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Property profile & analytics
FOR LEASE
Office Spaces
651 N Broad St MAILING ADDRESS Middletown, DE 19709
Entity Owned
15-yr Hold
Free & Clear
Property ID
US17-0265367
For Lease
$75 SF/Yr
651 N Broad St,Unit MAILING ADDRESS, Middletown, DE 19709
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2006
Construction
ADOBE
Total area
19,035 SF
Lot
10.58 ac (460,865 SF)
Zoning code
23C-3
APN
23-003.00-011
UPID
US17-0265367
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
-
GB Tech Inc (Bike/Boat/Book/etc) Store Corporate Office
-
Kit's Marine Survey Marine Surveyor
-
Bam Boom Cloud America Accounting Software Company
-
Middletown Area Chamber of Commerce Business Service Center Advocacy Group
-
Cloudoon (Bike/Boat/Book/etc) Store Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.99M
Comparable Approach
Comparable
$3.63M
Blend (final)
Blend
$3.94M
Owner & transaction history
Middletown Square Offices LLC · 15 yrs held
Middletown Square Offices LLC
since 2010
4 recorded transactions
Zoning & alternative use
23C-3 · Middletown, DE
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Middletown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Middletown 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
by Request
CAP Approach
CAP Return
Estimation
6%
$3,235,000
6.5%
$2,985,000
7%
$2,770,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$5,335,000
Current use
RETAIL STORES
$4,360,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$3.94M
Range $3.55M – $4.33M · ±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
$207 / 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
Assessed value
$2,030,000
Assessed 2023
Previous assessed
$2,030,000
+0.0% YoY
Assessed land
$184,900
Assessed improvement
$1,845,100
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
2006
Construction
ADOBE
Heating
YES
Cooling
YES
Stories
4
Total area
19,035 SF
Lot
10.58 ac (460,865 SF)
Zoning code
23C-3
APN
23-003.00-011
UPID
US17-0265367
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
23C-3 · Middletown, DEZoning 23C-3 · permitted uses
23C-3 · Middletown, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$5.3M
RETAIL STORES
Est. value
$4.4M
COMMERCIAL (GENERAL) Current
RETAIL STORES
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
2006
Construction
ADOBE
Heating
YES
Cooling
Yes
Stories
4
Lot
10.58 ac
Current owner
From public records · entity-resolved
Middletown Square Offices LLC
Entity
Free & Clear · 15 yrs held
Mailing address
234 N JAMES ST, NEWPORT, DE 19804-3132
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 30, 2019
—
Denis Burke
—
Deed
related
$215,000 · Allied Mtg
Jan 7, 2011
—
Middletown Square Offices LLC
—
Deed Of Trust
related
$6,100,000 · Beneficial Bank
Dec 30, 2010
—
Middletown Square Offices LLC
Middletown Square Assoc LLC
Quit Claim Deed
—
—
—
Denis Burke
—
Deed Of Trust
related
$215,000 · Allied Mtg
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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