616 Union StWilmington, DE 19805

Property Details for 616 Union St

Year built

1955

Construction

CONCRETE

Lot size

0.31 AC

Property size (Sq ft)

3,931 SF

Zone code

26R-3

Property type

Retail properties

Property subtype

Turn key restaurants

APN

26-026.20-061

APU

2602620061

Description

This exceptional mixed-use property, located at 616-618 N Union Street in Wilmington, Delaware, presents a compelling investment opportunity. The 7,862 square foot building, constructed in 1930, is a two-story structure situated on a 0.31-acre lot and boasts a spacious on-site parking area. Currently configured as a blend of office and retail space, the first floor comprises approximately 3,391 square feet, currently generating a scheduled monthly income of $5,813.79 from a restaurant tenant. The second floor offers two separate office/studio suites, each approximately 1,965 square feet, totaling an additional 3,391 square feet. The property is zoned C-2 (City of Wilmington), allowing for flexible usage and future development potential. The building's prime location within a vibrant commercial corridor ensures excellent visibility and accessibility, making it an attractive proposition for both tenants and customers. The asking price is $999,900, with an occupancy date of December 4, 2024. This property offers a strong blend of immediate income generation and long-term growth potential in a desirable Delaware location. The building's size, parking, and flexible zoning make it a versatile asset suitable for a variety of uses and investment strategies.

• CAP approach

  CAP return

  Valuation

  6%

  $2,469,599

  6.5%

  $2,279,630

  7%

  $2,116,799

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,100,827

  Geo Method

  $1,294,334

• Alternative Use

  Use

  Valuation

  Residential

  $1,922,953

  Hospitality

  $1,761,415

  Educational

  $1,465,476

  Medical

  $1,515,876

  Retail

  $2,279,630

Location Insight

City

Wilmington

County

New Castle

State

Delaware

Latitude

39.7511

Longitude

-75.5713

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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