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Property profile & analytics
OFF-MARKET
Estimated value
$7,530,000
Office Spaces
87 Reads Way, New Castle, DE 19720-1648
Entity Owned
29-yr Hold
Free & Clear
Property ID
US17-0285557
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1988
Construction
CONCRETE
Total area
42,119 SF
Lot
14.21 ac (618,988 SF)
Zoning code
BP
APN
10-013.00-033
UPID
US17-0285557
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
-
J&J Corporate Cafe Cafe & Coffee Shop
-
New Castle County Human Resource County Government Office
-
New Castle County Assessment County Government Office
-
New Castle County GIS Info County Government Office
-
New Castle County Administration County Government Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$6.61M
Comparable Approach
Comparable
$7.54M
Blend (final)
Blend
$7.53M
Owner & transaction history
New Castle County · 29 yrs held
New Castle County
since 1997
1 recorded transaction
Zoning & alternative use
BP · New Castle, 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 New Castle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Castle 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%
$7,155,000
6.5%
$6,605,000
7%
$6,130,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$11,805,000
Current use
RETAIL STORES
$9,645,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$7.53M
Range $6.78M – $8.28M · ±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
$179 / 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
$4,778,700
Assessed 2023
Previous assessed
$4,778,700
+0.0% YoY
Assessed land
$646,100
Assessed improvement
$4,132,600
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
Off-Market
Year built
1988
Construction
CONCRETE
Heating
YES
Cooling
YES
Stories
2
Total area
42,119 SF
Lot
14.21 ac (618,988 SF)
Zoning code
BP
APN
10-013.00-033
UPID
US17-0285557
Jurisdiction
NEW CASTLE
Metro division
WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION
Zoning & alternative use
BP · New Castle, DE
Zoning BP · permitted uses
BP · New Castle, DE
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
New Castle. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$11.8M
RETAIL STORES
Est. value
$9.6M
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
1988
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
2
Lot
14.21 ac
Current owner
From public records · entity-resolved
New Castle County
Entity
Free & Clear · 29 yrs held
Mailing address
87 READS WAY, NEW CASTLE, DE 19720-1648
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
1997
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 26, 1997
$950,000
New Castle County
—
Grant Deed
related
—
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.
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