704 Market StWilmington, DE 19801

Property Details for 704 Market St

Year built

1920

Construction

CONCRETE

Lot size

0.16 AC

Property size (Sq ft)

6,584 SF

Zone code

26C-3

Property type

Office properties

Property subtype

Other office properties

APN

26-035.40-041

APU

2603540041

Description

This exceptional 49-unit multifamily property, located at 704 N Market St in Wilmington, Delaware, presents a compelling investment opportunity. The 42,706 square foot, three-story building, constructed in 1900, boasts a prime location in the Central Business District, surrounded by thriving restaurants, retail, and office spaces. Recently renovated, the property features 37,706 square feet of residential space, currently configured as student housing, and an additional 5,000 square feet of ground-floor retail space facing N. Market Street. The building's versatile design allows for continued use as student housing or conversion into apartments or a hotel. The residential units include modern tile bathrooms with shower stalls, kitchenettes with sinks, and new electric mini-split HVAC systems. Common areas include an atrium dining area, a small office, cafeteria, commercial kitchen, and laundry room. The unfinished basement provides ample storage. The property sits on a 0.29-acre lot and is zoned C-3 Central Retail, offering significant flexibility. Over $1.4 million was invested in 2022 in a new HVAC system. This property offers a rare blend of established income and significant upside potential, making it an ideal addition to any investment portfolio. The asking price is $4,500,000.

• CAP approach

  CAP return

  Valuation

  6%

  $2,813,817

  6.5%

  $2,597,370

  7%

  $2,411,843

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,396,293

  Geo Method

  $860,265

• Alternative Use

  Use

  Valuation

  Residential

  $3,220,738

  Hospitality

  $2,950,179

  Educational

  $2,454,514

  Medical

  $2,538,929

  Retail

  $3,818,134

Location Insight

City

Wilmington

County

New Castle

State

Delaware

Latitude

39.7428

Longitude

-75.5493

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].