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

    3 Ml Rd Wilmington, DE 19806-2146

    • Parking lots & garages
    • 16,836 SF
    • 4.72 lot acres
    OFF-MARKET
    Value Estimations
    $1,385,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0180052
    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

    • LabWare, Inc. / Software Company
    • Simplica Corporation / Internet Service Provider
    • CompassRed / Clothing Store
    • Bright Air / Corporate Office
    • BPG International / Business Center

    Property Details for 3 Ml Rd

    Year built
    1974
    Construction
    CONCRETE
    Lot size
    4.72 lot acres
    Property size
    16,836 SF
    Zone code
    26C-6
    Property type
    Parking lots & garages
    APN
    26-006.40-050
    APU
    2600640050

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $1,340,000
      Current use
      AUTO REPAIR, GARAGE
      $2,025,000
      Change: +51% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,255,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5577
    Latitude
    39.7644
    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
    $133,812
    $392,000
    $4,519,800
    $4,911,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      4,800 SF

      Rodney St

      PARKING GARAGE, PARKING STRUCTURE • 4,800 SF
      Rodney St, Wilmington, DE 19806
      View Details
    • Value Estimation by Request
      5,000 SF

      1320 Gilpin Ave

      PARKING LOT • 5,000 SF
      1320 Gilpin Ave, Wilmington, DE 19806
      View Details
    • Value Estimation by Request
      4,840 SF

      1300 Jackson St

      PARKING LOT • 4,840 SF
      1300 Jackson St, Wilmington, DE 19806
      View Details
    • Value Estimation
      $1,450,000
      18,906 SF

      1709 Hancock St

      PARKING GARAGE, PARKING STRUCTURE • 18,906 SF
      1709 Hancock St, Wilmington, DE 19806
      View Details
    • Value Estimation
      $550,000
      7,090 SF

      1614 13th St

      PARKING LOT • 7,090 SF
      1614 13th St, Wilmington, DE 19806
      View Details
    • Value Estimation
      $505,000
      16,553 SF

      1725 Un St

      PARKING LOT • 16,553 SF
      1725 Un St, Wilmington, DE 19806
      View Details

    Similar Nearby for Sale

    • $159,000
      750 SF

      Prime Wilmington Storefront

      750 SF Retail Condo, High Traffic Area
      1401 Pennsylvania Ave, Wilmington, DE 19806
      View Details
    • $250,000

      Turn-Key Cafe in The Devon

      Fully equipped cafe in Wilmington's sought-after Devon on Pennsylvania.
      2401 Pennsylvania Ave, Wilmington, DE 19806
      View Details
    • $499,900

      Shallcross Avenue Specialty Property

      Specialty property available for sale on Shallcross Avenue.
      1301 Shallcross Ave, Wilmington, DE 19806
      View Details
    • $399,000

      GILPIN Ave, Wilmington, DE Property

      Specialty property available for sale in Wilmington, DE.
      1913 Gilpin Ave, Wilmington, DE 19806
      View Details
    • $249,000

      Wilmington Specialty Property for Sale

      Specialty property available in Wilmington, Delaware.
      2304 Riddle Ave, Wilmington, DE 19806
      View Details
    • $229,900

      Renovated Trolley Square Office Condo

      Unique loft-style office space in Wilmington's Trolley Square.
      1815 W 13Th St, Wilmington, DE 19806
      View Details

    Similar Nearby for Lease

    • $40 SF/Yr
      4,000 SF

      Retail Space in Wilmington

      Retail space available for lease in Wilmington, Delaware.
      1611 Pennsylvania Ave, Wilmington, DE 19806
      View Details
    • $213 SF/Yr
      3,936 SF

      Delaware Ave Restaurant - For Lease

      Thriving Wilmington restaurant, lease available.
      1709 Delaware Ave, Wilmington, DE 19806
      View Details
    • Contact for pricing
      3,000 SF

      Office Space Near Brandywine River

      Office space in park-like setting near Brandywine River.
      2 Mill Rd, Wilmington, DE 19806
      View Details
    • $15 SF/Yr
      10,560 SF

      Office Space Near Trolley Square

      Office space for lease near shopping, restaurants, and I-95.
      1200 Pennsylvania Ave, Wilmington, DE 19806
      View Details
    • $18 SF/Yr
      1,650 SF

      Medical Office Space Available

      Medical office space for lease featuring multiple exam rooms.
      1117 N Franklin St, Wilmington, DE 19806
      View Details
    • $22 SF/Yr
      5,311 SF

      Trolley Square Office Space Available

      Wilmington, DE Office: Prime Location, Flexible Space
      1700 14Th St, Wilmington, DE 19806
      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.
    3 Ml Rd
    Wilmington, DE 19806-2146
    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.