601 Ridge AveMiddletown, DE 19709

Property Details for 601 Ridge Ave

Year built

2007

Construction

CONCRETE

Lot size

7.74 AC

Property size (Sq ft)

80,680 SF

Zone code

23C-3

Property type

Retail properties

Property subtype

Outlet malls

APN

23-022.00-189

APU

2302200189

Description

This exceptional 1-acre retail pad site, located at 601 S Ridge Ave in Middletown, Delaware, presents a unique investment opportunity. Situated at the intersection of Middletown Warwick Road and Bunker Hill Road in New Castle County, this property offers unparalleled visibility and accessibility. The site is zoned for commercial use and is ideal for a single-tenant retail development, particularly suited for a drive-thru operation given its "pad" site designation. The land encompasses 43,560 square feet, providing ample space for building construction and associated parking. The property's location within the thriving Middletown community ensures high traffic volume and a strong customer base. This ground lease opportunity allows for significant development potential, capitalizing on the strategic location and high demand for retail space in this rapidly growing area. The property's address is 601 S Ridge Ave, Middletown, DE 19709. Its convenient location and significant size make it an attractive proposition for businesses seeking a prominent presence in a bustling Delaware market. This is a single-tenant property, offering a streamlined approach to development and management. The property's coordinates are 39.4479706 latitude and -75.7340599 longitude. This is a ground lease only opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $50,686,148

  6.5%

  $46,787,212

  7%

  $43,445,268

• Comparable approach

  Method

  Valuation

  Relative Method

  $43,117,460

  Geo Method

  $26,564,954

• Alternative Use

  Use

  Valuation

  Residential

  $39,466,764

  Hospitality

  $36,151,344

  Educational

  $30,077,494

  Medical

  $31,111,906

  Retail

  $46,787,212

Location Insight

City

Middletown

County

New Castle

State

Delaware

Latitude

39.4473

Longitude

-75.7336

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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