Add Listing
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

    24 Reads Way New Castle, DE 19720-1649

    • Office properties & Spaces
    • 9,747 SF
    • 5.89 lot acres
    OFF-MARKET
    Value Estimations
    $2,190,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0247618
    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

    • CBI Services, Inc. / Port / Professional Services

    Property Details for 24 Reads Way

    Year built
    1987
    Construction
    CONCRETE
    Lot size
    5.89 lot acres
    Property size
    9,747 SF
    Zone code
    BP
    Property type
    Office properties & Spaces
    APN
    10-013.00-031
    APU
    1001300031

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,655,000
      6.5%
      $1,530,000
      7%
      $1,420,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,118,000
      Market price range: $413k - $2.12M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,730,000
      Current use
      RETAIL STORES
      $2,230,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    New Castle
    State
    Delaware
    Longitude
    -75.6116
    Latitude
    39.6886
    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
    $90,962
    $324,000
    $2,645,200
    $2,969,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      9,190 SF

      908 Churchmans Rd

      Office properties & Spaces • 9,190 SF
      908 Churchmans Rd, New Castle, DE 19720
      View Details
    • Value Estimation by Request
      1,782 SF

      1617 Matassino Rd

      OFFICE (GENERAL) • 1,782 SF
      1617 Matassino Rd, New Castle, DE 19720-2086
      View Details
    • Value Estimation
      $2,230,000
      17,013 SF

      15 Mccullough Dr

      OFFICE (GENERAL) • 17,013 SF
      15 Mccullough Dr, New Castle, DE 19720-2080
      View Details
    • Value Estimation by Request
      432 SF

      8 Carvel Ave

      OFFICE (GENERAL) • 432 SF
      8 Carvel Ave, New Castle, DE 19720-2620
      View Details
    • Value Estimation
      $1,825,000
      8,000 SF

      17 Bellecor Dr

      OFFICE (GENERAL) • 8,000 SF
      17 Bellecor Dr, New Castle, DE 19720-1755
      View Details
    • Value Estimation
      $725,000
      6,550 SF

      63 Christiana Rd

      OFFICE (GENERAL) • 6,550 SF
      63 Christiana Rd, New Castle, DE 19720-3104
      View Details

    Similar Nearby for Sale

    • $1,000,000

      Commercial Property with High Exposure

      1.5+/- acre commercial property with high traffic and visibility.
      2994 New Castle Ave, 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

      First-Floor Office Space Available

      8,208 SF office space in excellent condition.
      13 Reads Way, New Castle, DE 19720
      View Details
    • $1,000,000
      1.51 Acres

      Prime Commercial Property in NEW CASTLE

      1.5-acre commercial property ideal for retail or office development.
      2994 New Castle Ave, New Castle, DE 19720
      View Details
    • Contact for pricing

      Corporate Campus in New Castle

      Corporate campus with renovated lobby and convenient highway access.
      10 Corporate Cir, New Castle, DE 19720
      View Details
    • $650,000

      New Castle Avenue Commercial Opportunity

      Commercial property with redevelopment potential on New Castle Avenue.
      3101 New Castle Ave, New Castle, DE 19720
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      43,000 SF

      Executive Office Building, New Castle DE

      43,000 SF Single-Tenant Office, Delaware
      118 Lukens Dr, New Castle, DE 19720
      View Details
    • Contact for pricing
      9,430 SF

      Dupont Hwy Commercial Building

      High-Visibility Office/Retail Space
      1424 Dupont Hwy, Wilmington Manor, DE 19720
      View Details
    • $14 SF/Yr
      20,155 SF

      Riveredge Park Executive Office Space

      Delaware Executive Office Suite Available
      91 A Lukens Dr, New Castle, DE 19720
      View Details
    • $16 SF/Yr
      9,190 SF

      Executive Office Space, Newark, DE

      Prime Office Suite - 2,571 sq ft Available
      908 Churchmans Rd, New Castle, DE 19720
      View Details
    • $18 SF/Yr
      45,158 SF

      101 Lukens Dr

      Office Units • 45,158 SF
      101 Lukens Dr, New Castle, DE 19720
      View Details
    • Contact for pricing
      1,000 SF

      Versatile Flex, Office, Retail Space

      Flex, office, and retail spaces available for lease.
      23 Parkway Cir, 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.
    24 Reads Way
    New Castle, DE 19720-1649
    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.
    Sign Up Successful!
    You now have access to more from Realmo!