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Property profile & analytics
OFF-MARKET
Estimated value
$1,750,000
Turn key restaurants
1115 College Ave, Newark, DE 19713-2307
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US17-0280764
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1964
Construction
CONCRETE
Total area
5,265 SF
Lot
1 ac (43,560 SF)
Zoning code
18BC
APN
18-046.00-108
UPID
US17-0280764
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.75M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.75M
Owner & transaction history
Friendlys 896 Associates LLC · 2 yrs held
Friendlys 896 Associates LLC
since 2024
Last sale
$1.8M
5 recorded transactions
Zoning & alternative use
18BC · Newark, DE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.1M
+107.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Newark submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Newark submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,750,000
ML approach
$1,750,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,080,000
Change: +108% · Conversion: Easy
Blend value · Realmo final
$1.75M
Range $1.58M – $1.93M · ±10% · vs last sale $1.75M (Apr 12 2024)
Last sale anchor
$1.75M
Apr 12 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$332 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$11,568
Tax year 2023
Assessed value
$318,800
Assessed 2023
Previous assessed
$318,800
+0.0% YoY
Effective rate
3.63%
On assessed value
Assessed land
$126,800
Assessed improvement
$192,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1964
Construction
CONCRETE
Heating
YES
Cooling
YES
Stories
1
Total area
5,265 SF
Lot
1 ac (43,560 SF)
Zoning code
18BC
APN
18-046.00-108
UPID
US17-0280764
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
18BC · Newark, DE
Zoning 18BC · permitted uses
18BC · Newark, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Newark. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$1.1M
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1964
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
1
Lot
1 ac
Current owner
From public records · entity-resolved
Friendlys 896 Associates LLC
Entity
Mailing address
3304 OLD CAPITOL TRL STE #100, WILMINGTON, DE 19808-6902
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 12, 2024
$1,750,000
Friendlys 896 Associates LLC
Mrrc Restaurants Ll
Deed
$2,950,000 · S & T Bank
Mar 7, 2024
—
City Of Newark
South College Associates LLC
Agreement Of Sale
—
Sep 27, 2022
—
Mrrc Restaurants LLC
R R C Restaurants INC
Deed
—
Sep 7, 2017
—
Rrc Restaurants INC
—
Deed
related
$1,400,000 · Wilmington Savings Fund Society Fsb
—
—
Rrc Restaurants INC
—
Deed Of Trust
related
$109,000 · Wells Fargo Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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