Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    624 Arrowgrass Ln New Castle, DE 19720-4963
    Property profile & analytics

    624 Arrowgrass Ln, New Castle, DE 19720-4963

    View on Map
    • Specialty properties
    • 5,292 SF
    • 36.85 lot acres
    Off-Market
    Last Sale Aug 6, 2024
    Property ID
    US17-0142306
    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
    $640,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Specialty properties

    Property Details for 624 Arrowgrass Ln

    Year built
    2010
    Construction
    CONCRETE
    Lot size
    36.85 lot acres
    Zone code
    21R-3
    Property type
    Specialty properties
    APN
    21-016.00-003
    APU
    2101600003

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 6, 2024 — Riverbend Service Corporaton Freedom Development LLC Deed —
    Oct 22, 2007 — Riverbend Community LLC — Deed Of Trust · related $1.5M · Cecil Fsb
    Nov 17, 2006 $4,200,000 Riverbend Community LLC Parkway Gravel INC Deed $4.8M · Cecil Federal Bank
    Aug 19, 1999 — Parkway Gravel INC Co Piasecki,f N Grant Deed · related $2.3M · Wilmington Tr
    — — Riverbend Community LLC — Deed Of Trust · related $4.6M · Cecil Fsb

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS
      $675,000
      Current use
      MEDICAL BUILDING
      $825,000
      Change: +22% Conversion: Difficult
      RETAIL STORES
      $815,000
      Change: +21% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $725,000
      Change: +7% Conversion: Difficult
      RESTAURANT
      $685,000
      Change: +1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $635,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    New Castle
    County
    New Castle
    State
    Delaware
    Longitude
    -75.5881
    Latitude
    39.6581
    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
    $10,119
    $3,700
    $386,300
    $390,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2,243 SF

      111 Buttonwood Ave

      PROFESSIONAL CLUBS/ASSOCIATIONS
      111 Buttonwood Ave, Historic New Castle, DE 19720-3605
      View Details
    • Value Estimation by Request
      5,948 SF

      755 Grantham Ln

      PROFESSIONAL CLUBS/ASSOCIATIONS
      755 Grantham Ln, New Castle, DE 19720-4801
      View Details
    • Value Estimation
      $625,000
      3,486 SF

      359 Saienni Blvd

      PROFESSIONAL CLUBS/ASSOCIATIONS
      359 Saienni Blvd, New Castle, DE 19720
      View Details
    • Value Estimation
      $705,000
      4,868 SF

      3 Jackson Ave

      PROFESSIONAL CLUBS/ASSOCIATIONS
      3 Jackson Ave, New Castle, DE 19720-6445
      View Details
    • Value Estimation
      $1,135,000
      15,074 SF

      198 Dupont Hwy

      PROFESSIONAL CLUBS/ASSOCIATIONS
      198 Dupont Hwy, New Castle, DE 19720-4149
      View Details
    • Value Estimation by Request
      1,232 SF

      1017 Gray St

      PROFESSIONAL CLUBS/ASSOCIATIONS
      1017 Gray St, Historic New Castle, DE 19720-6747
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Warehouse Site Near Highway System

      Land approved for a 125,000 SF warehouse near major highways.
      361 Lisa Dr, New Castle, DE 19720
      View Details
    • $18 SF/Yr

      Single-Story Flex Office Building

      43,000 SF flex office with expansion potential on 11.49 acres.
      118 Lukens Dr, New Castle, DE 19720
      View Details
    • Contact for pricing

      Flex/Warehouse and Office Spaces

      Move-in ready flex/warehouse and office spaces available for rent.
      245 Quigley Blvd, New Castle, DE 19720
      View Details
    • Contact for pricing

      Land Parcel For Rent

      Land available for rent at 415 Old Airport Rd.
      415 Old Airport Rd, New Castle, DE 19720
      View Details
    • Contact for pricing

      Industrial Zoned Open Yard Lot

      3.75 acre lot for contractor's yard or outdoor storage.
      1535 Matassino Rd, New Castle, DE 19720
      View Details
    • Contact for pricing
      4,500 SF

      New Castle Flex/Warehouse Space

      Flex/warehouse space available for lease in New Castle, DE.
      455 Old Airport Rd, New Castle, DE 19720
      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.
    624 Arrowgrass Ln
    New Castle, DE 19720-4963
    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

    Thank You for Inquiry
    624 Arrowgrass Ln, New Castle, DE, 19720
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!