12 Reads WayNew Castle, DE 19720

Property Details for 12 Reads Way

Year built

1987

Construction

BRICK

Lot size

6.39 AC

Property size (Sq ft)

34,778 SF

Zone code

BP

Property type

Office properties

APN

10-013.00-028

APU

1001300028

Description

This exceptional three-story, 106,878-square-foot Class B office building in New Castle, Delaware, presents a compelling investment opportunity. Located within the Corporate Commons Business Park, this prominent property boasts a substantial 35,600-square-foot floor plate and ample parking (874 spaces). Built in 1987 and situated on a 6.39-acre lot, the building is currently vacant, offering flexibility for an owner-user seeking a flagship headquarters or an investor looking to create a multi-tenant environment. The property features multiple updates to building systems and interiors, and benefits from an EPDM roof warranty extending to November 2026. Its strategic location offers easy access to Wilmington Airport, I-95, I-295, and Route 273. The flexible Business Park (BP) zoning allows for a diverse range of uses, including office, medical, research and development, industrial, and commercial, making it an ideal candidate for redevelopment. The asking price is $4,750,000, translating to $44.44 per square foot. This presents a rare opportunity to acquire a large, well-maintained office building in a thriving Delaware business park.

• CAP approach

  CAP return

  Valuation

  6%

  $14,863,143

  6.5%

  $13,719,825

  7%

  $12,739,837

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,375,498

  Geo Method

  $4,544,094

• Alternative Use

  Use

  Valuation

  Residential

  $17,012,582

  Hospitality

  $15,583,434

  Educational

  $12,965,234

  Medical

  $13,411,129

  Retail

  $20,168,142

Location Insight

City

New Castle

County

New Castle

State

Delaware

Latitude

39.6875

Longitude

-75.6106

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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