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    3031 New Castle Ave New Castle, DE 19720

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    For Sale
    $6,000,000

    Established entertainment center on 6.99 acres with redevelopment potential.

    Property size:
    67,723 SF
    Lot size:
    6.99 Acres

    Property Features for 3031 New Castle Ave

    General Information

    Size
    67,723 SF
    Lot size
    6.99 Acres
    Source: Moodyscre

    Listing Agent: Jim Tancredi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Entertainment Center with Redevelopment Potential

    Established in 1959, this entertainment center is located on New Castle Avenue. The one-story building has a size of 67,723 square feet and sits on 6.99 acres. It features 62 bowling lanes, Keglers Sports Bar, Spare Rib Express Restaurant, KidsZone Arcade & Redemption Area, Dunkin' Donuts, and a Hershey's Ice Cream Parlor. While currently operating as a family entertainment center, the property offers redevelopment potential for retail, warehouse, healthcare, other office, municipal, or educational institution use. The parking area along New Castle Avenue can accommodate at least one outparcel pad. The property's proximity to the I-295 interchange provides convenient access to over 100,000 vehicles per day, making it suitable for retail, food consumers, and warehouse distribution.
    Location Intelligence

    Current Use by Public Records

    KidZone Arcades and Party ... Amusement Center Bowlerama Bowling Alley Dunkin' Coffee Shop Double Up Pro ... Sporting Goods Store Keglers Bar

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    New Castle
    State
    Delaware
    Longitude
    -75.552851
    Latitude
    39.7022521

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    FAQs

    What type of property is this?
    Bowling alley - Established entertainment center on 6.99 acres with redevelopment potential.
    Where is this bowling alley located?
    The property is located at 3031 New Castle Ave New Castle, DE.
    What is the asking price?
    The asking price for this property is $6,000,000.
    What are key features of this property?
    This property features: - High redevelopment potential for retail, warehouse, healthcare, office, municipal, or educational institution use.; - Established entertainment center with diverse revenue streams (bowling, bar, restaurant, arcade, Dunkin' Donuts, ice cream).; - Large 67,723 SF building on 6.99 acres.
    (302) 414-1000
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    3031 New Castle Ave New Castle, DE 19720
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    New Castle, DE 19720
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    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.

    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
    3031 New Castle Ave New Castle, DE 19720
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