1402 Newport Pike Wilmington, DE 19804-2336
- Retail space
- 7,225 SF
- 0.93 lot acres
Current Use by Public Records
- Dollar General / Drug Store / Grocery Store
Property Details for 1402 Newport Pike
- Year built
- 2015
- Construction
- CONCRETE
- Lot size
- 0.93 lot acres
- Property size
- 7,225 SF
- Zone code
- CN
- Property type
- 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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Wilmington
- County
- New Castle
- State
- Delaware
- Longitude
- -75.6015
- Latitude
- 39.7172
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
