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

    1824 State St New Castle, PA 16101-1244

    • Turn key restaurants
    • 1,450 SF
    • 0.43 lot acres
    OFF-MARKET
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-3516990
    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

    • Bills sandwich shop / Sandwich Shop
    • Papazekos Express Grill / Restaurant

    Property Details for 1824 State St

    Lot size
    0.43 lot acres
    Property size
    1,450 SF
    Zone code
    B1
    Property type
    Turn key restaurants
    APN
    34-248800
    APU
    34248800

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $185,000
      Market price range: $49.5k - $237k
      AI Estimate
      $235,000
      Market price range: $93.3k - $248k

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

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    Lawrence
    State
    Pennsylvania
    Longitude
    -80.3766
    Latitude
    41.0067
    CBSA code
    35260
    CBSA name
    NEW CASTLE, PA MICROPOLITAN 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
    $3,139
    $32,800
    $72,000
    $104,800
    -
    $32,800
    $72,000
    $104,800

    Comparable in this City

    • Value Estimation
      $390,000
      4,393 SF

      2543 State St

      RESTAURANT • 4,393 SF
      2543 State St, New Castle, PA 16101-1036
      View Details
    • Value Estimation
      $160,000
      4,306 SF

      1015 Ml St

      RESTAURANT • 4,306 SF
      1015 Ml St, New Castle, PA 16101-4717
      View Details
    • Value Estimation
      $240,000
      1,936 SF

      1233 Cascade St

      RESTAURANT • 1,936 SF
      1233 Cascade St, New Castle, PA 16101-5253
      View Details
    • Value Estimation
      $255,000
      2,160 SF

      820 Croton Ave

      RESTAURANT • 2,160 SF
      820 Croton Ave, New Castle, PA 16101-2579
      View Details
    • Value Estimation
      $265,000
      2,982 SF

      102 Jefferson St

      RESTAURANT • 2,982 SF
      102 Jefferson St, New Castle, PA 16101-3812
      View Details
    • Value Estimation
      $215,000
      3,640 SF

      102 Washington St

      RESTAURANT • 3,640 SF
      102 Washington St, New Castle, PA 16101-3815
      View Details

    Similar Nearby for Sale

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      New Castle Restaurant Opportunity

      Two storefronts with restaurant and retail potential in New Castle.
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      11,469 SF standalone building with drive-thru and large parking.
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      3,600 SF

      Restaurant and Bar on 1.91 Acres

      3,600 sq ft restaurant and bar with patio seating.
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    • $450,000
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      Established Bar & Restaurant For Sale

      Long-standing bar and restaurant in New Castle, Pennsylvania.
      827 Addis St, New Castle, PA 16101
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    • $895,000
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      Turnkey Beer Distributor Opportunity

      Modern 2,500 SF steel building with drive-thru and Master ID.
      1814 W State St, New Castle, PA 16101
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    • $79,900
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      Updated Commercial Space, High Visibility

      Updated commercial space in downtown location, ready for occupancy.
      106 N Mercer St, New Castle, PA 16101
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    Similar Nearby for Lease

    • $2,000 /Mo
      23,958 SF

      Versatile Space on High-Traffic Corner

      Adaptable space suited for food service, events, or retail.
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    • $10 SF/Yr
      15,666 SF

      Versatile Retail and Office Space

      Adaptable space available for rent with ample parking.
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    • Contact for pricing
      30,000 SF

      Retail Space in New Castle

      30,000 SF retail space with established co-tenants.
      2611 Ellwood Rd, New Castle, PA 16101
      View Details
    • Contact for pricing
      40,000 SF

      Retail Opportunity in New Castle

      Up to 40,000 SF retail space for rent.
      100 S Jefferson St, New Castle, PA 16101
      View Details
    • Contact for pricing
      68,059 SF

      Giant Eagle Retail Space Available

      Lawrence County, Multiple Suites, 7,613 SF Vacant
      1710 New Butler Rd, New Castle, PA 16101
      View Details
    • Contact for pricing

      Corner Office Space For Rent

      Prime corner office space with abundant natural light available for lease.
      19 E Washington St, New Castle, PA 16101
      View Details
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    1824 State St
    New Castle, PA 16101-1244
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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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