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Property profile & analytics
OFF-MARKET
Estimated value
$1,000,000
Distribution properties
1606 Pennsylvania Ave Wilmington, DE 19806-4018
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US17-0138129
Property profile
Verified
Property type
Distribution properties
Use group
COM AUTO TRANS/STORAGE
Year built
1956
Construction
CONCRETE
Total area
5,700 SF
Lot
0.42 ac (18,295 SF)
Zoning code
26C-2
APN
26-020.30-098
UPID
US17-0138129
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
Current use
Occupant on record · Public records
-
Delaware Cadillac Parts Department Auto Parts Store
-
Delaware Cadillac Service Department Auto Repair Shop
-
Auto Team Delaware Car Dealership
-
Delaware Cadillac Car Dealership
-
Rides for Vets Inc. Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.00M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$625k
Blend (final)
Blend
$1.00M
Owner & transaction history
Penn Partners LLC · 1 yrs held
Penn Partners LLC
since 2024
Last sale
$1.0M
7 recorded transactions
Zoning & alternative use
26C-2 · Wilmington, DE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.3M
+186.4%
Retail stores
$1.2M
+163.9%
Restaurant
$980,000
+108.6%
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 Wilmington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wilmington 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
$1,000,000
ML approach
$1,000,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,345,000
Change: +186% · Conversion: Difficult
RETAIL STORES
$1,240,000
Change: +164% · Conversion: Difficult
RESTAURANT
$980,000
Change: +109% · Conversion: Difficult
MEDICAL BUILDING
$955,000
Change: +103% · Conversion: Difficult
AUTO REPAIR, GARAGE
$685,000
Change: +46% · Conversion: Difficult
Blend value · Realmo final
$1.00M
Range $900k – $1.10M · ±10% · vs last sale $1.00M (Aug 16 2024)
Last sale anchor
$1.00M
Aug 16 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
$175 / 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
$21,092
Tax year 2023
Assessed value
$774,200
Assessed 2023
Previous assessed
$774,200
+0.0% YoY
Effective rate
2.72%
On assessed value
Assessed land
$302,700
Assessed improvement
$471,500
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
Distribution properties
Use group
COM AUTO TRANS/STORAGE
Status
Off-Market
Year built
1956
Construction
CONCRETE
Heating
YES
Cooling
YES
Buildings
3
Stories
1
Total area
5,700 SF
Lot
0.42 ac (18,295 SF)
Zoning code
26C-2
APN
26-020.30-098
UPID
US17-0138129
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
26C-2 · Wilmington, DE
Zoning 26C-2 · permitted uses
26C-2 · Wilmington, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Wilmington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$1.3M
RETAIL STORES
Est. value
$1.2M
RESTAURANT
Est. value
$980,000
MEDICAL BUILDING
Est. value
$955,000
AUTO REPAIR, GARAGE
Est. value
$685,000
COMMERCIAL (GENERAL)
RETAIL STORES
RESTAURANT
MEDICAL BUILDING
AUTO REPAIR, GARAGE
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
1956
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
1
Buildings
3
Lot
0.42 ac
Current owner
From public records · entity-resolved
Penn Partners LLC
Entity
Mailing address
1606 PENNSYLVANIA AVE, WILMINGTON, DE 19806-4018
Mailing matches property
Yes
Owner-occupied
Yes
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
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 16, 2024
—
Penn Partners LLC
Penn Partners LLC
Intrafamily Transfer
related
—
—
—
Penn Partners LLC
—
Deed Of Trust
related
$1,831,000 · M&t Bk
—
—
Penn Partners LLC
—
Deed Of Trust
related
$1,831,000 · M & T Bank
—
—
Penn Partners LLC
—
Deed Of Trust
related
$4,584,163 · M & T Bank
—
—
Penn Partners Co
—
Deed Of Trust
related
$4,375,000 · Wilmington Tr
—
—
Penn Partners LLC
—
Deed Of Trust
related
$1,500,000 · Wilmington Trust Co
—
—
Penn Partners LLC
—
Deed Of Trust
related
$1,525,000 · Wilmington Trust Co
—
—
Penn Partners LLC
—
Deed Of Trust
related
$1,500,000 · Wilmington Trust Co
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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