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    273 Rte Newark, DE 19702
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    273 Rte, Newark, DE 19702

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    • Retail properties & Spaces
    • 194,171 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 273 Rte

    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional retail opportunity at Christiana Town Center in Newark, Delaware, offers multiple spaces for lease, ranging from 2,141 to 33,000 contiguous square feet. Located on Route 273, this highly visible location within New Castle County boasts a total of 194,171 square feet of retail space across multiple tenancies. Currently, there are 11 available spaces, providing flexibility for businesses of various sizes. The minimum divisible space is 2,141 square feet, ideal for smaller retailers or service providers, while larger tenants can secure up to 33,000 contiguous square feet. The property's strategic location in Newark, DE, 19702, ensures high traffic volume and excellent visibility. This is an unparalleled chance to establish or expand your business in a thriving retail environment. With a significant amount of vacant space (261,728 sq ft), this property presents a unique opportunity for a large-scale tenant or a collection of smaller businesses. The property is classified as an outparcel/pad, offering convenient access and ample parking. Don't miss this chance to secure your place in this dynamic retail center. Contact us today to learn more about leasing options and availability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    New Castle
    State
    Delaware
    Longitude
    -75.6985
    Latitude
    39.6798

    Comparable in this City

    • Value Estimation by Request
      18,000 SF

      Fashion Ctr Blvd

      Restaurants
      0 Fashion Ctr Blvd, Newark, DE 19702
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    • Value Estimation by Request
      2,183 SF

      2688 Pulaski Hwy

      RETAIL STORES (PERSONAL SERVICES)
      2688 Pulaski Hwy, Newark, DE 19702-3915
      View Details
    • Value Estimation
      $7,555,000
      51,286 SF

      2750 Fashion Ctr Blvd

      RETAIL STORES (PERSONAL SERVICES)
      2750 Fashion Ctr Blvd, Newark, DE 19702-3244
      View Details
    • Value Estimation
      $15,565,000
      145,312 SF

      800 Christiana Mall

      RETAIL STORES (PERSONAL SERVICES)
      800 Christiana Mall, Newark, DE 19702-3216
      View Details
    • Value Estimation
      $530,000
      1,161 SF

      2405 Pulaski Hwy

      RETAIL STORES (PERSONAL SERVICES)
      2405 Pulaski Hwy, Newark, DE 19702-3905
      View Details
    • Value Estimation
      $655,000
      5,000 SF

      2414 Pulaski Hwy

      RETAIL STORES (PERSONAL SERVICES)
      2414 Pulaski Hwy, Newark, DE 19702-3906
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Opportunity in Newark

      Retail property available for sale in Christiana Town Center.
      Rte 273, Newark, DE 19702
      View Details
    • Contact for pricing
      194,171 SF

      Regionally Accessible Property For Sale

      Accessible property near I-95 and DE Rt. 1 in Newark.
      Rte 273, Newark, DE 19702
      View Details
    • Contact for pricing

      Peoples Plaza Retail Opportunity

      Retail property with strong tenant history and convenient Park & Ride.
      100-950 Peoples Plz, Newark, DE 19702
      View Details
    • Contact for pricing

      Fully Leased Retail Center

      Retail center with diverse mix of tenants and convenient access.
      Fashion Center Blvd, Newark, DE 19702
      View Details

    Similar Nearby for Lease

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      6,615 SF

      Retail Space in Four Seasons

      Retail spaces available in high-visibility neighborhood shopping center.
      500-660 Plaza Dr, Newark, DE 19702
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    • $20 SF/Yr

      High-Visibility Retail Center Space

      Retail spaces in high-traffic Newark shopping center for lease.
      500-700 Plaza Dr, Newark, DE 19702
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      1,000 SF

      Versatile Retail Space For Rent

      1,000 SF retail space with easy access and parking.
      120-160 Songsmith Dr, Newark, DE 19702
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      3,200 SF

      Retail Space on Pulaski Highway

      Retail property with high traffic and ample parking.
      1639-1679 Pulaski Hwy, Bear, DE 19702
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    • Contact for pricing
      1,200 SF

      Retail Space with Ample Parking

      Versatile 1,200 SF retail space with easy access.
      100 Troubador Way, Newark, DE 19702
      View Details
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    Newark, DE 19702
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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.

    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
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