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Property profile & analytics
OFF-MARKET
Estimated value
$610,000
Office Spaces
298 Cherry Ln, New Castle, DE 19720-2776
Entity Owned
1-yr Hold
Free & Clear
Property ID
US17-0275265
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1989
Construction
CONCRETE
Total area
3,433 SF
Lot
2.8 ac (121,968 SF)
Zoning code
HI
APN
10-015.40-371
UPID
US17-0275265
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
-
WS1 Warehouse Shipping Company Freight Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$540k
CAP Approach
CAP
$540k
Comparable Approach
Comparable
$746k
Blend (final)
Blend
$610k
Owner & transaction history
Riverflx I LLC · 1 yrs held
Riverflx I LLC
since 2025
4 recorded transactions
Zoning & alternative use
HI · New Castle, DE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 New Castle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Castle 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
$540,000
CAP Approach
CAP Return
Estimation
6%
$585,000
6.5%
$540,000
7%
$500,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$960,000
Current use
RETAIL STORES
$785,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$610k
Range $549k – $671k · ±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
$178 / 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
$23,810
Tax year 2023
Assessed value
$777,200
Assessed 2023
Previous assessed
$777,200
+0.0% YoY
Effective rate
3.06%
On assessed value
Assessed land
$98,000
Assessed improvement
$679,200
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
1989
Construction
CONCRETE
Heating
YES
Cooling
YES
Buildings
3
Stories
1
Total area
3,433 SF
Lot
2.8 ac (121,968 SF)
Zoning code
HI
APN
10-015.40-371
UPID
US17-0275265
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
HI · New Castle, DE
Zoning HI · permitted uses
HI · New Castle, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
New Castle. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$960,000
RETAIL STORES
Est. value
$785,000
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
1989
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
1
Buildings
3
Lot
2.8 ac
Current owner
From public records · entity-resolved
Riverflx I LLC
Entity
Free & Clear · 1 yrs held
Mailing address
300 WATER ST STE #300, WILMINGTON, DE 19801-5046
Ownership since
2025
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
Jan 21, 2025
—
Riverflx I LLC
Riveredge V LLC
Deed
—
Oct 30, 2018
—
Riveredge V LLC
—
Deed
related
$360,000 · Midcoast Community Bank
Sep 26, 2017
—
Riveredge V LLC
—
Deed
related
$1,200,000 · Midcoast Community Bank
Sep 20, 2007
—
Riveredge V LLC
Riveredge V Associates
Quit Claim Deed
$1,425,000 · Union Sec Life Ins Co/new York
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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