Mixed-Use Property with Central
For Sale
$650,000
3101 New Castle Avenue, New Castle, DE 19720
Mixed-commercial zoning offers potential for retail, office, or creative workspace uses.
Property Size1,890 SF
Lot Size0.11 Acres
Price / SF$343.92
Days on Market352
Property Features for 3101 New Castle Avenue
General Information
Standard status
Active
Size
1,890 SF
Lot size
0.11 Acres
Property subtype
Mixed Use
Property Condition
Severity
Repairs Needed
Evidence
requires rehabilitation and updating throughout
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,909
Amenities
Central Air
3
CR
Parking.
Lot.
57.30 x 99.40
Other.
Building Details
Year Built
1956
Listing Agency:
(302) 743-1063
Listed By:
Crown Homes Real Estate
(302) 743-1063
Source:
Xome
Added: Sep 14, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:49PM
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 Crown Homes Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property at 3101 New Castle Avenue contains approximately 1,890 square feet of interior space on a 0.11-acre lot. Built in 1956, the building includes central air and requires rehabilitation and updating throughout. The existing footprint provides a starting point for a range of commercial configurations.
The property is positioned along New Castle Avenue with exposure to passing traffic and access to major routes. Its setting is near surrounding residential and business districts, adding context for future retail, office, or creative workspace planning. The lot measures 57.30 x 99.40 and includes parking.
The property is positioned along New Castle Avenue with exposure to passing traffic and access to major routes. Its setting is near surrounding residential and business districts, adding context for future retail, office, or creative workspace planning. The lot measures 57.30 x 99.40 and includes parking.
Key Highlights
- Approximately 1,890 square feet of interior space
- 0.11‑acre lot measuring 57.30 x 99.40
- Zoned for mixed commercial use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,261
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$385,220
$385.2K
Cap Rate 7%
$275,157
$275.2K
Cap Rate 9%
$214,011
$214.0K
Market Conditions
NOI Build-Up for 1,890 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$35.8K $18.96/SF
− Vacancy
−$5.0K −$2.65/SF
EGI
$30.8K $16.31/SF
− OpEx
−$11.6K −$6.11/SF
NOI
$19.3K $10.19/SF
Area
New Castle County, DE
Vacancy
14.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$385,220
Cap Rate 7%
$275,157
Cap Rate 9%
$214,011
Alternative Uses
Best Use
Mixed Use
$275.2K
$240.8K – $321.0K
NOI $19,261 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$452.1K
$395.6K – $527.4K
NOI $31,645 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
394
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-commercial zoning offers potential for retail, office, or creative workspace uses.
Where is this mixed-use property located?
The property is located at 3101 New Castle Avenue New Castle, DE.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Approximately 1,890 square feet of interior space; 0.11‑acre lot measuring 57.30 x 99.40; Zoned for mixed commercial use
