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405 Larch Cir
1,800 SF Office Building Wilmington, DE 19804 $295,000 USD ($164 USD/SF) 6.99% Cap Rate
Investment Highlights
- Larch Avenue Condominium Complex is a well-maintained suburban office park with a variety of local/regional businesses
- End unit with plenty of natural light on three sides.
- Building has a foyer w/separate entrances to lower and upper level suites.
- 1,800 sf recently upgraded with break-room / kitchenette, flooring & new restroom. Several separate work areas.
- Ample surface parking.
- Convenient central location in northern New Castle County with easy access to Rt 141 & I-95
Executive Summary
This 1,800 +/- sf two story office condo is an end unit with plentiful natural lighting on three sides: breakroom/kitchenette, Two restrooms, and open work areas. First Floor is 1,074 s/f. Second floor office space approx. 930 s/f. First floor has two (2) separate office spaces. Second floor has an open conference room and private restroom. Recently upgraded with beautiful crown molding, newly installed flooring and recently painted. Location and space are suitable for professional office, insurance/real estate agency, construction management, group work/counseling/educational/training uses or beauty/esthetician salon.
Larch Corporate Center just off E Newport Pike in Newport. Close and convenient to Rt 141, I-95, the Wilmington Train Station, Riverfront District, Prices Corner Shopping Center and many eateries and retailers.
Larch Corporate Center just off E Newport Pike in Newport. Close and convenient to Rt 141, I-95, the Wilmington Train Station, Riverfront District, Prices Corner Shopping Center and many eateries and retailers.
Financial Summary (Actual - 2023) |
Annual (USD) | Annual Per SF (USD) |
|---|---|---|
| Gross Rental Income |
$26,994
|
$15.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$26,994
|
$15.00
|
| Taxes |
$3,985
|
$2.21
|
| Operating Expenses |
$2,400
|
$1.33
|
| Total Expenses |
$6,385
|
$3.55
|
| Net Operating Income |
$20,609
|
$11.45
|
Financial Summary (Actual - 2023)
| Gross Rental Income (USD) | |
|---|---|
| Annual | $26,994 |
| Annual Per SF | $15.00 |
| Other Income (USD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (USD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (USD) | |
|---|---|
| Annual | $26,994 |
| Annual Per SF | $15.00 |
| Taxes (USD) | |
|---|---|
| Annual | $3,985 |
| Annual Per SF | $2.21 |
| Operating Expenses (USD) | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $1.33 |
| Total Expenses (USD) | |
|---|---|
| Annual | $6,385 |
| Annual Per SF | $3.55 |
| Net Operating Income (USD) | |
|---|---|
| Annual | $20,609 |
| Annual Per SF | $11.45 |
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Sale Leaseback
Property Type
Office
Property Subtype
Building Size
1,800 SF
Building Class
C
Year Built
2006
Price
$295,000 USD
Price Per SF
$164 USD
Cap Rate
6.99%
NOI
$20,609 USD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
900 SF
Opportunity Zone
Yes
Zoning
20GB - General Business- Town of Newport
Amenities
- 24 Hour Access
- Bus Line
- Kitchen
- Central Heating
- Natural Light
- Drop Ceiling
- Air Conditioning
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PROPERTY TAXES
| Parcel Number | 20-002.00-045.C-0405 | Total Assessment | $97,200 USD (2024) |
| Land Assessment | $6,400 USD (2024) | Annual Taxes | $3,985 USD ($2.21 USD/SF) |
| Improvements Assessment | $90,800 USD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
20-002.00-045.C-0405
Land Assessment
$6,400 USD (2024)
Improvements Assessment
$90,800 USD (2024)
Total Assessment
$97,200 USD (2024)
Annual Taxes
$3,985 USD ($2.21 USD/SF)
Tax Year
2023
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405 Larch Cir
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