
      View Details
    • Contact for pricing
      9,000 SF

      Riverfront Restaurant Pad Site Available

      Restaurant pad site available in Wilmington's growing Riverfront area.
      600-640 Justison St, Wilmington, DE 19801
      View Details
    • $20 SF/Yr
      2,253 SF

      Downtown Retail/Restaurant Space Available

      Prime metro location in Wilmington's business and entertainment district.
      835 N Market St, Wilmington, DE 19801
      View Details
    • Contact for pricing
      8,887 SF

      Retail Space in Wilmington, DE

      Retail space available for lease in Wilmington, Delaware.
      801 N Market St, Wilmington, DE 19801
      View Details
    • $2,334 /Mo

      Downtown Wilmington Commercial Space Available

      Office or retail space for lease in Downtown Wilmington.
      841 N Tatnall St, Wilmington, DE 19801
      View Details
    • $1,380 /Mo
      920 SF

      Downtown Wilmington Retail Space Available

      920 SF retail space in Downtown Wilmington for lease.
      113 W 8Th St, Wilmington, DE 19801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    721 King St
    Wilmington, DE 19801-3503
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.