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    Property profile & analytics

    23 Main St Middletown, DE 19709-1055

    • Retail residential properties
    • 1,750 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $285,000
    Show details
    Cap Rate Potential
    6.3%
    Retail residential properties
    Location Intelligence
    Property ID
    US17-0476069
    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

    • Prudential Insurance Co / Insurance Agency
    • Jewelapalooza / Clothing Store / Craft Store
    • Husfelt W Butch / Insurance Agency

    Property Details for 23 Main St

    Year built
    1938
    Construction
    CONCRETE
    Lot size
    0.26 lot acres
    Property size
    1,750 SF
    Zone code
    23C-2
    Property type
    Retail residential properties
    APN
    23-005.00-124
    APU
    2300500124

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $295,000
      6.5%
      $275,000
      7%
      $255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $273,000
      Market price range: $273k - $799k

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

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    New Castle
    State
    Delaware
    Longitude
    -75.7177
    Latitude
    39.4501
    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
    $1,421
    $17,000
    $28,900
    $45,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $290,000
      1,528 SF

      217 Main St

      STORES & APARTMENTS • 1,528 SF
      217 Main St, Middletown, DE 19709-1019
      View Details
    • Value Estimation
      $295,000
      1,749 SF

      201 Main St

      STORES & APARTMENTS • 1,749 SF
      201 Main St, Middletown, DE 19709-1019
      View Details
    • Value Estimation
      $410,000
      2,805 SF

      1 Main St

      STORES & APARTMENTS • 2,805 SF
      1 Main St, Middletown, DE 19709-1017
      View Details
    • Value Estimation
      $300,000
      3,332 SF

      2 Main St

      STORES & APARTMENTS • 3,332 SF
      2 Main St, Middletown, DE 19709-1427
      View Details
    • Value Estimation
      $310,000
      2,272 SF

      24 Broad St

      STORES & APARTMENTS • 2,272 SF
      24 Broad St, Middletown, DE 19709-1001
      View Details
    • Value Estimation
      $285,000
      1,535 SF

      100 Main St

      STORES & APARTMENTS • 1,535 SF
      100 Main St, Middletown, DE 19709-1428
      View Details

    Similar Nearby for Sale

    • $4,000,000
      24,615 SF

      Mixed-Use Building in Middletown, DE

      Mixed-use property with retail and apartments in downtown Middletown.
      2-12 W Main St, Middletown, DE 19709
      View Details
    • Contact for pricing
      1.64 Acres

      Middletown Office Space for Lease

      Modern Office Suites, Ample Amenities
      4353 Summit Bridge Rd, Middletown, DE 19709
      View Details
    • $2,500,000
      13.90 Acres

      Middletown Commercial Land - 13.9 Acres

      Prime Delaware location, ideal for retail or commercial development.
      2105 Dupont Pkwy, Middletown, DE 19709
      View Details
    • $650,000
      15.12 Acres

      Middletown Land Near Canal

      15+ acre parcel near major routes, ideal for development.
      Port Penn Rd, Middletown, DE 19709
      View Details
    • Contact for pricing
      434 SF

      Entitled Graded Site in Middletown

      Fully entitled graded site with infrastructure in place in Middletown.
      345 Auto Park Dr, Middletown, DE 19709
      View Details
    • $649,000

      Middletown Specialty Property for Sale

      Specialty property available in Middletown, Delaware.
      409 Crownleaf Dr, Middletown, DE 19709
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      119,385 SF

      Retail Center in Middletown, DE

      New retail center with anchor space and pad sites.
      2424 N Dupont Pkwy, Middletown, DE 19709
      View Details
    • $27 SF/Yr
      2,500 SF

      Retail Space in Westown District

      Prime retail space available in Middletown's bustling Westown Shopping District.
      1601 Lake Seymour Dr, Middletown, DE 19709
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space on East Main

      Endcap retail space with walk-in refrigerator/freezer on East Main.
      12 E Main St, Middletown, DE 19709
      View Details
    • $32 SF/Yr
      1,755 SF

      Retail Space For Lease

      Retail spaces available from 1,755 to 12,285 SF.
      790 Levels Rd, Middletown, DE 19709
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space on Main Street

      Retail space available for rent in Middletown, Delaware.
      304-340 E Main St, Middletown, DE 19709
      View Details
    • $20 SF/Yr
      4,716 SF

      Middletown Retail/Office Space For Rent

      1,500 SF unit in Middletown's growing business community.
      29 E Main St, Middletown, DE 19709
      View Details
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    23 Main St
    Middletown, DE 19709-1055
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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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