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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    622 College Ave Newark, DE 19713-1315

    • Banks
    • 5,187 SF
    • 1.38 lot acres
    OFF-MARKET
    Value Estimations
    $425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0134407
    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

    • Wells Fargo ATM / Atm
    • Wells Fargo Bank / Atm / Bank
    • Wells Fargo Advisors / Investment Service

    Property Details for 622 College Ave

    Year built
    1965
    Construction
    CONCRETE
    Lot size
    1.38 lot acres
    Property size
    5,187 SF
    Zone code
    18BL
    Property type
    Banks
    APN
    18-040.00-004
    APU
    1804000004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $446,000
      Market price range: $446k - $776k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $580,000
      Current use
      RETAIL STORES
      $580,000
      Change: +0% Conversion: Difficult
      RESTAURANT
      $515,000
      Change: -12% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $490,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    New Castle
    State
    Delaware
    Longitude
    -75.7526
    Latitude
    39.661
    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
    $15,614
    $180,300
    $250,000
    $430,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $360,000
      2,196 SF

      25 Pencader Plz

      FINANCIAL BUILDING • 2,196 SF
      25 Pencader Plz, Newark, DE 19713-3407
      View Details
    • Value Estimation
      $335,000
      1,271 SF

      52 Kensington Ln

      FINANCIAL BUILDING • 1,271 SF
      52 Kensington Ln, Newark, DE 19713-3724
      View Details
    • Value Estimation
      $360,000
      2,655 SF

      101 Hygeia Dr

      FINANCIAL BUILDING • 2,655 SF
      101 Hygeia Dr, Newark, DE 19713-2048
      View Details
    • Value Estimation
      $255,000
      1,421 SF

      135 Chestnut Hl Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,421 SF
      135 Chestnut Hl Rd, Newark, DE 19713-2223
      View Details
    • Value Estimation
      $400,000
      5,363 SF

      457 Stanton Christiana Rd

      CONVENIENCE STORE (W/FUEL PUMP) • 5,363 SF
      457 Stanton Christiana Rd, Newark, DE 19713-2119
      View Details
    • Value Estimation
      $300,000
      1,000 SF

      273 Red Ml Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,000 SF
      273 Red Ml Rd, Newark, DE 19713-1918
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      27,964 SF

      Retail Space in Newark Center

      Retail space available in high-visibility Newark shopping center.
      1109 Rd Churchman's, Newark, DE 19713
      View Details
    • $5,547,847
      14,000 SF

      Fully Occupied Retail Center

      Multi-tenant retail center with stable cash flow and NNN leases.
      681 E Chestnut Hill Rd, Newark, DE 19713
      View Details
    • $10,990,000
      20,000 SF

      Retail Property in Newark, Delaware

      20,000 square foot retail property available for sale.
      60-74 Geoffrey Dr, Newark, DE 19713
      View Details
    • $100,000
      2,000 SF

      Retail Property in Newark, Delaware

      Retail property available for sale in Newark, Delaware.
      1201 Churchmans Rd, Newark, DE 19713
      View Details
    • Contact for pricing
      97,878 SF

      Renovated Office Building with Parking

      97,878 SF renovated office building with ample parking.
      4041 Ogletown Rd, Newark, DE 19713
      View Details
    • $439,000

      Specialty Property for Sale

      Specialty property available for purchase.
      113 Edjil Dr, Newark, DE 19713
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      Retail Space with Drive-Thru Potential

      Retail spaces available with excellent I-95 access and drive-thru.
      1119 S College Ave, Newark, DE 19713
      View Details
    • Contact for pricing
      6,186 SF

      Retail Building Near University of Delaware

      6,186 SF retail building near the University of Delaware.
      1115 S College Ave, Newark, DE 19713
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space in Newark, Delaware

      Retail space available in a busy Newark shopping center.
      4623-4639 Ogletown Stanton Rd, Newark, DE 19713
      View Details
    • Contact for pricing
      9,600 SF

      Retail Space in Newark

      Retail space available for lease in Newark, Delaware.
      4607-4621 Ogletown Stanton Rd, Newark, DE 19713
      View Details
    • Contact for pricing
      1,920 SF

      Retail Space on Route 72

      Retail space with high visibility and pylon signage.
      100-907 Pencader Plz, Newark, DE 19713
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in Newark, DE

      Retail space available for lease in Newark, Delaware.
      4102-4158 Ogletown Stanton Rd, Newark, DE 19713
      View Details
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    622 College Ave
    Newark, DE 19713-1315
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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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