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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1624 Jessup St Wilmington, DE 19802-4210

    • Office Properties & Spaces
    • 19,578 SF
    • 0.80 lot acres
    OFF-MARKET
    Value Estimations
    $3,625,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0231222
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Northeast State Service Center WIC Clinic / Medical Clinic
    • Northeast State Service Center / State Government Office / Social Welfare Center
    • Social Services Department / Social Service Agency / Charitable Organization
    • The Life Health Center / Community Health Centre / Mental Health Clinic
    • Curative / Corporate Office

    Property Details for 1624 Jessup St

    Year built
    1949
    Construction
    CONCRETE
    Lot size
    0.80 lot acres
    Property size
    19,578 SF
    Zone code
    26M-1
    Property type
    Office Properties & Spaces
    APN
    26-029.20-239
    APU
    2602920239

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,325,000
      6.5%
      $3,070,000
      7%
      $2,850,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,910,000
      Market price range: $2.89M - $6.21M
      AI Estimate
      $3,889,000
      Market price range: $2.38M - $5.64M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $4,045,000
      Current use
      RETAIL STORES
      $4,035,000
      Change: -0% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5379
    Latitude
    39.7494
    CBSA code
    37980
    CBSA name
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $52,300
    $1,016,300
    $1,068,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      754 SF

      3520 Market St

      OFFICE (GENERAL) • 754 SF
      3520 Market St, Wilmington, DE 19802-2734
      View Details
    • Value Estimation by Request
      1,109 SF

      1813 Franklin St

      OFFICE (GENERAL) • 1,109 SF
      1813 Franklin St, Wilmington, DE 19802-3828
      View Details
    • Value Estimation by Request
      1,425 SF

      4315 Miller Rd

      OFFICE (GENERAL) • 1,425 SF
      4315 Miller Rd, Wilmington, DE 19802
      View Details
    • Value Estimation by Request
      2,368 SF

      14 40th St

      OFFICE (GENERAL) • 2,368 SF
      14 40th St, Wilmington, DE 19802-2361
      View Details
    • Value Estimation by Request
      1,647 SF

      1601 Nene Blvd

      OFFICE (GENERAL) • 1,647 SF
      1601 Nene Blvd, Wilmington, DE 19802-5119
      View Details
    • Value Estimation
      $780,000
      3,785 SF

      3615 Miller Rd

      OFFICE (GENERAL) • 3,785 SF
      3615 Miller Rd, Wilmington, DE 19802-2523
      View Details

    Similar Nearby for Sale

    • $2,200,000
      20,500 SF

      Wilmington Waterfront Commercial Property

      Versatile 20,500 SF building, ideal for multiple uses.
      1601 Jessup St, Wilmington, DE 19802
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    • $1,450,000

      Wilmington Medical Office Building

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    • $4,000,000
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      Wilmington Warehouse with Office Space

      Warehouse with office space in Wilmington near major transportation hubs.
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    • $550,000
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      Wilmington Office Building For Sale

      Investment opportunity in Wilmington's Central Business District.
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    • Contact for pricing
      25,000 SF

      Office Space Available in Wilmington

      Multiple office suites available for sale in Wilmington, Delaware.
      1010 Concord Ave, Wilmington, DE 19802
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    • $1,450,000
      7,010 SF

      Medical Office Building For Sale

      7,010 SF medical office building with rentable office space.
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    Similar Nearby for Lease

    • Contact for pricing
      82,628 SF

      Brandywine Industrial Center: Wilmington, DE

      82,628 SF Office/Warehouse For Lease
      1324 12Th St, Wilmington, DE 19802
      View Details
    • $350,000

      Land Available For Lease

      Land for lease with flexible lease terms considered.
      1405 Todds Ln, Wilmington, DE 19802
      View Details
    • $14 SF/Yr
      2,480 SF

      Church Space Available For Lease

      2,480 SF church space with excellent signage available for lease.
      4101 N Market St, Wilmington, DE 19802
      View Details
    • $6 SF/Yr
      127,229 SF

      Wilmington Industrial Space Available

      Flexible Warehouse Space in Delaware
      1400 Vandever Ave, Wilmington, DE 19802
      View Details
    • Contact for pricing
      650 SF

      Retail Space in Growing Neighborhood

      Retail space available in Wilmington, close to Interstate 495.
      2400 Northeast Blvd, Wilmington, DE 19802
      View Details
    • $20 SF/Yr
      900 SF

      Retail Space on Miller Road

      900 SF retail space available for lease.
      3209 Miller Rd, Wilmington, DE 19802
      View Details
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    Wilmington, DE 19802-4210
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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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