118 Lukens DrNew Castle, DE 19720

Property Details for 118 Lukens Dr

Year built

1999

Construction

CONCRETE

Lot size

11.49 AC

Property size (Sq ft)

43,122 SF

Zone code

21IOP

Property type

Office properties

APN

21-002.00-062

APU

2100200062

Description

This exceptional 43,000-square-foot, single-story executive office building presents a unique investment opportunity in New Castle, Delaware. Situated on an expansive 11.49-acre lot within the Riveredge Park, this Class C property boasts stunning views of the Delaware Memorial Bridge. Built in 1999, the building currently features a flexible, open floor plan, previously configured as a call center. The property's strategic location offers unparalleled access to major transportation arteries, including I-95, 495, 295, SR1, and SR13, providing convenient commutes to Wilmington (five minutes), Philadelphia (30 minutes), Baltimore/DC (one hour), and New York City (two hours). Ample parking is available with 351 spaces (an 8:1,000 ratio). The building is zoned IOP (Industrial Office Park) and features a robust 600 KW, 480V Generac backup generator, ensuring uninterrupted operations. Further enhancing its potential, the building's design allows for expansion by an additional 40,000 square feet, presenting significant growth opportunities. The property is located within the city limits of New Castle and has the APN 21-002.00-062. This is a truly remarkable opportunity to acquire a substantial, well-located office building with significant expansion potential.

• CAP approach

  CAP return

  Valuation

  6%

  $18,429,136

  6.5%

  $17,011,510

  7%

  $15,796,402

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,145,041

  Geo Method

  $5,634,320

• Alternative Use

  Use

  Valuation

  Residential

  $21,094,272

  Hospitality

  $19,322,240

  Educational

  $16,075,877

  Medical

  $16,628,751

  Retail

  $25,006,920

Location Insight

City

Historic New Castle

County

New Castle

State

Delaware

Latitude

39.6859

Longitude

-75.544

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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