Mixed-Use Laboratory and Office
212 Cherry Lane, New Castle, DE 19720
For Sale
Contact for pricing
Laboratory and office space is fully leased to Laboratory Corporation of America Holdings under a corporate guarantee.
Property Size26,800 SF
Lot Size2.45 Acres
Price / SF$177.72
Days on Market43
Property Features for 212 Cherry Lane
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Highway Access
Property Use
Building Details
Buildings
Building Size
Tenancy
Owner Occupied
Abandoned
Listing Agency:
CBRE - Philadelphia Suburban
Listed By:
Matthew Gorman · License #PA RS287470
(215) 603-6914
Source:
Crexi
Added: Sep 28
Changed: Nov 8
Last Checked: Nov 8 at 2:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Philadelphia Suburban
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Investment Insights
Based on property information with market context.
This 26,800-square-foot laboratory and office property occupies 2.45 acres in New Castle, Delaware. Laboratory Corporation of America Holdings has operated at the site since 1999 and leases the entire facility. Its corporately guaranteed lease extends through December 31, 2036, with more than 10 years remaining and annual rent increases of 2.0% starting January 1, 2029.
The property provides access to Interstate 295, Interstate 95, the Delaware Memorial Bridge, Wilmington Airport, the Port of Wilmington, and the greater Philadelphia area. The nearest alternative Labcorp location is approximately seven miles away.
Work underway includes repainting the metal rear wall and doors, repaving and striping the driveways, refreshing landscaping and entrance flowers, and installing upgraded LED exterior lighting.
The property provides access to Interstate 295, Interstate 95, the Delaware Memorial Bridge, Wilmington Airport, the Port of Wilmington, and the greater Philadelphia area. The nearest alternative Labcorp location is approximately seven miles away.
Work underway includes repainting the metal rear wall and doors, repaving and striping the driveways, refreshing landscaping and entrance flowers, and installing upgraded LED exterior lighting.
Key Highlights
- 26,800‑square‑foot laboratory and office facility on 2.45 acres
- 100% leased to Laboratory Corporation of America Holdings under a corporate guarantee
- Lease runs through December 31, 2036, with 2.0% annual increases beginning January 1, 2029
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$386,644
Cap Rate
8.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,732,880
$7.7M
Cap Rate 7%
$5,523,486
$5.5M
Cap Rate 9%
$4,296,044
$4.3M
Market Conditions
NOI Build-Up for 26,800 SF
Gross rent
$736.5K $27.48/SF
− Vacancy
−$92.1K −$3.44/SF
EGI
$644.4K $24.05/SF
− OpEx
−$257.8K −$9.62/SF
NOI
$386.6K $14.43/SF
Area
New Castle County, DE
Vacancy
12.50%
Lease Rate
$27.48 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,732,880
Cap Rate 7%
$5,523,486
Cap Rate 9%
$4,296,044
Alternative Uses
Best Use
Healthcare Medical
$5.52M
$4.83M – $6.44M
NOI $386,644 @ 7.0% cap · market cap 8.12%
Second Best
Mixed Use
$3.90M
$3.41M – $4.55M
NOI $273,119 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$6.41M
$5.61M – $7.48M
NOI $448,722 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
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Business Placement
Demographics for 19720, DE
61,043
Population
24,262
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
89%
High-School Grad
38.3 sq mi
ZIP Area
1,594
Density / Sq Mi
$75,985
Median Household Income
$42,600
Median Earnings
$1,282
Median Rent
$242,600
Median Home Value
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Market
Properties on Market for Mixed-use properties in New Castle County
Frequently Asked Questions
What type of property is this?
Mixed-use property - Laboratory and office space is fully leased to Laboratory Corporation of America Holdings under a corporate guarantee.
Where is this mixed-use property located?
The property is located at 212 Cherry Lane New Castle, DE.
What is the asking price?
The asking price for this property is $4,763,000.
What are key features of this property?
This property features: 26,800‑square‑foot laboratory and office facility on 2.45 acres; 100% leased to Laboratory Corporation of America Holdings under a corporate guarantee; Lease runs through December 31, 2036, with 2.0% annual increases beginning January 1, 2029
