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Property profile & analytics
OFF-MARKET
Estimated value
$615,000
Hotels
240 Chapman Rd Newark, DE 19702-5405
Individually Owned
18-yr Hold
~
Est. High Equity
Property ID
US17-0179226
Property profile
Verified
Property type
Hotels
Use group
HOTEL-RESORT
Year built
1989
Construction
CONCRETE
Total area
7,210 SF
Lot
5 ac (217,800 SF)
Zoning code
CR
APN
09-029.00-031
UPID
US17-0179226
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
-
240 Chapman Road Parking Parking Lot & Garage
-
Sonesta ES Suites Wilmington-Newark Hotel & Motel Vacation Rental
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$665k
CAP Approach
CAP
$615k
Comparable Approach
Comparable
$563k
Blend (final)
Blend
$615k
Owner & transaction history
Paul Schmidt Ents · 18 yrs held
Paul Schmidt Ents
since 2007
4 recorded transactions
Zoning & alternative use
CR · Newark, DE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
BILL NO
Top alternative use upside
Restaurant
$870,000
+87.4%
Auto repair, garage
$680,000
+46.2%
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 Newark submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Newark 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
$665,000
CAP Approach
CAP Return
Estimation
6%
$670,000
6.5%
$615,000
7%
$570,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$465,000
Current use
RESTAURANT
$870,000
Change: +87% · Conversion: Difficult
AUTO REPAIR, GARAGE
$680,000
Change: +46% · Conversion: Difficult
Blend value · Realmo final
$615k
Range $554k – $677k · ±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
$85 / 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
Tax billed
$32,362
Tax year 2023
Assessed value
$1,925,300
Assessed 2023
Previous assessed
$1,925,300
+0.0% YoY
Effective rate
1.68%
On assessed value
Assessed land
$653,400
Assessed improvement
$1,271,900
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
Hotels
Use group
HOTEL-RESORT
Status
Off-Market
Year built
1989
Construction
CONCRETE
Heating
YES
Cooling
YES
Buildings
8
Stories
2
Total area
7,210 SF
Lot
5 ac (217,800 SF)
Zoning code
CR
APN
09-029.00-031
UPID
US17-0179226
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
CR · Newark, DEZoning CR · permitted uses
CR · Newark, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
BILL NO
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$465,000
RESTAURANT
Est. value
$870,000
AUTO REPAIR, GARAGE
Est. value
$680,000
HOTEL/MOTEL Current
RESTAURANT
AUTO REPAIR, GARAGE
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
1989
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
2
Buildings
8
Lot
5 ac
Current owner
From public records · entity-resolved
Paul Schmidt Ents
Individual
Mailing address
PO BOX 182598, COLUMBUS, OH 43218-2598
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 27, 2007
—
Paul Schmidt Ents
Northtowne INC
Grant Deed
—
—
—
Bre Apex Property Owner LLC
—
Deed Of Trust
related
$150,000,000 · Goldman Sachs Bk USA
—
—
Ruby Wilmington Newark LP
—
Deed Of Trust
related
$43,490 · Merrill Lynch Mortgage Lending
—
—
Bre Apex Property Owner LLC
—
Loan Modification
related
$8,696,796 · Goldman Sachs Bk USA
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.
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