Restaurant Opportunity on DuPont
For Sale
$1,250,000
223 DUPONT HIGHWAY, Dover, DE 19901
Former chain restaurant with high traffic and visibility.
Property Size3,206 SF
Price / SF$389.89
Days on Market242
Property Features for 223 DUPONT HIGHWAY
General Information
Standard status
Active
Size
3,206 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$14,400
Amenities
Central Air
3
Other
Built Up
Parking.
Handicap Parking, Lighted, Private, Lot.
Level
150 x 235
Highway Access, Asphalt, Paved Road, US Highway, Level.
Building Details
Year Built
1983
Stories
1
Listing Agency:
McGinnis Commercial Real Estate
(302) 736-1538
Listed By:
Philip McGinnis
(302) 736-1538
Source:
Xome
Added: Dec 25, 2025
Changed: Aug 23
Last Checked: Aug 24 at 4:41AM
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 McGinnis Commercial Real Estate
Investment Insights
Based on property information with market context.
This property, formerly a chain restaurant, is situated on U.S. Route 13 South DuPont Highway, located between a Burger King and a Taco Bell. The location offers high traffic and high visibility, providing access to various parts of Delaware and the surrounding region. The area has a walk score of 79, indicating it is very walkable, and a bike score of 56, making it bikeable. Public transportation is available, with a transit score of 42.
Key Highlights
- High traffic and high visibility location on U.S. Route 13 S DuPont Hwy.
- Located between Burger King and Taco Bell.
- Access to all parts of Delaware and the region.
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
$40,901
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
3.27%
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%
$818,020
$818.0K
Cap Rate 7%
$584,300
$584.3K
Cap Rate 9%
$454,456
$454.5K
Market Conditions
NOI Build-Up for 3,206 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
$57.7K $18.00/SF
− Vacancy
−$3.2K −$0.99/SF
EGI
$54.5K $17.01/SF
− OpEx
−$13.6K −$4.25/SF
NOI
$40.9K $12.76/SF
Area
Kent County, DE
Vacancy
5.50%
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%
$818,020
Cap Rate 7%
$584,300
Cap Rate 9%
$454,456
Alternative Uses
Best Use
Specialty Retail
$584.3K
$511.3K – $681.7K
NOI $40,901 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$807.3K
$706.4K – $941.8K
NOI $56,510 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,405
Businesses Nearby
385k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 27%
Shops & Services 27%
Superstores 24%
Groceries 20%
Target
Superstores
93,354 visits/mo
0.2 miles
Wawa
Shops & Services
38,994 visits/mo
0.1 miles
Safeway
Groceries
32,770 visits/mo
0.3 miles
Aldi
Groceries
24,765 visits/mo
0.3 miles
Royal Farms
Shops & Services
19,992 visits/mo
0.2 miles
Demographics for 19901, DE
36,839
Population
15,443
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
89%
High-School Grad
75.8 sq mi
ZIP Area
486
Density / Sq Mi
$63,891
Median Household Income
$33,069
Median Earnings
$1,353
Median Rent
$258,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Vicki's African Cuisine — 307 Nob Hill Rd, Dover, DE 19901
- Shay’s Seafood & Soul, LLC — 333 bluecoat st, dover, de 19901
- Virtuous Eatery Catering — 8 The Green, Dover, DE 19904
Frequently Asked Questions
What type of property is this?
Restaurant - Former chain restaurant with high traffic and visibility.
Where is this restaurant located?
The property is located at 223 DUPONT HIGHWAY Dover, DE.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: High traffic and high visibility location on U.S. Route 13 S DuPont Hwy.; Located between Burger King and Taco Bell.; Access to all parts of Delaware and the region.
