Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23 Pkwy Cir New Castle, DE 19720-4019

    • Warehouses
    • 15,600 SF
    • 2.17 lot acres
    OFF-MARKET
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0204918
    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

    • Harry L Adams Inc / Air Conditioning Contractor
    • Leden Logistics LLC / Trucking Company
    • Associated Truck Parts / Driveshaft Shop
    • Smart Start Ignition Interlock / Safety Equipment Supplier / Car Inspection Station
    • Pro-Bond Auto Glass / Auto Glass Shop

    Property Details for 23 Pkwy Cir

    Year built
    1993
    Construction
    CONCRETE
    Lot size
    2.17 lot acres
    Property size
    15,600 SF
    Zone code
    BP
    Property type
    Warehouses
    APN
    10-030.00-050
    APU
    1003000050

    Description

    This exceptional flex/warehouse property at 23 Parkway Circle in New Castle, Delaware, offers two immediately available suites, each spanning 1,000 square feet. Located in a prime industrial area, this 15,644 square foot building boasts a convenient location, just 0.6 miles from the heavily trafficked intersection of US 13 and Route 273 (Hares Corner) in the heart of Delaware's flex market. Each suite features a drive-in door, providing easy access for loading and unloading. Ample parking is available for tenants and their visitors. The building's design incorporates practical features such as front and rear ground-level access, enhancing operational efficiency. Internal improvements include a shop office and a private restroom within each suite. The property is zoned I - Industrial, ensuring suitability for a wide range of businesses. Built in 1992, the building is well-maintained and ready for immediate occupancy. The total building comprises two suites, with 2,000 square feet currently vacant. The minimum divisible space is 1,000 square feet, and the maximum contiguous space available is also 1,000 square feet. This presents a fantastic opportunity for businesses seeking efficient and well-located industrial space in New Castle County, Delaware, with a zip code of 19720.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $470,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $607,000
      Market price range: $351k - $1.50M

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

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    New Castle
    State
    Delaware
    Longitude
    -75.6137
    Latitude
    39.6627
    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
    2024
    $10,932
    $95,500
    $232,300
    $327,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      9,960 SF

      210 Carroll Dr

      Distribution properties • 9,960 SF
      210 Carroll Dr, New Castle, DE 19720
      View Details
    • Value Estimation
      $295,000
      328 SF

      503 Wooddale Ave

      WAREHOUSE, STORAGE • 328 SF
      503 Wooddale Ave, New Castle, DE 19720
      View Details
    • Value Estimation
      $300,000
      966 SF

      184 Old Churchmans Rd, Unit 8

      WAREHOUSE, STORAGE • 966 SF
      184 Old Churchmans Rd, New Castle, DE 19720-3116
      View Details
    • Value Estimation
      $1,030,000
      114,569 SF

      3 Boulden Cir

      WAREHOUSE, STORAGE • 114,569 SF
      3 Boulden Cir, New Castle, DE 19720-3400
      View Details
    • Value Estimation
      $270,000
      408 SF

      1 Dales Way

      WAREHOUSE, STORAGE • 408 SF
      1 Dales Way, New Castle, DE 19720-2404
      View Details
    • Value Estimation
      $710,000
      18,288 SF

      49 Davidson Ln

      WAREHOUSE, STORAGE • 18,288 SF
      49 Davidson Ln, New Castle, DE 19720-2213
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      55,380 SF

      Industrial Building Near Major Interstates

      Well-located industrial building with highway access and recent upgrades.
      12 Mccullough Dr, New Castle, DE 19720
      View Details
    • Contact for pricing

      Flex Warehouse Space Available

      Move-in ready flex-warehouse with heavy electric and high ceilings.
      243 Quigley Blvd, New Castle, DE 19720
      View Details
    • Contact for pricing
      21,500 SF

      New Castle Industrial Flex Space

      21,500 SF Flex Warehouse, Delaware
      40 Mccullough Dr, New Castle, DE 19720
      View Details
    • Contact for pricing
      34,751 SF

      New Castle Flex/Warehouse Space

      Move-in ready flex/warehouse with heavy electric and high ceilings.
      245 Quigley Blvd, New Castle, DE 19720
      View Details
    • Contact for pricing
      38,000 SF

      Southgate Warehouse in New Castle

      38,000 SF warehouse with highway access in New Castle.
      78 Mccullough Dr, New Castle, DE 19720
      View Details
    • Contact for pricing
      23 SF

      Warehouse Site Ready For Development

      Approved site for a 125,000 SF warehouse with immediate highway access.
      361 Lisa Dr, New Castle, DE 19720
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      66,000 SF

      Warehouse Space in Riveredge Park

      26,100 SF warehouse space with dock doors and office.
      109 Lukens Dr, New Castle, DE 19720
      View Details
    • $12 SF/Yr
      1,397 SF

      Office/Warehouse Space Available

      Flexible office and warehouse space in a prime location.
      296 Churchmans Rd, New Castle, DE 19720
      View Details
    • Contact for pricing
      225,680 SF

      New Castle County Warehouse Space

      Warehouse space with access to major transportation routes and labor.
      313 Christiana Rd, New Castle, DE 19720
      View Details
    • Contact for pricing
      19,000 SF

      New Castle Industrial/Flex Building

      Stand-alone industrial/flex building in desirable New Castle industrial park.
      298 Cherry Ln, New Castle, DE 19720
      View Details
    • Contact for pricing
      43,200 SF

      Industrial Space with High Ceiling

      43,200 SF industrial space featuring 36' clear height.
      250 Anchor Mill Rd, New Castle, DE 19720
      View Details
    • Contact for pricing
      36,000 SF

      New Castle Industrial Property

      Strategically located industrial property with easy access to major transportation routes.
      4060 N Dupont Hwy, New Castle, DE 19720
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23 Pkwy Cir
    New Castle, DE 19720-4019
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.