2720 Washington StWilmington, DE 19802

Property Details for 2720 Washington St

Year built

1899

Construction

CONCRETE

Lot size

0.05 AC

Property size (Sq ft)

1,533 SF

Zone code

26R-3

Property type

Retail space

APN

26-015.40-098

APU

2601540098

Description

This exceptional mixed-use property at 2720 N Washington Street in Wilmington, Delaware presents a unique investment opportunity. Boasting 2,636 square feet on a 0.05-acre lot, this corner property offers unparalleled visibility and accessibility. The building's versatile design allows for a seamless blend of commercial and residential use. The main floor, ideal for a variety of businesses, provides ample space for retail, a restaurant, daycare center, or other commercial ventures. The possibilities are numerous, catering to a wide range of entrepreneurial pursuits. Upstairs, the residential space comprises two bedrooms and one and a half bathrooms, providing comfortable living quarters. This space could serve as owner-occupied housing or generate additional income as a rental unit. The property's strategic location at the corner of N Washington Street offers excellent visibility and convenient access to Concord Avenue, Concord Pike, and Interstate 95, ensuring high traffic flow and easy commuting. This is a rare chance to acquire a thriving mixed-use property in a highly desirable Wilmington location, combining the benefits of business ownership with the convenience of residential living, or the potential for substantial rental income. The asking price is $175,000. This property is ready for immediate occupancy and offers significant potential for growth and return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $741,290

  6.5%

  $684,268

  7%

  $635,391

• Comparable approach

  Method

  Valuation

  Relative Method

  $338,113

  Geo Method

  $208,314

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,325,120

  Mixed-Use / Specialty

  $685,572

  Hospitality / Lodging

  $507,858

  Office

  $685,400

  Institutional / Educational

  $714,057

  Residential Income

  $835,447

  Multifamily

  $981,232

  Automotive / Energy

  $612,049

  Parking / Income-Based Land

  $207,511

  Restaurant / Food Service

  $364,562

  Healthcare / Senior Housing

  $699,202

Location Insight

City

Wilmington

County

New Castle

State

Delaware

Latitude

39.7579

Longitude

-75.5362

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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