1 Reads WayNew Castle, DE 19720

  • Office properties
  • 34,287 SF
For Sale

Property Details for 1 Reads Way

Year built
1988
Construction
BRICK
Lot size
5.58 AC
Property size (Sq ft)
34,287 SF
Zone code
BP
Property type
Office properties
Property subtype
Other office properties
APN
10-013.00-030
APU
1001300030

Description

This exceptional investment opportunity presents a 64,126-square-foot Class A suburban medical office building situated on a generous 5.58-acre lot in desirable New Castle County, Delaware. The two-story building boasts a premier location, offering significant visibility and accessibility along Commons Boulevard. Its strategic placement ensures easy access for both tenants and visitors. The property is ideally situated within a vibrant commercial area, providing tenants with a full array of amenities within a short distance. These include a variety of restaurants, hotels, an airport, and ample shopping options, all within a few miles of the building. This makes it an attractive location for medical professionals and their patients. The building's substantial size and prime location make it an excellent investment opportunity for those seeking a high-quality, well-situated medical office property in a thriving Delaware market. The address is 1 Reads Way, New Castle, DE 19720. This property offers a unique chance to acquire a significant asset in a highly sought-after area.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $14,653,304
    6.5%
    $13,526,127
    7%
    $12,559,975
  • Comparable approach

    Method
    Valuation
    Relative Method
    $7,271,370
    Geo Method
    $4,479,940
  • Alternative Use

    Use
    Valuation
    Residential
    $16,772,397
    Hospitality
    $15,363,425
    Educational
    $12,782,190
    Medical
    $13,221,789
    Retail
    $19,883,406
1 Reads Way, New Castle, Delaware

Location Insight

City
New Castle
County
New Castle
State
Delaware
Latitude
39.6885
Longitude
-75.6082
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
$117,226
$306,900
$3,519,600
$3,826,500
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FAQs

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