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Property profile & analytics
OFF-MARKET
Estimated value
$1,060,000
Individual retail properties
401 Garasches Ln Wilmington, DE 19801-5522
Entity Owned
Absentee Owner
Free & Clear
Property ID
US17-0098398
Property profile
Verified
Property type
Individual retail properties
Use group
GYM, HEALTH SPA
Year built
2019
Construction
ADOBE
Total area
26,664 SF
Zoning code
26M-1
APN
26-057.00-011-T0001
UPID
US17-0098398
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
-
Delaware Lacrosse League Gym & Fitness Center Sports Field & Court
-
Sporting Delaware Soccer Club Sports School Sports Field & Court
-
Titus Sports Academy Gym & Fitness Center
-
Delaware Blue Coats Stadium Gym & Fitness Center
-
Nemours Children's Health, Riverfront Fieldhouse Pediatrician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$935k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.19M
Blend (final)
Blend
$1.06M
Owner & transaction history
RIVERFRONT DEVELOPMENT CORPORATION DE
RIVERFRONT DEVELOPMENT CORPORATION DE
Zoning & alternative use
26M-1 · Wilmington, DE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$1.4M
+51.2%
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 Wilmington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wilmington 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
$935,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
GYM, HEALTH SPA
$900,000
Current use
INDUSTRIAL (GENERAL)
$1,360,000
Change: +51% · Conversion: Difficult
Blend value · Realmo final
$1.06M
Range $954k – $1.17M · ±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
$40 / 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
$40,688
Tax year 2023
Assessed value
$11,282,500
Assessed 2023
Previous assessed
$11,282,500
+0.0% YoY
Effective rate
0.36%
On assessed value
Assessed improvement
$11,282,500
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
Individual retail properties
Use group
GYM, HEALTH SPA
Status
Off-Market
Year built
2019
Construction
ADOBE
Heating
YES
Cooling
YES
Buildings
5
Stories
1
Total area
26,664 SF
Zoning code
26M-1
APN
26-057.00-011-T0001
UPID
US17-0098398
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
26M-1 · Wilmington, DE
Zoning 26M-1 · permitted uses
26M-1 · Wilmington, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Wilmington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
GYM, HEALTH SPA Current
Est. value
$900,000
INDUSTRIAL (GENERAL)
Est. value
$1.4M
GYM, HEALTH SPA Current
INDUSTRIAL (GENERAL)
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
2019
Construction
ADOBE
Heating
YES
Cooling
Yes
Stories
1
Buildings
5
Current owner
From public records · entity-resolved
RIVERFRONT DEVELOPMENT CORPORATION DE
Individual
Free & Clear · 0 yrs held
Mailing address
815 JUSTISON ST, WILMINGTON, DE 19801-5156
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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