Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Class A Office Building Opportunity Title is generated by Realmo AI

    691 Broad St, Middletown, DE

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Proposed Class A office building in Middletown, Delaware for lease.

    Type:OFFICE
    Property size:
    67,790 SF
    Lot size:
    10.58 Acres
    Added:
    Jun 7, 2023
    Days on Market:
    1072
    Last Refresh:
    Apr 5 at 10:17 pm

    Property Features for 691 Broad St

    General Information

    Standard status
    Active
    Size
    67,790 SF
    Lot size
    10.58 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 691 Broad St Contact us

    We can help!

    Listing Contact
    Matt Guers

    Listing agent Matt Guers

    Listing office Pettinaro Management, LLC

    Listing date Jun 7, 2023

    Source Moodyscre

    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 Pettinaro Management, LLC

    HighLights

    • Build‑to‑suit opportunity up to 67,790 SF in a Class A office building.
    • Located in the heart of growing Middletown, Delaware.
    • Proposed/approved new 67,790 SF building (691 N Broad Street) available.
    • Suites available from 1,200 SF to over 25,000 SF in existing building (651 N Broad Street).
    • Free on‑site surface parking.
    • Landlord seeking lead tenant for new building.

    Overview

    Middletown Square Business Park features an existing office building at 651 N Broad Street, with available suites ranging from 1,200 to over 25,000 square feet. A second proposed and approved Class A office building at 691 N Broad Street is planned immediately north of the existing building. This four-story building will offer 67,790 square feet of space. Located in the heart of Middletown, Delaware, the landlord seeks a lead tenant to initiate construction of this new building. A build-to-suit opportunity is available up to 67,790 square feet. Free on-site surface parking is provided.
    Location Intelligence

    Current Use by Public Records

    Filming location both ... Film Production

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    New Castle
    State
    Delaware
    Longitude
    -75.718
    Latitude
    39.4564

    Nearby Similar for Lease

    • Contact for pricing

      Flex/Office Space in Middletown, DE

      Flex and office space available in Middletown, Delaware.
      126 Patriot Dr, Middletown, DE 19709
      View Details
    • Contact for pricing

      Middletown Flex Building For Lease

      Flex building with units available for lease in Middletown, DE.
      410 Diamond State Boulevard, Middletown, DE, Middletown, DE 19709
      View Details
    • $20 SF/Yr

      Middletown Retail/Office Space For Rent

      1,500 SF unit in Middletown's growing business community.
      29 E Main St, Middletown, DE 19709
      View Details
    • $30 SF/Yr

      Retail Space Near Food Lion

      Inline retail space available in busy commercial district.
      488 Middletown Warwick Rd, Middletown, DE
      View Details
    • $13 SF/Yr

      Flex Space Available For Lease

      Flex space with HVAC office, restroom, and mop sink.
      119 Patriot Dr, Middletown, DE, Middletown , DE 19709
      View Details
    • $21 SF/Yr

      Bunker Hill Center Office Space

      First floor office unit in Middletown, available Q2 2024.
      102 Sleepy Hollow, Middletown, DE 19709
      View Details
    • $14 SF/Yr

      Middletown Flex Space For Lease

      3,137 SF flex space near Route 1 and 301.
      108 Patriot Dr, Middletown, DE, Middletown, DE 19709
      View Details
    • Contact for pricing

      Middletown Industrial Suites Available

      Industrial suites available for lease in Middletown, Delaware.
      700 North Broad Street, Middletown, DE, 19709
      View Details
    • $12 SF/Yr

      Middletown Flex Space For Lease

      11,388 SF flex space near Route 301 bypass.
      112 Patriot Dr, Middletown, DE 19709
      View Details
    • $14 SF/Yr

      Proposed Flex Building For Lease

      Flex building with customizable units available for lease.
      410 Diamond State Blvd, Middletown, DE
      View Details
    • Contact for pricing

      Grocery-Anchored Retail Space Available

      Retail and office spaces for lease in growing residential community.
      Boyds Corner & Jamison Corner Road, Middletown, DE 19709
      View Details
    • $22 SF/Yr

      Modern Office Suite For Rent

      Professional office suite available in Middletown, Delaware.
      222 Carter Dr, Unit 201-204, Middletown, Middletown, DE 19709
      View Details

    FAQs

    What type of property is this?
    Office building - Proposed Class A office building in Middletown, Delaware for lease.
    Where is this office building located?
    The property is located at 691 Broad St Middletown, DE.
    What are key features of this property?
    This property features: Build‑to‑suit opportunity up to 67,790 SF in a Class A office building.; Located in the heart of growing Middletown, Delaware.; Proposed/approved new 67,790 SF building (691 N Broad Street) available.
    (302) 999-0708 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Matt Guers
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    691 Broad St, Middletown, DE
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!