Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$1,060,000
Office Spaces
198 Hay Rd Wilmington, DE 19809-3511
Individually Owned
6-yr Hold
~
Est. High Equity
Property ID
US17-0277600
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1935
Construction
CONCRETE
Total area
5,402 SF
Lot
25.99 ac (1,132,124 SF)
Zoning code
HI
APN
06-156.00-004
UPID
US17-0277600
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
-
Hay Road Power Complex Power Station
-
Calpine Corporation - Hay Rd Energy Ctr Power Station
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$845k
Comparable Approach
Comparable
$1.22M
Blend (final)
Blend
$1.06M
Owner & transaction history
Calpine Mid-atlantic Generatio · 6 yrs held
Calpine Mid-atlantic Generatio
since 2019
7 recorded transactions
Zoning & alternative use
HI · Wilmington, DE
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$920,000
6.5%
$845,000
7%
$785,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,115,000
Current use
RETAIL STORES
$1,115,000
Change: 0% · Conversion: Easy
Blend value · Realmo final
$1.06M
Range $954k – $1.17M · ±10%
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
$196 / 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
Assessed value
$2,091,200
Assessed 2023
Previous assessed
$2,091,200
+0.0% YoY
Assessed land
$714,000
Assessed improvement
$1,377,200
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1935
Construction
CONCRETE
Heating
YES
Cooling
YES
Buildings
11
Stories
1
Total area
5,402 SF
Lot
25.99 ac (1,132,124 SF)
Zoning code
HI
APN
06-156.00-004
UPID
US17-0277600
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
HI · Wilmington, DEZoning HI · permitted uses
HI · Wilmington, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
code of ordinances
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.1M
RETAIL STORES
Est. value
$1.1M
COMMERCIAL (GENERAL) Current
RETAIL STORES
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
1935
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
1
Buildings
11
Lot
25.99 ac
Current owner
From public records · entity-resolved
Calpine Mid-atlantic Generatio
Individual
Mailing address
PO BOX 3288, HOUSTON, TX 77253-3288
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
16 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 23, 2019
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$1,250,000,000 · Mufg Union Bk NA
Apr 8, 2019
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$1,500,000,000 · Mufg Union Bk NA
May 22, 2018
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$219,000,000 · Mufg Union Bk NA
Dec 19, 2017
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$560,000,000 · Mufg Union Bk NA
Dec 2, 2016
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$1,790,000,000 · Mufg Union Bk NA
Jul 31, 2014
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$500,000,000 · Goldman Sachs Cr Ptrs
Jul 9, 2010
—
Calpine Mid-atlantic Generatio
—
Deed Of Trust
related
—
—
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$1,240,000,000 · Goldman Sachs Credit Ptrs LP
—
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$900,000,000 · Mufg Union Bk NA
—
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
—
—
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
—
—
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
—
—
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
$1,000,000,000 · Goldman Sachs Cr Ptrs
—
—
Calpine Mid-atlantic Generatio
—
Deed Of Trust
related
—
—
—
Calpine Mid-atlantic Generatio
—
Deed Of Trust
related
—
—
—
Calpine Mid-atlantic Generatio
—
Loan Modification
related
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 198 Hay Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
