1402 Newport PikeWilmington, DE 19804

Property Details for 1402 Newport Pike

Year built

2015

Construction

CONCRETE

Lot size

0.93 AC

Property size (Sq ft)

7,225 SF

Zone code

CN

Property type

Retail properties

Property subtype

Retail space

APN

07-047.20-224

APU

704720224

Description

This fee-simple, 9,100 square-foot Dollar General store in Wilmington, Delaware presents a compelling investment opportunity. Located at 1402 E Newport Pike, this single-tenant property boasts a 7.25% cap rate and a strong NOI of $207,056. The property sits on a 1.02-acre lot and benefits from a 15-year absolute NNN lease, originally commencing April 29, 2015, with 5.4 years remaining and five 5-year renewal options, each including a 10% rent increase. The tenant, Dollar General, is investment-grade rated and enjoys excellent visibility at a signalized intersection on a major commercial corridor. The property benefits from high traffic counts exceeding 19,300 vehicles daily on E Newport Pike and over 145,600 vehicles daily on nearby Interstate 95. The location is strategically positioned within a densely populated residential area with high average household incomes ($91,810 within 3 miles, $100,871 within 5 miles) and a significant workforce (over 73,600 employees within 3 miles). Proximity to major roadways (Interstates 95, 295, and 495, US Highway 13, and DE Routes 141 and 2), a nearby Amazon fulfillment center, Target, Walmart, and the Wilmington VA Medical Center further enhances its appeal. Dollar General's consistent year-over-year growth and plans for future expansion solidify its position as a recession-resistant retailer. This property offers a low-management, high-return investment with significant upside potential. The building, constructed in 2015, is a single-story structure. The asking price is $2,855,942.

• CAP approach

  CAP return

  Valuation

  6%

  $4,539,011

  6.5%

  $4,189,856

  7%

  $3,890,581

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,861,225

  Geo Method

  $2,378,926

• Alternative Use

  Use

  Valuation

  Residential

  $3,534,301

  Hospitality

  $3,237,400

  Educational

  $2,693,479

  Medical

  $2,786,112

  Retail

  $4,189,856

Location Insight

City

Wilmington

County

New Castle

State

Delaware

Latitude

39.7172

Longitude

-75.6015

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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