Add Listing
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

    604 Cor Ketch Rd Newark, DE 19711-2901

    • Retail space
    • 13,601 SF
    • 3.33 lot acres
    OFF-MARKET
    Last Sale
    Sep 23, 2024
    Value Estimations
    $1,475,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0178384
    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

    • Santander Bank ATM / Atm
    • CVS Pharmacy / Pharmacy
    • LibertyX Bitcoin ATM / Atm
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • CVS / Pharmacy

    Property Details for 604 Cor Ketch Rd

    Year built
    2018
    Construction
    CONCRETE
    Lot size
    3.33 lot acres
    Property size
    13,601 SF
    Zone code
    CR
    Property type
    Retail space
    APN
    08-035.00-014
    APU
    803500014

    Description

    This exceptional investment opportunity presents a fee-simple, 13,225-square-foot retail property occupied by a credit-rated CVS Pharmacy in Newark, Delaware. Located at 604 Corner Ketch Rd, 19711, this single-tenant, absolute triple-net (NNN) lease boasts a substantial remaining lease term of 20.2 years, extending to January 31, 2045, with further renewal options. The property offers a compelling 6.21% cap rate and a net operating income (NOI) of $489,756, resulting in an asking price of $7,886,673 ($596.35 per square foot). This zero cash flow structure, coupled with a paydown/re-advance option, minimizes initial equity requirements. The investment is further secured by a fully amortizing loan and the financial strength of an investment-grade guarantor (NYSE: CVS, S&P: BBB). The property requires no landlord responsibilities, making it an ideal low-maintenance, high-return investment. This is a rare opportunity to acquire a stable, long-term income-producing asset with a nationally recognized tenant in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,195,000
      6.5%
      $2,025,000
      7%
      $1,880,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,035,000
      Market price range: $570k - $2.13M

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

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    New Castle
    State
    Delaware
    Longitude
    -75.7252
    Latitude
    39.7404
    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
    $24,045
    $30,200
    $544,800
    $575,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      1,431 SF

      69 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,431 SF
      69 Main St, Newark, DE 19711-4645
      View Details
    • Value Estimation by Request
      2,258 SF

      610 Capitol Trl

      RETAIL STORES (PERSONAL SERVICES) • 2,258 SF
      610 Capitol Trl, Newark, DE 19711-3869
      View Details
    • Value Estimation by Request
      3,460 SF

      1945 Capitol Trl

      RETAIL STORES (PERSONAL SERVICES) • 3,460 SF
      1945 Capitol Trl, Newark, DE 19711-5725
      View Details
    • Value Estimation by Request
      2,973 SF

      77 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,973 SF
      77 Main St, Newark, DE 19711-5000
      View Details
    • Value Estimation
      $980,000
      7,875 SF

      1800 Capitol Trl

      RETAIL STORES (PERSONAL SERVICES) • 7,875 SF
      1800 Capitol Trl, Newark, DE 19711-5722
      View Details
    • Value Estimation by Request
      1,800 SF

      1919 Capitol Trl

      RETAIL STORES (PERSONAL SERVICES) • 1,800 SF
      1919 Capitol Trl, Newark, DE 19711-5725
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,475 SF

      Downtown Newark Office/Retail Space

      Adaptable office and retail space in Downtown Newark, Delaware.
      261 East Main St, Newark, DE 19711
      View Details
    • Contact for pricing
      7,590 SF

      Prime Retail Opportunity on Main

      High-visibility retail space in downtown Newark near University of Delaware.
      165 E Main St, Newark, DE 19711
      View Details
    • Contact for pricing
      6,512 SF

      Newark Retail Space on Main

      New construction retail space in the heart of Newark, DE.
      134-140 East Main St, Newark, DE 19711
      View Details
    • Contact for pricing
      3,648 SF

      Turnkey Restaurant Opportunity For Sale

      Fully equipped restaurant with favorable lease terms for sale.
      168 E Main St, Newark, DE 19711
      View Details
    • $699,500

      Specialty Property for Sale

      Specialty property available for purchase.
      114 Fraser Pl, Newark, DE 19711
      View Details
    • $799,000
      1,800 SF

      Prime Newark Office Building

      Stately stone office, high visibility, ample parking.
      112 Capitol Trl, Newark, DE 19711
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      792 SF

      Retail Space Available For Lease

      Retail space available for lease, 792 square feet.
      1126 Capitol Trl, Newark, DE 19711
      View Details
    • Contact for pricing
      5,500 SF

      Downtown Newark Retail Space Available

      5,500 SF retail space in downtown Newark for rent.
      108 E Main St, Newark, DE 19711
      View Details
    • Contact for pricing
      3,200 SF

      Mixed-Use Retail/Office Space in Newark

      3,200 SF mixed-use space in downtown Newark.
      258 E Main St, Newark, DE 19711
      View Details
    • Contact for pricing
      1,488 SF

      Retail Space Near University

      Retail space for lease near the University of Delaware.
      230 E Main St, Newark, DE 19711
      View Details
    • Contact for pricing
      6,500 SF

      Retail Space on Capitol Trail

      Retail space available for lease on Capitol Trail.
      1200-1300 Capitol Trl, Newark, DE 19711
      View Details
    • Contact for pricing
      4,530 SF

      Retail Space Near University of Delaware

      4,530 SF retail space with prime frontage on E. Main.
      141 E Main St, Newark, DE 19711
      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.
    604 Cor Ketch Rd
    Newark, DE 19711-2901
    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.
    Sign Up Successful!
    You now have access to more from Realmo!