Commercial Property with High
2994 New Castle Ave, New Castle, DE 19720
For Sale
$1,000,000
1.5+/- acre commercial property with high traffic and visibility.
Property Size2,721 SF
Lot Size1.50 Acres
Price / SF$367.51
Days on Market245
Property Features for 2994 New Castle Ave
General Information
Standard status
Size
Lot size
Building Details
Year Built
Listing Agency:
BHHS Fox & Roach - Hockessin
Listed By:
Georgette Y Balback · License DE RS326378
(484) 319-7771
Source:
Southjerseyshorehomesfinder
Added: Mar 11
Changed: Oct 25
Last Checked: Oct 7 at 5:43PM
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 BHHS Fox & Roach - Hockessin
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial property offers approximately 1.5 acres of land, suitable for land lease. The location provides significant exposure, making it suitable for retail or office businesses. Situated near the interchange of Route I-295 and Route 40, as well as Delaware Route 9 and the Delaware Memorial Bridge, the site benefits from high traffic volume. The property includes an existing building with over 2700 square feet. The site presents possibilities for immediate use or redevelopment. The area is experiencing growth with new businesses establishing themselves nearby.
Key Highlights
- Prime location with maximum exposure for retail or office business.
- Seconds away from major highways (Rt. I 295 & Rt 40 interchange, De. 9) and the Delaware Memorial Bridge.
- High traffic count, ideal for a growing business.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,062
Cap Rate
3.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$741,240
$741.2K
Cap Rate 7%
$529,457
$529.5K
Cap Rate 9%
$411,800
$411.8K
Market Conditions
NOI Build-Up for 2,721 SF
Gross rent
$61.4K $22.56/SF
− Vacancy
−$12.0K −$4.40/SF
EGI
$49.4K $18.16/SF
− OpEx
−$12.4K −$4.54/SF
NOI
$37.1K $13.62/SF
Area
New Castle County, DE
Vacancy
19.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$741,240
Cap Rate 7%
$529,457
Cap Rate 9%
$411,800
Alternative Uses
Best Use
Office B
$529.5K
$463.3K – $617.7K
NOI $37,062 @ 7.0% cap · market cap 3.71%
Second Best
Retail
$376.3K
$329.3K – $439.0K
NOI $26,342 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$650.8K
$569.5K – $759.3K
NOI $45,559 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Commercial land in New Castle County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Commercial land - 1.5+/- acre commercial property with high traffic and visibility.
Where is this commercial land located?
The property is located at 2994 New Castle Ave New Castle, DE.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Prime location with maximum exposure for retail or office business.; Seconds away from major highways (Rt. I 295 & Rt 40 interchange, De. 9) and the Delaware Memorial Bridge.; High traffic count, ideal for a growing business.
