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    40 Mccullough Dr New Castle, DE 19720
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    Property profile & analytics

    40 Mccullough Dr, New Castle, DE 19720

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    • Warehouses
    • 10,260 SF
    • 3.77 lot acres
    For Sale
    $3,500,000
    View Listing →
    Energy-Efficient Industrial Building with Expansion For Sale
    $3,500,000
    21,500 SF

    Energy-Efficient Industrial Building with Expansion

    21,500 SF industrial building in established business park setting.

    40 McCullough Dr, New Castle, DE 19720
    View Listing
    Property ID
    US17-0219495
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Testing Machines Inc / Laboratory
    • Detention Equipment Services Inc / Business Management Consultant

    Property Details for 40 Mccullough Dr

    Year built
    1998
    Construction
    CONCRETE
    Lot size
    3.77 lot acres
    Zone code
    I
    Property type
    Warehouses
    APN
    10-015.00-019
    APU
    1001500019

    Description

    This exceptional 21,000-square-foot warehouse in New Castle, Delaware, presents a unique investment opportunity. Built in 1998, the single-building property sits on a 3.77-acre lot and is zoned for industrial use. The warehouse boasts a 24-foot clear height and a convenient drive-in dock, enhancing operational efficiency. Currently configured as ISO 17025 Accredited Lab Space, the property offers the flexibility to maintain its existing lab setup or be easily converted back to standard warehouse use, catering to a diverse range of business needs. Multiple tenants are currently occupying the space. Its strategic location provides unparalleled accessibility, situated minutes from major transportation arteries including I-95, I-295, Route 13, and Route 141, ensuring seamless commutes for employees and clients. Ample parking is available on-site for added convenience. This property is located in New Castle County, Delaware, with the address being 40 McCullough Drive, zip code 19720. The entire 21,000 square feet is available. This versatile space offers a compelling combination of location, functionality, and adaptability, making it an ideal choice for businesses seeking a prime industrial location in Delaware.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,330,000
      6.5%
      $1,230,000
      7%
      $1,140,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $984,000
      Market price range: $231k - $986k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,410,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5682
    Latitude
    39.6902
    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
    $17,721
    $165,900
    $365,500
    $531,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $10,010,000
      101,789 SF

      15 Boulden Cir

      WAREHOUSE, STORAGE
      15 Boulden Cir, New Castle, DE 19720-3400
      View Details
    • Value Estimation by Request
      3,200 SF

      280 Churchmans Rd

      WAREHOUSE, STORAGE
      280 Churchmans Rd, New Castle, DE 19720
      View Details
    • Value Estimation
      $16,140,000
      218,883 SF

      2411 Bear Corbitt Rd

      WAREHOUSE, STORAGE
      2411 Bear Corbitt Rd, New Castle, DE 19720-5685
      View Details
    • Value Estimation by Request
      5,200 SF

      6002 Holw Rd

      WAREHOUSE, STORAGE
      6002 Holw Rd, New Castle, DE 19720
      View Details
    • Value Estimation by Request
      5,200 SF

      6000 Holw Rd

      WAREHOUSE, STORAGE
      6000 Holw Rd, New Castle, DE 19720
      View Details
    • Value Estimation by Request
      966 SF

      186 Old Churchmans Rd, Unit 19

      WAREHOUSE, STORAGE
      186 Old Churchmans Rd, New Castle, DE 19720
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      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

      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
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      Flex Warehouse Space Available

      Move-in ready flex-warehouse with heavy electric and high ceilings.
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      70,395 SF

      Institutional-Quality Storage Facility For Sale

      Public Storage-managed facility with high occupancy and strong growth potential.
      4093 New Castle Ave, New Castle, DE 19720
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      2,500 SF

      New Castle Warehouse - 2,500 SF

      Delaware industrial warehouse for lease. Excellent location & access.
      19 Davidson Ln, New Castle, DE 19720
      View Details
    • Contact for pricing
      10,094 SF

      Industrial Flex Space For Rent

      10,094 SF flex space available for rent.
      34 Blevins Dr, New Castle, DE 19720
      View Details
    • Contact for pricing
      11,992 SF

      Warehouse and Office Space Available

      11,992 sq. ft. warehouse and office space for rent.
      21 Bellecor Dr, New Castle, DE 19720
      View Details
    • Contact for pricing
      11,118 SF

      Industrial Space with Office

      Warehouse space with office, loading dock, and highway access.
      21 Industrial Blvd, New Castle, DE 19720
      View Details
    • Contact for pricing
      125,500 SF

      Warehouse Sublease Near Airport

      125,500 SF warehouse sublease with office and potential refrigeration space.
      411 Churchmans Road Ext, New Castle, DE 19720
      View Details
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    New Castle, DE 19720
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    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.

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