1400 Philadelphia PikeWilmington, DE 19809

Property Details for 1400 Philadelphia Pike

Year built

1975

Construction

BRICK

Lot size

0.90 AC

Property size (Sq ft)

7,920 SF

Zone code

CN

Property type

Office properties

Property subtype

Other office properties

APN

06-116.00-038

APU

611600038

Description

This single-story, 9,800 square foot Class B commercial building in Wilmington, Delaware, presents a unique investment opportunity. Situated on a 0.9-acre lot at 1400 Philadelphia Pike (cross street: Walnut Lane), this property boasts 40 parking spaces and is conveniently located on a major bus route. The building, renovated in 2017, features two available units. One unit, totaling approximately 2,000 square feet, is a former medical office complete with five exam rooms, an allergy room, lab, vital sign station, office space, employee break room with bathroom, and a large public waiting area with a front desk, patient bathroom, and storage. This space is immediately available. The second unit, approximately 1,300 square feet, is currently a hair salon and will be available December 1, 2024. Both units benefit from attractive rental rates inclusive of insurance and taxes

• CAP approach

  CAP return

  Valuation

  6%

  $3,384,786

  6.5%

  $3,124,418

  7%

  $2,901,245

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,679,624

  Geo Method

  $1,034,827

• Alternative Use

  Use

  Valuation

  Residential

  $3,874,278

  Hospitality

  $3,548,818

  Educational

  $2,952,575

  Medical

  $3,054,119

  Retail

  $4,592,894

Location Insight

City

Wilmington

County

New Castle

State

Delaware

Latitude

39.7828

Longitude

-75.4805

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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