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    607 Newport Pike Wilmington, DE 19804

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    Property profile & analytics

    607 Newport Pike Wilmington, DE 19804

    View on Map
    • Community centers
    • 33,800 SF
    • 4.94 lot acres
    Off-Market
    Property ID
    US17-0176981
    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
    $975,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Community centers

    Property Details for 607 Newport Pike

    Year built
    1988
    Construction
    CONCRETE
    Lot size
    4.94 lot acres
    Property size
    33,800 SF
    Zone code
    CN
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    07-047.10-134
    APU
    704710134

    Description

    Greystone Plaza, located at 607 W Newport Pike in Wilmington, Delaware (19804), presents a unique opportunity for a single-tenant occupancy. This 1,200 square foot space is situated within a larger 34,000 square foot Class B commercial center, built in 1993. The property features a single, one-story building on a 4.94-acre lot, offering ample parking for tenants and visitors. The zoning is CN - UDC - COMMERCIAL NEIGHBORHOOD (APN: 0704710134). This versatile space is ideal for medical office, professional office, or retail use, benefiting from its location on Route 4, just outside Newport. The property enjoys excellent road visibility and signage opportunities, ensuring high traffic exposure. Its strategic location provides easy access to major roadways including Routes 141, I-95, and I-495, enhancing convenience for both employees and clients. This is the only available unit in this thriving office and retail center with a strong tenant mix. Contact us for rental rate information.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $630,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,318,000
      Market price range: $723k - $1.85M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,265,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Castle
    State
    Delaware
    Longitude
    -75.6163
    Latitude
    39.7146
    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
    $0.00
    $247,000
    $1,390,900
    $1,637,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $710,000
      34,874 SF

      620 Maryland Ave

      MINI-MALL • 34,874 SF
      620 Maryland Ave, Wilmington, DE 19804-1632
      View Details
    • Value Estimation by Request
      16,183 SF

      204 Market St

      SHOPPING CENTER, STRIP CENTER • 16,183 SF
      204 Market St, Wilmington, DE 19804-3152
      View Details
    • Value Estimation
      $815,000
      32,290 SF

      2002 Newport Pike

      SHOPPING CENTER, STRIP CENTER • 32,290 SF
      2002 Newport Pike, Wilmington, DE 19804-3723
      View Details
    • Value Estimation by Request
      837 SF

      2306 Newport Pike

      RETAIL STORES (PERSONAL SERVICES) • 837 SF
      2306 Newport Pike, Wilmington, DE 19804-3851
      View Details
    • Value Estimation
      $8,955,000
      42,381 SF

      1600 Newport Pike

      GROCERY, SUPERMARKET • 42,381 SF
      1600 Newport Pike, Wilmington, DE 19804-3500
      View Details
    • Value Estimation by Request
      3,050 SF

      407 Old Dupont Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,050 SF
      407 Old Dupont Rd, Wilmington, DE 19804-1258
      View Details

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      2,244 SF

      Retail Store with FF&E Included

      Retail store with equipment, inventory, and customer database included.
      15 Germay Dr, Wilmington, DE 19804
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    • $200,000

      Corner Building in Richardson Park

      Prominent corner building suitable for retail, office, or residential use.
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    Similar Nearby for Lease

    • $22 SF/Yr

      Regional Retail Center Space Available

      Retail spaces for lease in a well-located shopping center.
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      View Details
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      1,200 SF

      Retail Spaces in Regional Center

      Multiple retail spaces available in a regional retail center.
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      View Details
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      7,653 SF

      Grocery-Anchored Shopping Center Space

      Retail space in a busy, grocery-anchored shopping center.
      442 S Market St, Wilmington, DE 19804
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    • Contact for pricing
      350 SF

      Office and Garage Spaces Available

      Office suites and garage units for rent in Elsmere.
      10 Hadco Rd, Wilmington, DE 19804
      View Details
    • Contact for pricing

      Retail Single Tenant Space

      Retail space available for rent, 5,400 SqFt.
      110 W Market St, Newport, DE 19804
      View Details
    • Contact for pricing

      Wilmington Office Suites For Rent

      Office suites in Larch Corporate Center with easy highway access.
      102 Larch Cir, Wilmington, DE 19804
      View Details
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    Wilmington, DE 19804
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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.

    More about this property
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    607 Newport Pike, Wilmington, DE, 19804

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