Building Details

Buildings 1

Stories 1

Listing Agency: Location Realty Advisors LLC

Listed By: Chris Castagno · License #DE RB -0020139

Source: Crexi

Added: Feb 20, 2025 Changed: Sep 8 Last Checked: Sep 8 at 6:51AM

Report an Issue

Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Location Realty Advisors LLC

Investment Insights

Based on property information with market context.

This offering includes several net leased parcels arranged as ground leases with “no landlord responsibilities” noted in the remarks. The property is described as four fully leased parcels featuring Burger King (Rackson) and South Star Fence, with additional detail indicating two parcels for Burger King and two parcels for South Star Fence under their respective ground lease structures.

The parcels are located on N. Dupont Highway northbound just before I-295 and the Delaware Memorial Bridge, with the remarks citing approximately 55k VPD. The shopping area context is also referenced, with Wawa and Mavis Tires directly across from the site.

For operational coordination, shared use and maintenance agreements are noted for entrance and sanitary service for the Burger King and Star Fence parcels. The remarks further state that the Burger King and Star Fence parcels can be purchased separately.

Key Highlights

• Multiple net leased parcels on busy N. Dupont Highway northbound just before I‑295 and the Delaware Memorial Bridge (~55k VPD)
• 4 fully leased parcels with ground leases to Burger King (Rackson) and South Star Fence
• Burger King (Rackson) ground lease includes 2 parcels totaling 0.80 acres (1516 & 1530 N. Dupont Highway)

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$40,660

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

3.70%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$813,200 $813.2K

Cap Rate 7%

$580,857 $580.9K

Cap Rate 9%

$451,778 $451.8K

Market Conditions

NOI Build-Up for 3,167 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$57.0K $18.00/SF

− Vacancy

−$2.8K −$0.88/SF

EGI

$54.2K $17.12/SF

− OpEx

−$13.6K −$4.28/SF

NOI

$40.7K $12.84/SF

Area

New Castle County, DE

Vacancy

4.90%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$813,200

Cap Rate 7%

$580,857

Cap Rate 9%

$451,778

Alternative Uses

Best Use

Specialty Retail

$580.9K

$508.3K – $677.7K (±1% cap)

NOI $40,660 @ 7.0% cap · market cap 3.70%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$757.5K

$662.8K – $883.8K (±1% cap)

NOI $53,026 @ 7.0% cap · market cap 4.82%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Conventional restaurants

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Spa & Massage Center Auto Parts Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

55,000 VPD

Traffic count

Location Intelligence

Trade Area within ½ mile

475

Businesses Nearby

131k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 55% Dining 44% Home Improvements & Furnishings 1%

Wawa Shops & Services

52,400 visits/mo 0.2 miles

McDonald's Dining

24,609 visits/mo 0.5 miles

Popeyes Louisiana Kitchen Dining

9,646 visits/mo 0.2 miles

Dunkin' Donuts Dining

6,753 visits/mo 0.3 miles

Checkers Dining

5,726 visits/mo 0.2 miles

Demographics for 19720, DE

61,043

Population

24,262

Households

2.5

Avg Household Size

39

Median Age

22%

College-Educated

89%

High-School Grad

38.3 sq mi

ZIP Area

1,594

Density / Sq Mi

$75,985

Median Household Income

$42,600

Median Earnings

$1,282

Median Rent

$242,600

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

NNN property - Multiple net leased parcels along heavily traveled N. Dupont Highway with ground leases described as no landlord responsibilities.

Where is this nnn property located?

The property is located at 1516 & 1530 N Dupont Hwy Wilmington Manor, DE.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: Multiple net leased parcels on busy N. Dupont Highway northbound just before I‑295 and the Delaware Memorial Bridge (~55k VPD); 4 fully leased parcels with ground leases to Burger King (Rackson) and South Star Fence; Burger King (Rackson) ground lease includes 2 parcels totaling 0.80 acres (1516 & 1530 N. Dupont Highway)