Property profile

12 Reads Way New Castle, DE 19720

OFF-MARKET
Office Spaces
Property ID
US17-0188731
34,778 SF 6.39 ac lot Built 1987
Entity Owned 1-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional three-story, 106,878-square-foot Class B office building in New Castle, Delaware, presents a compelling investment opportunity. Located within the Corporate Commons Business Park, this prominent property boasts a substantial 35,600-square-foot floor plate and ample parking (874 spaces). Built in 1987 and situated on a 6.39-acre lot, the building is currently vacant, offering flexibility for an owner-user seeking a flagship headquarters or an investor looking to create a multi-tenant environment. The property features multiple updates to building systems and interiors, and benefits from an EPDM roof warranty extending to November 2026. Its strategic location offers easy access to Wilmington Airport, I-95, I-295, and Route 273. The flexible Business Park (BP) zoning allows for a diverse range of uses, including office, medical, research and development, industrial, and commercial, making it an ideal candidate for redevelopment. The asking price is $4,750,000, translating to $44.44 per square foot. This presents a rare opportunity to acquire a large, well-maintained office building in a thriving Delaware business park.

Property profile

Verified
Property type Office Spaces
Use group OFFICE (GENERAL)
Year built 1987
Construction BRICK
Total area 34,778 SF
Lot 6.39 ac (278,348 SF)
Zoning code BP
APN 10-013.00-028
UPID US17-0188731

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Financial Advisor
  • Atm
  • Postal Service Courier Service

Location

12 Reads Way New Castle, DE 19720-1649
New Castle metro Census 15000 PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$5.46M
Comparable Approach Comparable
$7.56M
Blend (final) Blend
$7.45M

Owner & transaction history

since 2025
4 recorded transactions
2025
Price N/A
2025
Price N/A
2024
Price N/A
1969
Price N/A

Zoning & alternative use

BP · New Castle, DE

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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